How To Start A Rental Car Company Using Turo - YouTube

How to start a rental car company using Turo.  That's Turo, TURO.com. Boy, do I have a secret  

to share with you. Did you know that I make  more money on some of my rental cars than I  

do on some of my rental properties? Yeah, it's  true. I make more money on some of my cars than  

I do some of my houses. And in fact, I even have  a student, KJ Steer who is going to share with you  

how he started his own rental car company using  Turo and how he makes hundreds of thousands of  

dollars in the process. And more importantly  though, how you can do it too. Let's go.

This is so exciting. So, let's first  start off. KJ, tell us what is Turo.  

-That's a great question. So, Turo (t-u-r-o)  is a car platform where you can list your car  

similar to Airbnb. As I said, you list  your car for whatever price you like.  

And people get to rent your cars drive your nice  cars as you can see behind us all these beautiful  

cars where really you rent them they come pick it  up. You can deliver it. You have so many options  

to make your car payment and then some is  one of the easiest businesses to get into  

even cheaper to get into than Airbnb as it comes  with all of these restrictions. Nope. You can  

even start with your personal car. If it's just  a car that you have or you have an extra car,  

go ahead and list it and start making money with  that car. -So, tell us KJ, how did you get started  

with this rental car business using Turo? -That's  great. So, Noelle, I really had two Airbnbs. I  

got them early when we first started coaching to  really start to generate income. And as I really  

do love cars, I've been a car person since I was  really young. It's just been a great way to find  

cars that people want to drive especially being  in the Orlando area. People come the theme parks  

and all that things. So, I actually started with  one SUV. You know, get the bigger cars. You know,  

I didn't have to put too much down especially as  you learn to build business credit. You can even  

buy them with business credit. Swipe of a credit  card. And it was just such an easy way to get  

these cars out there to the public so I can start  making money especially you can pair them with  

your Airbnbs. -Okay. Okay. So ,this is what I feel  like I'm hearing. You started with the Airbnb. So,  

let's just even talk about that. Before we even  got into the cars, you were doing Airbnb. So,  

tell us about that and then how that then  shifted to renting cars. -So, yeah. So,  

as I started in Virginia, you know, I was  unemployed. It was terrible where my unemployment  

checks going to daycare just to put my son  somewhere as my wife was working 14-hour shifts.  

And so, I took a leap of faith. You know  that's where I moved to Orlando. You know, I  

got with you to really change who I was. I was  tired of being in corporate America where at  

first I thought this was the most money I was ever  making. To realize they don't really care about  

you as they make it seem. And so, when I got  here, I really took a leap of faith. You know,  

believed in myself that I could become you know  similar to you. Make the money that I wanted to.  

And so, I got the first 2 Airbnbs. I got 2 little  apartment units where I was able to rent them,  

start seeing that I can make money doing this.  -Yeah. -And then I was like, "What if I could  

do another passion of mine? Get cars?" -Yeah.  -That people would want to drive. And then start  

creating packages for people to just come down and  really get to enjoy having a luxurious apartment  

or you know Airbnb with a nice car to drive. -With  a nice car. I mean, that is brilliant. This is why  

I absolutely feel like I just love younger people.  You know, you're younger than me and you guys have  

these brilliant ideas with all of the technology  and these websites that are out there. So,  

let's go to the next thing. How did you find out  about Turo and get this whole business started?  

-So, Turo actually came about when I was just  scrolling on Instagram crazy enough. I know, just  

scrolling... -Young people, Instagram. -And so,  I was just scrolling Instagram and it just popped  

up. And I was like, "What is this?" And so, I  started looking into it more and I was like, "Oh,  

my God. Someone created another platform that you  can use your personal properties and your assets  

to make more money." And so, I really looked at it  and what type of cars were being listed. And so,  

I saw everything from a Toyota Camry to  Lambos and all the nicer cars. And I was like,  

"Wow!" -Yeah. -I just couldn't believe it. So, I  really again, took another leap of faith. I used  

my business as I was building business credit  and starting to have those trade lines to,  

"Let's go get a car." -Yeah. -Without really  having to... You know not crazy many mileages.  

And then even crazy enough and Hertz. If you  know during Hertz, that time Hertz was going  

out of business I was like, "Wait a minute.  I could go get.. I can get a car under value  

and make money off of it?" It was too perfect. iI  was just an opportunity that just presented itself  

that I somehow manifested because I wanted  cars. I really did. And so, I took advantage  

of another business going under to go get cars.  -That's crazy. -And that's one of the things that  

you learn as an entrepreneur. Pay attention to the  news. Pay attention to other companies because you  

can do it too. These companies become advantages  for you. -Okay. So, say that part again. Because  

I don't think people are getting what opportunity  you're talking about. What happened with Hertz and  

how was that an opportunity for you? -Sure. And  so, with the pandemic, you know, people weren't  

going anywhere. It was just crazy. Everyone's  stuck in the house. And so, these car rental  

companies started to see the negative effects  of having all of these cars, these giant fleets  

with nobody renting them. And so, unfortunately  Hertz debts started to rack up. And then they  

had to start selling off their inventory. And so,  they put it out to the public. "Hey, we're going  

to go through a..." You know, they're going to go  bankrupt. They're going to follow chapter 11. And  

so, they started listing all of their cars under  market value. And so, these... All of these cars,  

just all of these cars were available 10-12  thousand cheaper than what you would have went  

and bought it at a dealership. -Wow. That's crazy.  Whoa! KJ just made a great point there and I'm  

going to tell you a super secret step on how you  can make even more money with Turo and with your  

rental car company. So, one of the first things  that you can do of course is finance some cars  

like KJ did. But the second thing that you want to  do is start getting some cash cars. Meaning cars  

that you can buy for cash for like 2,000 or 3,000  dollars. You can make a ton of money on those  

type of cheap cars. And you can use them on other  sites besides just Turo. Sites like hyrecar.com.  

These type of cars will make you a ton of  money. You don't have a payment on them  

and people can do unlimited mileage on them so  you can have an array of different types of cars  

in your rental car portfolio that you're making  money off of. I absolutely love cash cars. Now,  

back to this episode. Okay. So, this is the fun  part. We are going to tell you how to do this. KJ,  

answer this question. KJ, how did you get started  with your rental car company using Turo? Step 1.  

-That's a great question, Noelle. So, first thing  I did was I had my 2 Airbnbs cash flowing where  

they were making enough money so I can go buy a  car. As my business was not over 2 years, I took  

the first car, my 2019 Grand Cherokee, I got that  in my personal name. And so, once I got this car,  

I instantly listed it on Turo. Remember, I found  Turo on Instagram as an ad. Crazy enough. And so,  

once I listed this car and crazy, that car is  so popular with everybody. I don't even have it.  

I know. -So, wait a minute, let's go. How did  you decide on the Jeep Grand Cherokee because  

I think... I feel like you knew it would do  well. And that's why it's not even here. It  

stays booked. -Yeah. And that's crazy. The reason  why I knew it was gonna do so well is because  

that's jeep's luxury jeep. And I knew it seats  5 people. It has enough space, looks beautiful,  

catches people's attention and I knew everybody  who was coming to Orlando was going to love it.  

-Yeah. Okay. So, step one, you got a car in your  personal name. That's very easy. You put it on  

Turo.com, did you put it on any other website?  -So, no. I did not list my 2019 Grand Cherokee on  

any other site but Turo. However, as I started  to gain more capital, I came across hyrecar.com.  

And this is another way you can list your cars  especially the cheaper end cars where people get  

to rent it and take it and do like Uber eats and  things like that and you still get paid. -Wow.  

Okay. So, I see that this business is really big.  So, step one, you get a car, you put it in your  

business's name. I'm sorry. You put it in your  personal name. You weren't able to put it in your  

business name because it was your first car. Have  you been able to put cars in your business's name?  

-Yeah. I actually have. And as you can see, my  2020 Jeep Wrangler. I was actually able to get  

this one in my business's name. So, the crazier  part, I didn't have to put a dime down. Literally  

all business credit. And so, I was able to just  swipe a credit card and come home with this  

beautiful car. And now, know if you can slide just  a little bit, as you can see, I actually did some  

very cheap modifications under $300 just to  give my car some pop because Grand Cherokees  

are customizable that you want it to be yours.  You don't want it to just be the off the lot. No.  

Take just a small bit of money, make it look nice  and then everybody's going to want it. And you can  

even increase your price over your competitors  because yours looks nicer than theirs because  

it catches everybody's eye. -Okay. So, you're  customizing your cars, you're making them your  

own. You're making more money. Talk about how much  money you make with Turo on your cars and what you  

do when your cars are booked. Like how do you get  around then? -That's a great question. And so,  

because all of our cars are so loved, once my  cars are all booked, I actually still drive my  

first car that I bought. My 1999 Toyota Camry. It  looks a little old but it's still... It works. It  

gets me from point A to point B. And you can  still keep your lower-end cars to drive around  

as your nicer cars get rented out. And so, for  cash flow, I actually ease them. I almost double  

all of my car payments and utilities including  insurance. And the car washing fees that I  

pay. I make just enough money where they're  cash flowing by themselves. And I can easily  

get another car if I wanted to. -Wow. Okay. So,  now that you're making money, you have your cars.  

How many cars do you have? We have 5 here. But  how many cars do you have, KJ in your rental car  

business? And how much money do you make with  those cars? -And so, as you can see the 5 cars,  

I actually have 7 cars in total. There's another  car on the way. Can't wait for everybody to see  

it. We'll put a picture up. Because we know it's  coming and he's already put the deposit on it. So,  

send me a picture and we're gonna... You probably  are looking at a picture right now of KJ's latest  

car. A Tesla Model S. -And so, it was just a  great addition. I had to go get it because I knew  

the model X was doing so well. I had to get the  luxury sedan. And again, I didn't have to put much  

down for this especially using business credit.  So, first up is the 2020 Jeep Wrangler Sahara.  

This rents for about 120 a day during the week and  about 127 on the weekends. Great addition. Very  

customizable. Can even take the top off. Everybody  loves this especially going to the beach. Next up  

is the Porsche Panorama. This actually is a fun  car to drive. Very sporty. This goes for about  

155 a day during the week and about 168 on the  weekends. Lovely car. Beautiful red interior.  

Love to drive this car. Makes everybody want to  say, "Who's in that car?" Oh, man. I can't wait to  

tell you guys about this one. Now, this blacked  out range goes for about 310 during the week.  

About 330 on the weekends. Just blacked out all  the... Everything you could ask for. Makes you  

want to drive this. Makes you feel like you're an  artist coming out of a music video. I mean, who  

wouldn't want to drive this. This Audi makes you  feel like the luxury business person that you are.  

Makes you want to just drive this. This actually  goes for about just under 100 a day during the  

week and about 105 on the weekends. Luxury makes  you want to feel nice and rides uber smooth.  

I mean Elon might be onto something with these  model Xs. They're just super futuristic. This  

is actually goes for about just under 300 a day.  Everybody wants this. Kids love it. Has games.  

You want to drive this. And then on the weekends,  it goes up about 305. I mean, who wouldn't want  

to drive this lovely car? -So, if you want to  learn more and start your own rental car company  

the same way that KJ did, I have an amazing  offer. We created a course that you can get  

at expressbizbuilder.com. This course will teach  you expressway to start your business from scratch  

so that you can have a legitimate business that  can make money and start doing things for you.  

I want to make sure that you have a business that  makes you money each time, that is legitimate,  

that gets you tax deductions. A real business that  you can scale and grow the same way that KJ did.  

This is an affordable business that will teach you  how to set your business up, how to maximize it so  

that you can get business credit and business  funding the same way that KJ did. You want to  

make sure that you get this course because it is  super affordable and it teaches you exactly what  

you need. Again. Go to expressbizbuilder.com  and get your course today so you can start  

your own business. I just want to make sure that  you have all of the resources, all of the tools,  

and all of the knowledge that you need to be  successful. This is Noelle. To your success.