DONT MAKE THESE MISTAKES IN YOUR TURO BUSINESS!!!

[@StefanMarquardt]

Interested in asking some questions regarding starting or running a Turo business? Please use the link to book a 1-on-1 call with me. calendly.com/marquardtconsulting

[@KINGKING10109]

1000 trips in 2 years? That’s 9 rentals a week on average. Incredible ✅✅

[@StefanMarquardt]

Yea I was renting all around the clock. Now Iam only doing 8am-11pm but I've added 1 day rentals last year. There is huge demand in my area, especially for weekends.

[@TonyLuxuryCars]

Yes it is, I actually did 1,000 trips in 1 year in my market!

[@nikkiau1]

The more videos I watch on starting on Turo the more discouraged I get lol. Last video I’m watching. If I keep seeing all the negatives I’ll never try it. I’m going to get my car and learn as I go! Thank you for transparency!

[@StefanMarquardt]

There's negatives to every business model. If done correctly this model can be profitable and passive.

[@famheirelevation3320]

Hey, hit me up on IG. I’ve felt that feeling in my life time. I got into Turo in May and got 9 cars. All 2021. I’m doing well with it. Had some issues here and there but it’s very profitable for me so far. Granted it is summer but I haven’t been spending money out that business account. IG is @famheir

[@TheLuizablocker]

Hi Nikkia, I lost many business opportunities when I was younger for not feeling 100% safe with the investments until I found out there's not such a thing as 100% safety. More than anything, trust yourself and your gut. If it is hard for you to trust yourself or something else, I suggest you do your homework very well and talk with people you trust and admire. Trusting yourself is a skill that can be developed like any other skill and you can start with baby steps, like going to a garage sale and purchase some things using your gut instinct. Then you analyze what you did well or could improve and start trading more expensive things. I am sure there is something you are going to perform very well. Having a business is not for everybody and there's nothing wrong with it too. I wish you strength, peace and all the best.

[@urbandisciple5414]

Keep it up on the lessons. I am tracking your experience so it will benefit me next year when open my business. The only difference about us is I'm retired and I am starting my entrepreneurship in my golden years. I'm in the process of getting my dealer's license now. I'll rent from home until I can afford my facility to store my cars in the future, Thanks keep it up, and bring it on.

[@StefanMarquardt]

Thanks for watching. That is a good move and also its never too late to start. Good luck!

[@MrSmvann828]

you're very business savvy, reinvest into your business. great job sir! making notes right now.

[@pibaltop]

this one is gold! props to your knowledge and sharing!!!

[@StefanMarquardt]

Thanks for watching 🙏🏼

[@Cars360-vs7bk]

Great video!! I do Finance/buy outright new cars. But always make sure to get 30% off of MSRP and liquidate within 2 years Also, I stick with economy cars to avoid the high risk involved with Delux/luxury cars!

[@StefanMarquardt]

Very nice! How do you get 30% of new and what price range are your new cars?

[@summerr455]

Would love to know how you're getting 30% MSRP.

[@tameshaalexander7406]

bro. I've been watching a bunch of videos about starting a turo business and I like your channel the most. also I'm an automotive painter with 10 plus years experience and i think this business is gonna be gravy for me

[@StefanMarquardt]

I appreciated it bro 🙏🏼 you do body work also?

[@tameshaalexander7406]

@@StefanMarquardt yea i do

[@StefanMarquardt]

I always have bodywork for my guy so if you’re doing it yourself, that’s like another revenue stream.

[@mack3310]

You inspired me bro, full time I''m an automotive locksmith full time, but wanted another income source. Just purchased a 12 Malibu in cash for Turo and getting my wholesalers license to hit the auction.

[@StefanMarquardt]

Good move bro. You will save a lot of money by cutting your own keys. If you ever have to replace a key for Turo, make sure your locksmith business bills your Turo business. It's also a good idea to have extra keys for each unit.

[@anandm9087]

Great job! You might the person that optimizes the Turo business the most, from buying cheap cars from auction, fixing it up and renting it out. But here’s a piece of advice. I have similar cars priced about 5-7K, mostly Toyotas. It seems like you are on 70-30 plan. I’m on 85 and I love it. You should try switching to 85 plan or try on few cars at first. Try on your long term rental. It’s going to be raining money after that! I have one long term rental. I know the lady, she is a nice person. If the car gets scratched or bumper is broken, who cares? And you can fix little things on your own..? I’m a full time engineer so don’t want to go full on in to this business. The best thing is you get cars for so cheap.

[@StefanMarquardt]

When I did the math for all my damages and worked the numbers as if I was on the 85% plan I actually lost money. I don't necessarily fix every little scratch but I do fix dents and scrapes and I always come out of pocket on the 85%. I did start out using the 85 and I might experiment again if I can land another good-quality vehicle under 4k. Thank for the input.

[@summerr455]

Good insight! A lot of good information in this video!!!!

[@SERGE_Tech]

Great production quality!

[@vteckid82]

Thanks for this, probably the most informative video

[@jdpark351]

Thx for your advice

[@StefanMarquardt]

Thanks for watching 🙏🏼

[@DemetraMoore]

Great information. I'm definitely considering Turo as a business avenue.

[@averiancollins7779]

Great value man.

[@jeankennedy6370]

Thanks for the heads up.

[@kcannon3131]

Bro I thought that was Jason Statham standing right next to you in the beginning of the video LOL

[@StefanMarquardt]

Lmao!!! Thats my cousin ill show him this comment Iam sure we will have a good laugh from this 😂🤣

[@jakepicard7858]

Excellent video, thank you

[@SurferBum1002]

Very solid advice. Thank you.

[@StefanMarquardt]

🙏🏼

[@anatoliymoroz1]

I had my first accident on turo this week and to my surprise after hearing all the horror stories they fully took care of it in a quick manner

[@StefanMarquardt]

As long as you do everything according to the terms of service you are good. I lose zero sleep over vehicles getting crashed…I just wait for that check to hit. Good luck 👍🏼

[@sonjaramirez602]

Hi there! I totally appreciate your videos because they are simple and to-the-point. I have some money that's just sitting around and I'm looking for an opportunity outside of Real Estate. This may be it!

[@StefanMarquardt]

Thanks for watching 🙏🏼 best of luck!

[@brandonreed09]

If you do Airbnb it could be a good compliment to that business. Rent out the house and the car to the guests.

[@swod1]

Excellent video sir. Thank you

[@norberthm.5171]

You rock bro

[@carlossena6434]

Thank you for sharing!

[@StefanMarquardt]

Thanks for watching!

[@Duesay]

Nice info thank you

[@FrankeeVee18]

This was helpful!

[@StefanMarquardt]

Thanks for watching 🙏🏼

[@bigmatt1987hawaii]

Good content! Hawaii Turo

[@StefanMarquardt]

Thanks bro

[@4Entertainment]

Just sat down and watched all ur videos. Keep it up boss man . Just put my Q8 on turo let’s see how it goes lol

[@StefanMarquardt]

Thanks bro. What year is the Q8 and what price per day?

[@1Ataya]

How's it going so far

[@shawn7171]

As a dealer DMV doesn't want you to put miles on vehicles that are meant to be sold. This is a good way to lose your dealers license FYI. You have to sell the cars to your llc or yourself to take advantage of the cheaper price.

[@StefanMarquardt]

The vehicles should be registered and insured, converting them into company assets. In GA there’s no regulation stating how many miles you can or can’t put on a vehicle that is to be sold anyways.

[@shawn7171]

@@StefanMarquardt I see… quick question did you make a video on how to get greater financing. I’ve been struggling to get more vehicles 🚗

[@StefanMarquardt]

@@shawn7171 No I don’t as Iam rolling cash from the business into inventory. Probably won’t start financing until next year but it will be under the business name even if I have to personally guarantee the loan. I did start out with a unsecured business loan tho. You mean you’re having issues being approved or what?

[@jasonhopkins8116]

Great content

[@АлександрКозак-ы5л]

Hi. Maybe I'm first subscriber from Ukraine. Like your channel, interesting analytics of your cars, ROI, totalled cars. Maybe I will never be in US .I whish you increase your business.

[@StefanMarquardt]

Thanks for watching! This is my favorite part: connecting with people across the world 🌎 . I hope to visit Ukraine someday

[@CurationHub]

Thank you bro

[@StefanMarquardt]

Thanks for watching

[@shopwithjane]

amazing !!! thx

[@StefanMarquardt]

Thanks for watching 🙏🏼

[@venturerempathetic2018]

Good info

[@Yamal1474]

Can you make a video on how the insurance part goes with turo where the vehicle is in a accident

[@LearnHustleGrow]

Good video. Did you purchase the vehicles under your business? Are you able to write off maintenance and repairs?

[@StefanMarquardt]

Thank you! Yes and yes

[@SOBEYOND]

Really appreciate these videos! Do you cover your vehicles with both personal insurance and the Turo insurance?

[@StefanMarquardt]

Yes you do. Check out my video on insurance for clarity.

[@elirevitamoseer8614]

Thanks Stepfan for the continued content! Are you able to use your dealer plate to host fleet cars on turo? In cali dealer cars cant legally be on the road unless you are the owner with a dealer plate i believe . Keep growing!

[@StefanMarquardt]

No I dont use my dealer plates, I register the car in my company's name. Same process as an individual with taxes and everything. The law is the same in GA. But I have multiple plates and have multiple people on the policy so those people can drive the cars we buy.

[@cleanbabystuff]

@@StefanMarquardt do you use commercial plates because it's registered to your business?

[@mmmmmMuffinz]

how many cars do you have in your fleet? And can you make a video on what type of cars are the best to buy in that $5K-$6K range you mentioned

[@StefanMarquardt]

I have 10 cars at the moment but adding 2 for the holidays and more next year.

[@johnpinniss6949]

Where do you park all of these cars? I can probably fit 3 in my driveway and that is about it

[@TearitoffE]

So you need an office for doing business with Turo

[@mariomcmichael3230]

whats up man...found your channel with a simple "how to" search....looking to start a small turo fleet (starting with 1 haha)....in Ohio....I know you are in Georgia (congrats on the ship), but what are some good car dealer auction sites that you have found?

[@andoleking294]

Please I have a question,do I need to add a business insurance on my car before putting my car on turo , should in case is total?

[@Pro46drift]

Gap insurance will take care of what the book value is on the car.

[@StefanMarquardt]

I would definitely suggest gap insurance if financing 💯

[@Pro46drift]

@@StefanMarquardt no other way. 0 down, about $300-400 monthly, market in Ohio has a sweet spot $80 a day, at the least the car will be paid for within 7 day rental. Going to work that a bit then possibly by a few cheaper cars to see if they move. A guy out here has a model 3 making a killing. I just want to give him a run 😂

[@choicemeatrandy6572]

@@Pro46drift Hows that going? Did you ever give him a run?

[@fairpriceautogroup6362]

Hello I am a dealer in Florida Is there any possible way we can have an 1 hour video chat about turo? I’m really interested in this concept and your videos are awesome.

[@StefanMarquardt]

[e-mail]

[@MassiveMediaOnline]

Where do your stash your fleet when they are not being rented?

[@tomvansoelen6557]

I don't understand how this biz model of older cars rentals works. This has been done years ago with Rent a Wreck and Ugly Duckling car rentals. I dont see those 2 companies around and doing well. To me that tells me the market has spoken and rentals of old cars is not in demand.

[@StefanMarquardt]

Iam not familiar with those companies but there are some out there that cannot rent a car from major rentals either because they don't have a credit card or maybe due to higher fees, those people need somewhere to go. Turo also adds a layer of simplicity if dealing with the right host. My check in process is only a license check which takes less than a minute so some people pay for the convenience.

[@kriscatalyst]

Question; u said you put most of your cars under your business name. If i have an LLC but it’s a food business, would i be able to register a car under that LLC and rent it on turo?

[@CouchPotatoMedia]

Do you ever try to get the renter's personal insurance to cover the damage before approaching Turo for damage payouts?

[@StefanMarquardt]

Not the renters insurance but if I get a policy report and a 3rd party is at fault I will compare the quotes from the 3rd party and Turo and take the highest.

[@treborautosales]

Hello Stefan! Greetings from Lawrenceville, GA! I am also an All-star host on the Turo platform. Have you seen a decline in reservations/bookings over the past 2-3 weeks? Also, I noticed that some guests have had concerns regarding the high trip fees. For example, we had a vehicle that was listed for $62/day and guest's trip fee was about $38/day....Yikes! I have 11 units on the platform and noticed that business has slowed tremendously. It's a little concerning considering that it is the holiday season. I just wanted to solicit your thoughts. Thanks

[@StefanMarquardt]

I notice the trip fees earlier this year, haven't been getting complaints now, maybe people just eat it up. I think the last minute bookings might have higher fees and also the algorithm tries to set the trip fee by risk level, sometimes it could be off. My highest car is $55 and that one has been a little slow. The cheaper cars $39 are still going but people aren't traveling almost like how my family is not meeting up like we Normally would for Thanksgiving. I lost a few cars right before covid and car prices have been very high so Iam planning for next year. These are not normal times but these months are typically slower. Good luck

[@treborautosales]

@@StefanMarquardt Thanks for your reply and for the information! This is helpful and you make some valid points and thanks for your input! Maybe we can share more thoughts/experiences in the future. Thanks (Trebor Auto Sales)

[@anandm9087]

@@treborautosales I have seen tremendous decline in business in last 1 month. I’m in Detroit area. Hosts with big fleet are feeling the heat. I have just 4 cars. Some hosts are renting 2019-20 models year cars, I’m sure they are on loan or lease. It could be nightmare if business is down and one has to keep making payments. I visited LA for 2 weeks in earth November. I ended up renting car from typical rentals as Turo was way more expensive.

[@DJLanta]

Dammmn u in ATL? I’m in Atlanta bro!!! Putting my first car up tomorrow! Lincoln MKZ! I’m dumb nervous! Would love to link up with you and even pay for game!

[@StefanMarquardt]

Market hot right now!! You can send me a DM in Ig. I also have my calendly link in the pinned comments below consultations.

[@moneyike3133]

Is there any way I can email you or hop on a call? About to get my dealership/ rental service company started and I watch all your content. I have some specific questions regarding my market and situation

[@StefanMarquardt]

[e-mail]

[@fixingitwithmorris4942]

how many miles can a customer put on a car per day? or is it unlimited ?

[@dantewats]

200 mile minimum per day. Renters can choose if they wanna stick with that or let the rentee do unlimited

[@slatrice]

What happens when someone crashes your car during a rental and they die? What is the liability in a serious situation like that?

[@StefanMarquardt]

When it did happen, I was paid for the vehicle and I connected the 3rd party Insurance with the Liberty Mutual rep and that was the last of it.

[@slatrice]

@@StefanMarquardt ok good to know! Thanks!!!

[@waltervillarroel7000]

Hello Stefan. Very value content 👌. Do you know or heard from someone if this business is good in Miami Fl?

[@StefanMarquardt]

Iam not sure how the regular everyday cars perform but I know the luxury cars market in Miami is insane. I honestly think there is huge demand anywhere people are going for vacation. Good luck

[@waltervillarroel7000]

@@StefanMarquardt thanks for the quick reply. I watched most of your video. Very good content.

[@jordanh3754]

Good video, do you keep the cars in your dealership name or you transfer them to your name before renting them on turo?

[@StefanMarquardt]

Thank you 🙏 and I keep them in dealership name.

[@jordanh3754]

@@StefanMarquardt Thanks for the answer but then the car is not dmv registered right?

[@rq9401]

Bro I’m just getting started. Just listed my suv today. How do you check a check in. Vehicle inspection

[@StefanMarquardt]

Take at least 20 pics inside and out, take a pic of the guess license and make sure the name and Birthday match Turos info. I'll be making a video on this also.

[@thejeremiahshow2546]

How you determine the price a day of your car on Turo?

[@StefanMarquardt]

I check my market. I start higher and drop each day until I get a booking. I also usually raise slightly on weekends and holidays.

[@sammt9825]

I just started my turo bussiness with 1 car and my first guest crashed it within 5 days.

[@StefanMarquardt]

Ouch, that hurts. What’s the year make model and how much you have into the car?

[@sammt9825]

@@StefanMarquardt 2011 Mazda 3 GT, I am in 5500$. I got quoted 3500$ for repairs today from mechanic shop and submitted it to Turo, waiting for approval.

[@Usef320]

Im trying to make sense of how to make profit but I cant, Hopefully you can enlighten me to things im missing if you see this. Ok so lets say I buy a 2014 nissan sentra for $5,000. Its under incredibly cheap personal insurance for $100 a month, and Turo is taking %15 with their cheapest insurance plan. If I were to rent that car out every SINGLE day of the year for $30 a day, im making just under $11,000. turo takes %15, Im now at $9,350. Insurance takes $1,200, im now at $8,150. Im now $3,150 up with the maximum amount of income from the car in a year, and chances are you arent gonna rent out the car every single day. Thats not with maintanance costs factored in. Where am I going wrong? is $30 too cheap for a sentra?

[@Usef320]

Also, when you buy a lot do you stay there most of your day or do you just meet customers there when they come to pick the cars up? And if someone shows up to your lot looking to rent a car outside of turo how does that process work? Sorry for asking so many questions im just very interested in starting a business of my own and im trying to better my understanding of being an entrepreneur

[@StefanMarquardt]

$30 is too cheap, my cheapest is $38 right now and the cheapest I have rented was $34/day and that was to a longer term renter. So in your example that would be roughly a 150% return. Considering you aren't putting more than a couple hours a week into this 1 car, then thats not a bad return on your investment. And you still have the car and can rent for another year and then sell it for lets say $3500 or if you buy under value you could sell for almost same price you paid. This is what I do on a bigger scale.

[@Usef320]

@@StefanMarquardt How do you compete with people that are just renting out their cars when they are away not doing it for business, they usually have their cars at like $20-$25 because theyre just trying to make a quick buck they dont care about business? Thanks for your advice btw im def going to try and get all the complications out of the way so i can create a plan and try this business out

[@mir7661]

Hi I really like your video 👍what city you do business ? Can I rent my car in New York?

[@StefanMarquardt]

ATL. Turo not in NY but they are in NJ

[@mr.cadillackingthings93]

Do you use GPS trackers with kill switches in them ??

[@StefanMarquardt]

Yes with goldstar

[@mr.cadillackingthings93]

@@StefanMarquardt is there a website

[@StefanMarquardt]

I believe this is for dealers only but could be wrong. www.spireon.com/goldstar-gps-vehicle-tracking/

[@mr.cadillackingthings93]

@@StefanMarquardt thanks I'ma look into it

[@KennyNiii]

Is that just window lighting?

[@StefanMarquardt]

In which cut?

[@jesuslomeli6700]

Do the cars have to be clean title vehicles??

[@StefanMarquardt]

Yes

[@kriscatalyst]

@@StefanMarquardt when you say clean, does that mean never been in an accident?

[@BIGOBAG]

What’s up Stefan hope you having a great day! I’m a dealer in Marietta Georgia and I would like to talk to you about this rental car and how to put together a successful setup like yours. How can I reach you directly?

[@StefanMarquardt]

[e-mail]

[@theconsultor3335]

What are some good resources to get cars at a good wholesale price?

[@StefanMarquardt]

The best would be dealer auctions. You could try to make connection with someone who has 1. Sometimes its easy to get a license with an office space. Depends on the state. Facebook marketplace isnt bad either.

[@theconsultor3335]

@@StefanMarquardt Thank you for your insights!

[@aciscloliquet9527]

Can you make this business into an LLC?

[@brandonreed09]

You definitely should. LLCs are actually quite easy to form in most states. There are many businesses out there that will help you form the LLCs too.

[@justingordon2293]

I have 2 cars I was considering starting Turo with. Both are 2015's One Nissan Altima S (120,000 miles) the other a Cadillac V- Sport premium (30,000 miles). Both are personal & financed. You just said that's pretty much a no go, but I'm not emotional attached to either. Just looking you start with what I have to get the ball rolling. Your thoughts?? Do you have an email??

[@StefanMarquardt]

Altima has a recall that Nissan hasn't set a repair date. I just had to sell both of my Altimas. The Cadillac might not have high utilization because of the price range it would need to be set at but maybe sell the Altima and get something else. Check recalls at NHTSA first of course.

[@Angel-xm7fw]

Me renting out my personal car to pay it off faster 👁 👄 👁

[@StefanMarquardt]

Is it the wrangler?

[@Angel-xm7fw]

@@StefanMarquardt lol yes I have 5 trips so far hopefully it goes well

[@kriscatalyst]

@@StefanMarquardt hi! I’m seconding this 👀 you said you don’t recommend it. But i was looking into financing a wrangler and renting it on turo. I would not be attached to it, as i have a 2nd car as my main personal. But my intention is not entirely for profit but rather to help pay off the car. What are your thoughts on this route? If i made extra profit in addition to paying the car note & insurance, then i would actually fix up my main personal (jeep patriot 2011) to consider renting the patrior on turo instead. It just needs a paint job and fix AC

[@VegaGT500]

Brotha, you related to the hodgetwins? Hehe, jk. Thank you for all of your advice.

[@StefanMarquardt]

Lmao had to look them up but we might be related.