Becoming a car share entrepreneur or investing in a fleet of car share vehicles provides an exciting opportunity to align with a proven business model.
Setting up a car share business offers owners the challenge of managing their investments, tracking their returns and finding ways to scale and grow their enterprise. The majority of our pro owners started by listing one or two vehicles before using the profits to purchase additional cars to add to the platform.
Choosing the right vehicles
The key to getting a good return on your investment is ensuring you select vehicles that are cost-effective to purchase, offer reliability and are mechanically sound.
When looking to purchase, think about where your vehicle will be located and what borrowers in that area might be attracted to. While most borrowers are looking for a fuel-efficient, automatic car that will get them from A to B with no hassles, many pro owners get great returns on cars that offer borrowers a bit of adventure.
Maintaining your fleet
The more reliable your cars are, the less you’ll be spending on repairs and the more time your car will be on the road working hard for you.
Whilst borrowers are required to clean your vehicles after use, you will still need to ensure they are regularly checked for cleanliness, damage and mechanical issues, and booked in for regular servicing and maintenance.
Setting your pricing
Pricing your cars to satisfy your required returns as well as maximising the amount of time your vehicles are booked is fundamental to running your car share enterprise. Competitive pricing will make all the difference to the success of your fleet.
The advantage of a car that is dedicated to sharing over one that you also use for your own household transport is the ability to make it available at peak times. Consistent availability will help to ensure your vehicles are regularly booked and maximise your return on investment.
Finding the perfect location
Parking your cars in a high-demand area will increase the number of bookings you receive and help you achieve the best return on your investment. Finding the ‘perfect’ park can be a matter of trying a few different spots before you find the location that works for you.
Whilst you’ll need to check your vehicles from time to time, you don’t necessarily have to park close to your home or office. All your ongoing monitoring can be done using our online tools.
Effectively managing your vehicles
Owning a car share business is relatively hands-off, but it’s not entirely set and forget.
Car owners who are getting great returns on their investments ensure they actively manage their vehicles and provide exceptional customer service. While our app manages your customer bookings and our help centre is available 24/7 to handle customer enquiries, you still need to be prepared to welcome borrowers, manage your fleet, check your cars regularly and keep track of reporting and financial returns.
Pro Owner Experience
Since Steve started sharing his cars, he has earned over $80,000 from his expanding vehicle fleet - but he is quick to point out that this isn’t a set-and-forget investment or a get-rich-quick scheme.
Running a fleet of cars requires him to meet the needs of his customers, set financial targets and keep an eye on the market to ensure his cars are always being rented and providing a return on his investment.
Interested in setting up a car-sharing business?
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