How To Run a Successful Car Rental Business!! (Turo) (Must Watch)
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- čas přidán 4. 07. 2024
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turo.com/us/en/drivers/18587970
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/ tonyluxurycars - Auta a dopravní prostředky
Bro got str8 to it with proof of results thank you. definitely deserve a like
No problem anytime!
Young 20 year old man in university here. Thankful for the knowledge and information you’re dropping, God bless 10x over brother.
Great content. No fluff and I can see why you are successful. We appreciate you.
Thank you so much!
Not too cheap not too expensive sounds smart😊
Thank you!
I started doing Turo in 2021 but I definitely didn’t have the mindset you had 🤦🏾♀️ I looked at it as just a little side hustle until I realized it could replace my job 😮 I now have 2 cars and I’m trying to get a 3rd but these interest rates 😫
Great video!!! Thanks for motivating a small host like me
Congratulations
Thank you and no problem! Yes interest rates are high that's why I'm waiting to buy more vehicles!
Buy cash cars & rent them out and buy 2 or 3 economy cars to 1 luxury car
You got me thinking of how great a idea this is for a business venture. Thanks for the video
No problem anytime!
I’ve been looking into this recently and stumbled upon your video ,Thank you brother👍🏾
No problem!
Keep up the good work bro I’m proud of you! I don’t know you but I’m proud of you bro
Thank you!
Great info!! I have been thinking about doing something like this. Keep up the great work. Thanks for the tips.
Thank you!
Thanks Fam glad I found your channel
Thank you!
Really appreciate this info. Thanks. Subscribed.
No problem anytime!
Tonyyyy out here hustling like a straight g all love
Thank you!
Love the videos big homie 🔥💯
Thank you!
Maaan i watched your video sone weeks ago. I live in washington but born in louisville ky. Crazy im here visiting and rode past your shop. Turns out my family knows you. Small world maaaan
Wow that's crazy, small world!
Great video bro! I currently have 3 cars on my fleet and looking to acquire more! Let's go Big Tony!!🔥🔥
Thank you!
I’m in Louisville and have been following your journey. It’s definitely inspiring. Keep up the great work!!
Thank you so much!
Thanks for sharing mate
No problem!
Thank you, very insightful!
No problem, your welcome!
Very good video, love your fleet.
Thank you so much!
Great vid. I'm definitely doing this. Starting off with 2 cars. My mechanic also does body work. Thanks for the info
Thank you and no problem!
Oh that’s an essential component to the business man. Nice
@@TonyLuxuryCarsbrother Tony heard some bad things about turo would like to get started myself
Wonderful Tony
Thank you!
Thank you for sharing ❤
No problem!
Much bless with the free game 💯
No problem anytime!
Congratulations bro! Haven’t seen you since AT&T.
Thanks bro!
Thank you so much bro!
No problem!
You should do a video on how you picked your cars and which perform better
Yes I actually already did, check out my other videos!
That 100$ a day is a damn great strategy,thanks for the suggestion idea
No problem anytime!
I love this video very useful 💪❤️🔥💯
Thank you!
THANK YOU FOR BEING YOU KING.... I HAD AN ISSUE IN ATL THATS MAKING ME GO HARDER WITH THE RENTAL GAME..... THIS BLUE PRINT WILL WORK IN MY AREA.. HOW MANY CARS DID YOU START WITH AND WITCH ONES?
Thank you, I started off with only 1 vehicle, my Dodge Durango R/T!
🔥🔥 my boy
Thank you!
I’d like to do something like this but I’m hoping we’re smarter next election cuz shit is ridiculous right now. Food, gas, cars, housing market, interest rates, inflation, literally everything thru the roof the last two years. Great video tho brotha
Yes I agree and thank you!
Straight heat
Thank you!
Thats one hell of a fleet
Well thank you!
You say you make 6 figures a year, but can you give a ballpark of how much is profit, like after wear and tear depreciation, car payments, maintenance, expenses, etc? I enjoyed the video, thanks 🙂
Thanks, check out my other videos for that!
Thanks!
No problem, thank you!
For the algorithm
Thanks!
Thank you
No problem!
Thank you for sharing your jorney and sucuses bro I been planning to start with the car I have to see how it works am in California what is your advice thank you and apricate it ?
No problem, if you want my advice book a 1 on 1 consultation with me!
New subscriber and first video!!! Show some love great guy and advice! 🙏🏽
Thank you!
What app do u use to keep track of
Are you firm on ya daily rate (its stays $100 no matter what) and how do you finance your vehicles?
BX STAND UP!!!
Yes that's correct, all my vehicles are $100 a day no matter what the entire year!
@@TonyLuxuryCars how do you finance multiple vehicles, or I should say how you get approved all at once for multiple vehicles?
BX STAND UP!!!
Tony, what is your next step? SUV luxury vehicle's like Cadillac, Lincoln or high end Suburbans?
Yes that's correct, going forward I'm only buying SUV'S, trucks, and vans!
Great information! How much are you netting roughly?
Thanks, check out my other videos for that!
Blessings
Thanks!
Black Fleet go crazy
Yes! Thank you!
I did my hard research just recently and for most areas it is not really profitable. What is happening is that there is so much competition - the smaller fleets and owners of one or two cars are lowering their price/day just to GET BY and pay their loan and other expenses. They do not care about profit at this time. So there is a price war to the downside. This in turn is causing the larger fleets to do the same... in fact, a lot of mid-large fleet owners are SELLING their fleet to bring in income and to get out of the business!!
According to the numbers of my local area - owners of 6 - 9 vehicles are only doing about $80 per month/vehicle @ average of 4 days rented ... to $118 / month / vehicle @ average of 6 days rented on the lower end. On the higher end; $509/month per vehicle @ avg of 4 days rented ... to $763/month per vehicle @ avg of 6 days rented.
Remember, those are GROSS figures not NET - you still need to include cost of maintenance, gas, cleaning, repairs, insurance, parking, etc., which is about 67.5% of GROSS.
Now, do the math...
Wow! What market are you in?
Is there anyone within the community that’s in Dallas TX market? Let’s connect.
Salute Tony for the great content.
Thank you!
Hey Tony! How do you redirect people from Google to Turo? Do you attach link?
Yes! Link, phone number, and address!
Subscribed
Thanks!
You really doing it low key.. you do mentorship
Thank you, yes I do, I have a Turo course and also do 1 on 1 consultation!
@@TonyLuxuryCars followed ya ig
🔥🔥🔥
Thank you!
You seem legit now o understand that if your bringing home about 30 g a month how much is profit like cause every car you need insurance and maintenance how much is actually profit just curious. If not to personal thanks I really appreciate your vids
Thank you and check out my other videos for that!
Do you need any kind of special car insurance to rent out your vehicle?
No you don't!
What’s your net per year after car payments, maintenance, and other overhead?
Check out my other videos!
🔥
Thank you!
Looks like you running a great operations. Question, I just want to net $5K per month. How many cars would you suggest to reach that goal here in Southern CA?
Thanks! Good question book a 1 on 1 consultation!
Respect! Thank you for your insight. Gotta quit this rat race and start a business
No problem anytime!
Do high miles on vehicle matter
No it don't!
How much are you netting though per month? Seems like with all of those car payments, you might be just above break even?
Check out my other videos for your answer!
If you do an estimate of each car for example $100 per car for 10 cars and each car gets 10 days out of the month that’s 1k per car each month=10k if each car is $500 note per month that’s 5k profit. But I’m pretty sure bro is getting way more than that.
@@49giantwarriors25 Facts!
Going by the average price you paid per vehicle, you *had* over 500k financed. Do you work on paying down the principle as much as possible with your profit? I know I would. That would be my priority. Or is it better having those loans for taxes, etc?
Yes you are exactly right, when I first bought all of my cars it was around $500K total in debt, I just make my minimum monthly payments on all my cars and use the extra money to pay my other bills, expenses, insurance, maintenance, repairs, taxes, etc!
So on 6 year loans, what's your exit plan on these depreciating assets, Tony? You're renting them for unlimited miles, not sure what your fleet is averaging miles annually, but keeping those vehicles for full term can't keep you in the profit, no? Older cars to start, unlimited miles, annual depreciation, maintenance cost (especially as the get up there in miles) got to offset profits as you go further?
I'm asking your strategy not telling you, it's just my observation. Thanks brother
@jamiebenti does it matter if he maintains the vehicles?
I'm operating in NYC but my business originated in N.J because Turo was closed in NYC.
I'll be there first to say my business dropped drastically when NYC opened up! But I was expecting such and made adjustments. Now in NYC my profits doubled and now have one part-time employee assisting me when needed.
I wish I had started originally in NYC but it's a DIFFICULT market because of PARKING but I have a solution to this so my business is booming.
Once my lease is over I'll have enough to buy a car cash but I'm returning my current vehicles and pulling out double!
@@aim-for-greatn3z947dude , how to find parking queens for turo
Living in Las Vegas.. what you think about putting a tesla on Turo?
I'm not sure, it depends on your market!
@@TonyLuxuryCars how do you check the market?
Would you recommend a finance car over a used car?
Financing a new car is the most expensive way possible to own a car
How do you research the market that you’re in?
I can help you, book my Turo course or 1 on 1 consultation!
Can the guests get a ticket for tint and exhaust since the car is a rental?
No, very unlikely!
Hi,
What business insurance you use for car
I don't have business insurance, I just have regular auto insurance!
💯
Thanks!
You made what you spent - it's all up from here 😱
What do you mean?
@@TonyLuxuryCars 17 cars x 30k is 500k
@9latinumStudioz Oh yes your right!
im from london, im a mechanic and i can get 2 cars both worth 30-40k what advice can you give me?
Book my Turo course or 1 on 1 consultation!
Bro ya thumb nails look like a GTA character
Oh really!!?? Lol
Yeah great content though Thanks. Going check out more of your videos
@@Veemaine716 Thank you!
how much net after all expenses?
Check out my other video for that!
What insurance do you use for this cars ?
Statefarm but only because I can't get Lula insurance in my state!
What insurance to use
It depends on where your at!
What were your expenses last year? Good video btw 👌🏾
Thank you, check out my other video for that!
@@TonyLuxuryCars sure which one?
@@Senai88 The one about my Turo income, expenses, and profit for last year!
@@TonyLuxuryCars will check it out, thank you bro 🙏🏾🙏🏾
hi there! I see you have almost exclusivly Chrysler/Dodge/jeep. I have a charger RT, looks like your challengers might be v6s? Im having an issue where my car doesnt book very often and when it does its only a VERY short period of time. THen when i does actually book, the guests beat the crap out of it. Ive gone through 2 sets of tires in 6 months and because of all that, im not making much money. Do you have guests that beat your cars up even when theres no physical damage? PS im in the South FLorida. also $100/day for some of those cars is really high! Like i said my charger is a RT v8 and it hardly ever books out at $75/day and even when i lower it to $65/day it is hard to get a booking. I am an Allstar host and after i recieved that badge it didnt really seem to make a difference.
Also, do you ONLY rent through TURO or have you been able to set up private rentals?
Yes I only rent through Turo, yes all my Dodge chargers ans challengers are V8, hemi, RT, or scatpack, I used to have customers beat my cars up but not anymore, my cars stayed booked, 20-25 a month on average, if you need my help or advice book a 1 on 1 consultation with me!
@@TonyLuxuryCars how "not anymore"?
@@aaronavant6379 calendly.com/antoniobowman
Not understanding how all your vehicles rent for $100.00 a day. my city is larger. We don’t get that amount for a rental on Turo.
What’s your profit .. turo number is just pure revenue ! I have 12 cars and I already make 150K so far this year but no profit ! Lol
Check out my other videos for my net profit!
Listen, everyone, let me tell you what everyone’s not telling you….
If you are financing a vehicle, you will lose money. You need to have your full coverage insurance then you need to have maintenance money then you need to have money, set aside for your property tax, which nobody talks about on here. Property tax doesn’t just disappear. That $500 a year or more is going to crack you in the head when you got five or seven cars. 🤭😂 let’s talk about tracking subscriptions and parking fees that don’t get passed on to the customer. Let’s talk about the damage repairs that you get screwed with because you missed them because you’re only human you can’t be perfect! Then let’s talk about the taxes that you have to pay on the money that you make. Let’s talk about reregistering all the vehicles. Then let’s talk about how your vehicle will be practically worthless when it’s got a quarter million miles after three years and you still have three years left on your loan. Or what about when the engine blows? What are you gonna do then? Especially when you got two or three or more years left on your loan. You’re not making enough money. You need to on the vehicles outright, they need to be cheaper vehicles and you have the minimum insurance. Then you need to take the 90% on TURO. The vehicles shouldn’t be newer vehicles they should be in the middle to borderline acceptable in reference to the year for the platform - this will save you on cost for the vehicle when you buy it and insurance and on your maintenance as well as repairs and let’s not forget property tax!
Sure there are write off and deductions. But you need to be on top of your taxes. You have to really be on top of this it’s not as passive as they make it seem. It’s a full-time gig because you’re not gonna make enough money to pay someone to manage it. You’re barely gonna make enough money to put in your pocket. After everything you need to set aside and most people take the excess money and think it’s just profit, and they don’t put anything away for income taxes or property, taxes or repairs or maintenance etc. etc. etc. What about when the vehicle is used up? You need to put a portion of the money you make a side for a new vehicle. Go ahead and put everything down in a Microsoft excel spreadsheet and then go down the line with all the expenses with how much you gonna charge per day and see what’s left. You’re going to make like 2000-4500 a year if you’re lucky on one vehicle that you rent out most of the month. So this means the vehicle is getting beat to sht. Listen, I have a masters degree in business, I took corporate accounting and I’m an entrepreneur as well as experienced in this field, especially with TURO. A lot of these people get on the social media websites and they pump it up just so they get the views. I’m telling you right now. I don’t care what they show you on here they’re not making that much money on the backend when all is said and done. And even if someone do, they are the anomaly in the bunch of the entire platform. They just so happen to be in the right place and in the right area with the right vehicles. Odds r you’re not going to be. So while they may be able to get maximum dollars per day for a rental and max out the entire month, you’re not likely to do that at all. You’re probably going to make 10% maybe 20% of what they’re making and showing you on here.
If you don’t believe me, go ahead and do it and when you realize I’m right, I want you to bookmark this that you can come back and comment on this comment. I’m not saying everyone’s going to fail. I’m saying these people give you expectations that are absolutely an incredibly over-exaggerated. It’s false hope and it’s on unethical and immoral.
Also, keep in mind he has these vehicles for 72 months on loan. And he has unlimited miles with his rentals so that means someone can go and put on 1000 miles in a week. And trust me customers rack up Miles. These vehicles will be worthless within 3-4 years when they have 250,000 miles on them. What most people say in response to this is that they’ll just trade it in but what do you think you’re going to get for a vehicle with a quarter million miles on it? You’re not gonna get anything! So halfway through your loan.You’re gonna be incredibly negative on the loan.
Keep in mind that if one of those vehicles blows in engine, what do you thinks gonna happen? You’re going to have a vehicle that you’re gonna have to pay for 3-4 more years on your 6 year loan.
He made $300,000 , but with 17 car loans. 1/3 of that alone goes towards all the loans and insurance. Then he has to pay property taxes on all those nice newer cars which is easily $500 maybe $600 each x17 - there’s another $10,000.
Then he hast to buy new tires at least twice a year - thats $20k-$30k/yr. let’s not forget brakes ($8500/yr) and frequent oil changes ($5k/yr) on 17 cars, and those all take full synthetic so it’s not a cheap one. And he has a warehouse so he has rent and that’s probably $2000 a month so there’s another 25,000 a year. Plus electricity and cleaning supplies there’s another $10,000.
so let’s see just off of that alone, not including anything else …
That’s about $190,000 in expenses just off of what I listed and there are plenty more like tracking subscriptions, miscellaneous fuel charges, other repairs that could be incredibly costly on those, and let’s say he has warranty - that warrantees gonna get eaten up very quickly maybe after 18 months he’s gonna go into excess mileage. That it’s gonna be 100% out of pocket. So he made 300,000 and easily you can deduct between $200,000 and $250,000 right off of that. So he’s down to managing 17 cars for about $50,000. Maybe.
You’re not even gonna get your down payment back what about those? We didn’t even talk about that. That’s money out of your pocket.
Listen, I got in and I did six cars off the rip all beautiful vehicles. 2017, Maserati Ghibli, 2018, Mercedes C 300 all wheel drive, 2020 Hyundai Santa Fe, 2019 Hyundai Kona, 2014 Hyundai Santa Fe GLS fully loaded, 2014 Dodge Journey, fully loaded.
Believe me, I know what I’m talking about.
And keep in mind he said location is extremely important and he’s right with that. He might be near an airport. He might be near an amusement park. He might be in the area where it’s nice and sunny here around with a relatively good amount of travelers, who come and go. He probably does it full-time and does deliveries. But then think you also gotta get home after you do the delivery or let’s say you pay somebody now there’s another expense that you gotta take out a pocket for each and every single vehicle you gotta pay for the person to drop it off then you gotta pay for the person to pick it back up and then you gotta shuttle this person around too
If you sold your entire fleet today? Would you be upside down on any vehicles. Beautiful vehicles but if brought fairly new seems like heavy deprecation
Oh wait 4% is a steal for internet rate
Thank you and honestly I'm not sure, I would have to check and see how much each car is worth and what I still owe on it!
mopar or no car babyyyy
Right!
Which credit unions do you use?
Several different ones!
@@TonyLuxuryCars could you say which ones ?
Im trying to start by February
All is need to see is 100k and I’m on it
Thank you!
@@TonyLuxuryCars no Thank you , you have instagram
#SALUTE!
Thank you!
I'm interested in your rental course, Ill keep you posted.@@TonyLuxuryCars
You said all your cars are 100 bucks a day with unlimited mileage?
Yes that's correct!
My dream bro, I won't give up I will work hard
Yes!
W
Thanks!
What about depreciation bro,cuz the prices on cars are just going down as they putting more and more miles on it.
True, your right!
17 vehicles and only 300k net, im not great at month but ummmmm
What does that suppose to mean?
@TonyLuxuryCars keep doing your thing my brotha. You winning out here. 300k is very impressive. Inspiration.
For the algo
Thanks!
How much is net?
Check out my other video for that!
🤍‼️
Thanks!
Can u help me get started
Yes I can!
You should start your own rental business instead of lettin the white man take a big % on turo
Yes your right, I am soon!
Tony do you have a personal email i can contact you on?
Yes I do, you can also contact me on social media too!
Turo car business notes
To research check market
Buy right car used 30,000 average cost to buy a car
Black and black cars.
Good deal on cars low interest rate payment is lower
Payment as cheap as possible 400’month
100 a day rental payment 400
Have good credit
A lot promoting showing business Facebook Instagram and promoting the business
Car rental
Business cards
Phone number hours of operation
Scan QR code goes to Turo cars
Be on google exposure on google
Have a garage to store the cars
All star host pop up first
Cars 100 usd a day
Set the right price attractive to guest
Make sure car is clean
Take good photos
Have a good mechanic
Good body shop for accidents
Good relationships with those businesses
Body shop and mechanic shop
Credit card or savings for repairs
How to make 6 figures from Turo