Ever thought about setting up and managing your own car rental company? Struggled to get the necessary commercial insurance?
A car rental company (set up and maintenance) is cheaper than owning a dealership and generates a good residual income for the owner. Some entrepreneurs would rather manage and operate their own private label car rental company for a nice residual income. Other entrepreneurs would rather place their vehicles on a platform like Turo or Hyre Car. What we (GF Auto Consulting LLC) can do for you is set up a car rental company domiciled in Florida, complete with small fleet commercial insurance for the vehicles (and regular passenger plates). When an entrepreneur places vehicles on Turo or Hyre Car, they are able to receive a larger portion (up to 93%) of the revenue generated by your customers. If you accept the insurance from Turo or Hyre Car, you only get to keep 60-70% of the weekly revenue. As you can see, this is a huge difference and amounts to a savings that can amount to $500-800 a month or more, per vehicle. All this extra insurance saving money goes straight to your bottom line net income.
At GF Auto Consulting LLC, we have been in the “car dealership set up” business for many years. Many of our customers have also gone on to add a car rental component to their dealership business for additional revenue stream. Quite by accident, a couple of years ago, my business partner and I came across an insurance agency that provided inexpensive commercial insurance for smaller car rental companies (without having to own a car dealership). The price was only $190-$260 per month depending on the vehicle. So for the entrepreneur who does not want to operate a full car dealership, they can do car rentals instead, with less out of pocket start up costs. There is no need fixed costs other than you insurance (no physical location needed as you do with a car dealership).
We (GF Auto Consulting LLC) do all the filing and necessary paperwork for your rental agency (for $3,500), and everything…all you have to do is buy your vehicles. This works very well for the entrepreneur who can get vehicles from multiple sources (auctions, private owners, etc), rent the vehicles out for 6 -10 months, then sell the vehicles and buy new ones. If you need help with that, we can set up a wholesale license for you too, so you can buy vehicles directly from the Dealer Auctions and sell them directly to your Rental Car Agency.
The good thing is you decide how long to keep your vehicles on the road, then sell the vehicles thru the Dealer Auctions when you are ready to retire them due to mileage. You can decide on the prices you rent your vehicles for. You can make more with specialty vehicles like electric cars, luxury cars or exotic vehicles.
$3500 is your initial payment to our firm to do the set up (LLC or inc, your insurance, occupational License, and misc consulting0. Additional fees for you would be $1000 to a mandatory automobile membership (for insur qualification), and first month deposit for insurance for your vehicles ($190-$260 per month depending on the vehicle). The add-on Concentric software to run your car rental business is optional, but it allows you to take reservations, take payments and create passenger contracts for each rental. So you are looking at a total of around $5,000 for complete start up. There is no monthly rent, telephone, or any other fees to pay, other than your monthly car rental insurance.
