Car Owner makes 5 Figures per Month Renting out his Vehicles Part-Time...Here's how He Does it
Updated: Jan 12
The Pandemic has opened up many new opportunities for those that can see it. There have been shortages from everything from toilet paper to ketchup. During the Summer of 2021 with everyone trying to travel for the first time in over a year, rental cars were impossible to find. Between a pent-up demand for travelers and those who were not comfortable taking flights during the Pandemic, cars were hard to find or overpriced. Enter the car-sharing app Turo.
What is Turo? Turo functions like an Airbnb for cars in that you can book vehicles directly from their owners. The company has over 450,000 listings across the US and Canada, so it's available in most major cities, and in most cases, more affordable than booking through companies like Hertz and Enterprise.
Turo works by connecting local vehicle owners with people who are looking to rent a car in their area. The company earns money by taking 15-40% of the total price of the rental depending on what coverage plan the vehicle owner purchases when they become a host. From there, you can search by destination or vehicle make. Just like Airbnb, it helped many hosts earn money part-time while filling in an industry void.
Atlanta based auto broker James Williams immediately saw the opportunity working with Turo. Over the summer he listed his convertible C-Class Mercedes convertible, and more than made his monthly car payment. His car constantly stayed book throughout the summer.
Not only was the money good, James like the flexibility and freedom that came with working with Turo. "The motivation with working with Turo was the freedom of owning my own business and not having to answer to anyone and controlling how much money I can make, daily and monthly with no restrictions."
It was easy initially setting up with Turo and going through the vetting process. After a month, James purchased two more cars and have been making over $10,000 per month ever since.
James states that like every business, it does come with some Pros and Cons; "Pros are the extra money you can make and the flexibility of working when you want, the Cons are understanding and learning the business and having the right logistics to provide the best customer service for your customer."
With Atlanta having one of the busiest airports in the country, James meets his customers at the airport and gives them an orientation on the car so that they know how to best utilize it.
Eventually as he adds on more cars, he will invest in a lot where customers can pick up and drop off cars.
James recommends that potential Turo hosts minimalize the risk to their cars by having a minimum age restriction and follow the Turo suggestions for marketing and pricing your car rental.
"I see Turo will be competitive to the car rental industry by also allowing someone with bad credit to be able to rent a car monthly for a long-term rental if they cannot buy a car because of credit"
To learn more about Turo car-sharing opportunity, go on Turo car sharing marketplace | Rent the perfect car