without investment > Car Rental As A Business Idea

Car Rental As A Business Idea

For most people, their most valuable asset other than real estate is their car.

The sublease economy has opened up opportunities to rent out your car, and some entrepreneurs are starting their own car rental businesses.

Popular platforms include:Advertise: List your car for buyers to pick up and use.

Hagerty DriveShare: A dedicated marketplace for classic, custom or luxury car rentals.

HyreCar: A marketplace to list your car for other people to do short- or long-term contracts of their own, such as driving for Uber or Instacart.

For each of these projects, you can start with one vehicle and scale up or down as you go.

“After researching HyreCar, I realized that the concept has the same values ​​as my dealer,” said John Burgett, owner of Rent a Ride, a Buy Here Pay Here (BHPH)-based retailer.

Orlando says. . BHPH dealers offer in-house car financing for customers who may not qualify for traditional financing.

Burgett says the opportunity to add more money is what motivated him to sign up for HyreCar in 2020.

He listed 10 cars, worked on up to 15 cars, and measured the results.

“I found that my HyreCar portfolio was generating a higher profit per minute than my BHPH portfolio,” he says.

Burgett currently lists 70 cars on HyreCar and says building relationships with your drivers is key to success.

“Rentals can last for months or sometimes years. I find that the most important step in the rental process is the elevator step.

Building relationships at this stage helps build trust and often results in long-term leases. »

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