Tuesday, October 2, 2018

Addons To Set You Apart

You've noticed that there a lot of cars available on Turo, Getaround, etc... How can you stand out without lowballing the competition? One way to earn more and stand out from the competition is to offer addons. Not only will they help set you apart but they will bump up your daily return and help offset your purchases. I previously already talked about offering a car top tent like the Tepui.

In this post I'll talk about offering a bike rack and cargo box to your listing.

A bike rack will get you an additional $15/day and if you're really motivated, rent out those bikes you just got serviced at the shop. Each bike should get you $35-$50/day.

I recently had the pleasure of reviewing the Vectus Sport Levitate bike rack. I used the bike rack on two separate trips from Santa Cruz. One to Joshua Tree and another to Boise. On both occassions, I found the ease of loading and unloading my bikes to be a joy compared with other systems I've used. The 2" inch receiver translated to a very stable system. In the past with other bike racks, I can remember the discomfort of watching the bikes bounce around in my rearview mirror. Not with the Levitate. It hardly budged.

Thursday, October 26, 2017

Products for Unattended Car Access

I had hoped to find an automobile "Smart Device" to help streamline my business. The device would allow unattended hand off of keys and would prevent a renter (aka traveler) from locking her keys in the car.

In it's most basic form, a traveler walks up to your car for the first time, unlocks it via a pin pad or mobile app and finds the keys inside.

There are quite a few products out there but none quite seem to fit the needs I outline below. There's a real opportunity for one of these manufacturers to tweak their offering for the car share side hustle. If anyone knows of a product that seems to fit, please get in touch with me.

Thursday, October 12, 2017

Doubling Up With a Rooftop Tent

You've taken the plunge and have begun renting your car on your favorite peer to peer service. You might wonder if there are any strategies to help drive more traffic or beef up your rates. There absolutely are and one I'll talk about here!!!

You can more than double your income by extending your reach with Outdoorsy.

While average prices for Turo and Getaround might get you in the $40-$60 range, you can get double and triple that by renting your vehicle out on Outdoorsy (or RVShare) with a rooftop car tent.

This strategy calls for offering a roof top tent like the TepuiSmittybiltYakima, etc... and thereby allows you to list it is an overnight vehicle with Outdoorsy (check out RVRents as well).

Friday, September 8, 2017

Economics of The Car Share Side Hustle

Is peer-to-peer car rental right for you?  It certainly can be rewarding but you owe it to yourself to take the time to know what you're getting into. This blog is devoted to discussing the risks and rewards in this enticing Side Hustle.

Depending on who you talk to and what you read, you might have outsized expectations over what you can earn and undersized expectations over your risk. On the other hand, you might have it perfectly figured out, in which case Kudos to you. If not, I invite you to take advantage of my research in the hope that you might save yourself some time. 

It goes without saying the we each have our own risk vs reward threshold. Risk in this case takes many forms, the biggest of which I believe is personal liability and other aspects of insurance.  Insurance is covered in great detail in a series of posts starting with "What you need to know about Insurance, Part 1."

What you need to know about insurance: Part 3

This last part of this series covers commercial insurance and other protections that an owner might enlist for financial security.

Alright, you're going to wet your feet in the car share economy but you're still wondering if there are any additional insurance angles you might look into.

The first thing I tried looking into was my own commercial insurance. I talked with folks form the major insurance companies Geico, Farmers, Amica, Liberty, Lancer Insurance and others.

Tuesday, September 5, 2017

What you need to know about insurance: Part 2

This part of the series is mainly about insurance from the perspective of the renter but also, how it impacts the owner.

Many of us have already experienced the car renter's dilemma of whether or not to accept the car rental agency's insurance and protection options. Well, it's no different with Turo. A renter has the option of selecting "Premium," "Basic," or "Decline." However, many credit cards will provide comprehensive and collision coverage with no deductible as long as the renter "declines" the rental coverage.

This is where it gets murky. If you, as a renter, decline Turo's coverage, you also decline their liability protection. Not cool and it might leave you quite exposed to a lawsuit.

However, there's a strong possibility that as a renter, your own personal auto insurance's liability and comprehensive and collision carry through to your car rental even if you "decline" coverage. In my case, with Amica, that is the case but you have to check your own insurance provider to be sure.

Airbnb and the car share side hustle

Type carbnb.com into any browser and you'll be redirected to airbnb.com. I was initially surprised but it makes perfect sense. Airbnb will most likely be rolling out their own car sharing service sooner or later. The same is probably true of other home sharing services but Airbnb tends to be on top of things (case in point, check out Airbnb Experiences).

At our airbnb in Santa Cruz, I estimate that 30% of our guests are out of state and would love to have a car waiting for them to use when they arrive. This is the main reason that care sharing held a certain appeal to me - a marriage made in heaven.