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Car rental invoice pdf for Public Relations

hello aloha and welcome back to car rental university i am your host alex withrow today we're going to talk about private agreements and is this really a great business model is it worth it what are the problems ins and outs of it i get this question a lot in the comments with regards to why did i stop doing private agreements great question so before i get into that click below grab the five things you must do before starting a car rental business lots of great information in there for when you are starting out a car rental business so that said let's get into this so you know when i was up in new york city i was running a my car rental business through mostly private agreements now i get this question all the time in my private consulting um calls so a lot of times people are saying hey i got this guy he seems reliable he wants to rent my car for 400 a week or so and he'll pay it and then you know i'll put him on my insurance and then everything will be hunky-dory in theory it sounds really good but i'm gonna tell you like what actually is gonna happen so you know and like when i was in new york i had about four or five cars that were running on this type of agreement um i was charging typically 400 to 500 per week based on the car you know my honda s were more in the 400 range my highlander and nissan maximum were more towards the 500 range because they were brand new cars so they were very nice so that said the problem with this situation is that many times people just don't drive enough to make this worth it for them and they get behind on payments so if somebody's going to do a private rental agreement they're going to have to drive a lot to make it economically make sense for them so in new york city you know driving a lot was only like two or three thousand miles a month that wasn't too bad and you could still make pretty good money as a driver in larger metropolitan areas like atlanta dallas la etcetera more spread out cities they're gonna put on easily 10 000 miles a month in that situation so it kind of depends on where you are so like i said so you know in new york city because everything's more condensed and you're mostly the drivers are mostly just carting people up and down manhattan or to the airport uh the mileage put on the car wasn't so bad but and it made more sense for me to do private agreements to uber drivers but keep in mind i was sourcing those those leads from hire car and as i said before any higher car driver you are going to have headaches they'll either crash the car not pay try to steal it um you know you're gonna have headaches with those people so i used to vet them very hard i would sit down and meet with them and really um you know get a good sense of if i felt like they were trustworthy or not and i will say you know to the to the model's credit i did make a good amount of money for about four years um you know i had four or five cars on private agreements so i was you know i was um making about two to two thousand bucks per week um just on that agreement so that that's pretty freaking good um you know but in terms of the headaches and the upkeep and you know i would get texts at all hours of the day 10 00 p.m one am at all hours some issues happening someone got a ticket someone banged into some poll on the street someone can't afford you know to pay rent on the car right now so you're playing landlord every week which gets exhausting so that said you're it is a pretty passive income you're not actually like going into work or anything but you are fielding texts all the time about i mean just tons of so um you know i think that if so for me for my taste i got really tired of the babysitting so so much babysitting with all the drivers that you know i wouldn't work with any if i was gonna do a private agreement now i wouldn't work with anyone under the age of 40 just because they just don't have the maturity um to handle that so that said like you know i think that um it does it is lucrative it can be lucrative but if if you're not ready to handle all the babysitting and all the uh you know that happens at all hours of the day don't do it and like i said you're you're sourcing these people from hire car not good if you can find someone that's like trustworthy like i said if you're in the new york city area i do like the idea of getting your car tlc plated which makes it so you can drive the car inside manhattan as an uber car and then using tlc drivers because tlc drivers are more professional type you know limousine or taxi type drivers and i think they're more professional so i think that's a better option if you live in new york city area but elsewhere i just think you're gonna put too much mileage on the car um also another thing to consider is the insurance situation you can put those drivers on your insurance um but it just gets tricky and if anyone gets in a crash that's gonna follow your policy around for the next four or five years and it's going to jack your rate up uh should you need car insurance so you know that's the problem with it is that you know i always recommend that the driver get his own insurance but you let tell the insurance company that you are the owner of the car some states will allow that some states will not allow that uh depends on which state you live in so um you know but that said i just think that there's a lot of headaches that come with the private uh rental agreement model the way get around is running these days the way turo's running these days i just think it's so much easier some it's a little less money not a lot less money just a little less money and you actually get your money because you know with get around you can in revenue you can easily in the summer months clear 13 14 1500 a month no problem per car whereas you know you may make 1600 in a month for a private or rental agreement but one of those months they may not you know they may get behind and not pay so that's the problem so on on paper it looks like a great model but in an actual theory in actual the way it works i think they get around and turo are much better options and also the insurance is outsourced you don't have to deal with any of that and let me tell you if you get into a situation with the insurance company and um you know if there's something that wasn't done by the book uh in their book somehow and they try to go fishing for exemptions and to and to deny a claim i mean your life's gonna be hell for the next two months it is a huge huge headache and i've gone through that too so like i said i don't for my taste it's not worth the headache to do private rental agreements uh i get this question a lot i know the money looks good in theory but i'm telling you right now with all the bonuses that getaround has and all the different uh demand that turo has i think those are just much better options to run your business through those models in my opinion so all that to say uh drop any questions you have in the comments i'm happy to answer them before you go click below grab the five things you must do before starting a car rental business and i will catch you in the next episode mahalo