How can you start an exotic car rental company?
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- Опубликовано: 16 июл 2019
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Ed Bolian ( / edbolian ) started an exotic car rental company out of his dorm room at Georgia Tech at 20 years old. He explains what it takes to start one today and whether or not it is a good idea.
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I really appreciate all the questions people send me. I hope this answers some of them. Be careful out there!
Ed you are the most knowledgeable guy in the car world about things like this. Its best probably not to start it in 2019. Laws and regulations are different and its much more difficult like you said. Feels like when stuff goes wrong you can end up being in more debt and trouble. Not worth i don't think.
Appreciate the video Ed always keeping it real
Ed! You're a Savage!
So your saying to go apply for a bunch of cars and buy them all the same day. That way the finance company cant back out. Get some liability insurance and I will make millions.... headed to the dealerships now
Dave Jacobs No, rob ferreti is actually. He’s been doing exactly this and filming it since before RUclips existed. He made legit tapes before RUclips. He’s been managing a rental company for well over 20 years. Ed just put a thumbnail of HORRIBLE cars to try to rent in any market, trying to run a rental exotic company with those cars you would fail within a year if not months. You can NOT run a exotic rental company with all 10-15 year old cars. You have 1-5 year old cars max just as rob ferreti does and easily runs an exotic rental car company himself.
I could listen to Ed read the ingredients on a breakfast cereal box.
A true test of a story teller.
Lol 😂
Me: would love to start an exotic car company and make loads of money whilst driving loads of supercars
Ed: Don’t
How to start an exotic car rental company?
Buy broken Ferrari’s and sell them to Hoovie
Or any other broken shitbox apparently lol.
And then Hoovie sells them to Tavarish.
*Mr. Spaghetti has joined the chat*
HAHAHAHAHAHA
I lost my meatballs!!!!
His channel survives on the issues of owning a rental company.
Cory 182 but he easily deals with those issues, he’s the most accredited guy doing it and should’ve been the guy to do this video. Ed knows absolutely nothing about rental car companies compared to Rob. Rob has 20+ years experience running them, Ed has no experience running them whatsoever. He SOLD cars at a dealership, he isn’t a rental expert AT ALL. And you can tell by the thumbnail lineup he chose, NONE of those cars are good rentals in today’s market. NONE. You will go bankrupt within months with that old ass lineup. You need new cars as Rob has. Like I said Rob should’ve done this video not someone who has no experience doing it.
@@joshlarochelle1298 hey man I agree, been watching him for well over 5 years but I was just saying nowadays his RUclips is mostly issues with the rental world
Hes smart he's discouraging the ppl so the market doesn't flood and he gets more money🤙🏼🤙🏼
facts lmao
Yep
Literally all i hear when these guys say not too get into it
"And that's why I always ask for their age"
*VinWiki theme starts playing*
I should rent out the DDE fleet to subscribers! 🤔
This sounds like a terrible idea. Do it!
I think DDE needs a SLR
DailyDrivenExotics
ANY NEW VIDEOS TODAY?? IM STARTING TO ITCH... 😵😵😵 I need my fix of DDE. I just got my vinwiki fix.
Me first I'll rent the huracan for 24hrs plz
DailyDrivenExotics they would all last about 2 weeks before being totaled or heavily damaged.
I always watch vinwiki on my lunch break eating baconator fries from wendy's so anytime I get an upload notification, my stomach starts grumbling.
Mad Dog MATTIS yo stomach is asking you to eat a burger with some lettuce and tomato and pickles
At 10am?
"Pavlov's Notification Bell"
@@joshuad1716 yes, early lunch = looong afternoon. I basically clock in and head straight to lunch.
Pavlov’s experiment gone right...
Just want to say that I was listening to RUclips in the background doing other stuff when I heard Ed’s voice and unconsciously pulled up RUclips front and center. Having a good voice and story telling skills is no joke. It’s genuinely captivating.
I think the fact that people are asking how to *start* a business, and not how to stay in business or succeed in business, tells you everything you need to know about how successful these people are going to be.
Timesink lol, ed has never owned or worked for a rental exotic company either, so he has NO experience of what he’s trying to teach, and he’s never dealt with the problems of an exotic rental car company yet he’s trying to teach people a subject he doesn’t know at all. Literally has a lineup of 10-15 year old cars in the thumbnail, with that lineup of rental cars you’d fail within a year most likely months. Nobody wants 10-15 year old cars they want 1-5 year old cars. Should’ve brought rob ferreti on to give this lesson, with well over 20 years of experience would’ve done a thousand times better job teaching the industry.
I'm not sure you're as familiar with today's speaker as you think you are.
Josh Larochelle Josh, I can tell that your IQ barely reaches room temperature. I will pray for you.
Josh Larochelle I hope you’re being sarcastic...
So many business experts in here...
This is a great video! Thank you for going so in depth on this!
I have been working in the exotic car rental industry for the past 6 years and I can 100% confirm that Ed is correct with this opinion. This business sucks a lot of the enjoyment of exotic car ownership out of you, and leaves you hyper-focused on the real costs involved with driving these cars. Add to that the understanding of the cost/likelihood of damages that can and will occur as these cars are driven and you are left with a room full of beautiful vehicles that you would prefer to not drive. For anyone interested in working with exotic vehicles I would recommend seeking a job in a dealership, as a mechanic, with a race track or race team, or even with a manufacturer at the corporate level if possible.
AutoFocusTom it’s a very loose image however. He did not go in depth whatsoever. He just said don’t do it, because he’s never owned or operated a single exotic rental car company. He has NO experience in the industry whatsoever, all he’s doing is giving his opinion from an outside view. Should’ve brought someone in like rob ferreti who ACTUALLY knows the industry instead of just throwing out vague answers and telling people not to do it. And the lineup in he thumbnail isn’t a rental lineup nor could it be, those are all 10-15 year old cars, if that’s your only lineup you would fail as a exotic rental company within the first year of not months. You need newer cars than those to succeed in exotic rentals.
@@joshlarochelle1298 he started out owning a rental car company. You are clueless.
@@joshlarochelle1298 completely incorrect. Obviously when he owned them as rentals they weren't that old. He has worked at Lamborghini Atlanta for 6 years and owned/operated vinwiki for 3 years after owning the rental company. He owner the rental company from 2006-2010.
@@joshlarochelle1298
Im sorry, but you're absolutely wrong...
He DID have an exotic rental car company 10 years ago, that's why the lineup is older, you utter idiot.
@@Minecraftrok999 this dude is some troll, he's been popping up in all sorts of videos knowing everything and talking shit. Seriously his mommy must've disconnected his porn or something lol.
I'm renting a 2018 Hellcat Widebody for a day with 200 miles through GetAround for $142. It's a prime example of why the performance/exotic car rental biz is oversaturated.
Using Ed's 1% per day rule, that rental is under-priced by about $600.
@@dafirnz exactly. It's crazy. If I didn't think it was such a waste of money I'd consider extending the trip a few more days. But I'd rather invest the money than blow it.
Time to relax for 15min at work and watch this. Thanks
Ed. We all want exotic cars like you and rental startup is a headache we're willing to bear if that's what it takes.
I remember when I met Ed at Lamborghini Atlanta. Cool ass cat, very down to earth. Good to see you well sir. Kudos and thanks for the experience at LoA years ago
The old joke: "How do you make $1 million in aviation?"
Well, you take $2 million and ....
The version of the joke I know is, "How do you leave Vegas with a small fortune?"
"Go there with a large one."
How do you become a millionaire ? Be a billionaire and get married.
@@flowersnaught9380 Worked for Jeff Bezos.
I always heard “how do you become a millionaire in racing?” Start out as a billionaire
Honestly Ed, you drop nuggets of information in these videos, and they're greatly appreciated.
MaxSpeed he’s... never..... dude are you lost? Ed has never owned or worked for ANY exotic rental company EVER. He has abolsolutely NO experience doing such.
@@joshlarochelle1298 are you lost? Nowhere in this comment did I say anything about Ed owning a business relating to renting cars
Only ed can crush my dreams and make it sound so good at the same time haha:(
I was researching this today as well this video helped me so much!
Benj O’Connor look into superspeedersrob, Ed bolian has never owned or even worked for a single exotic rental company in his life and has no experience with such. Rob ferreti on the other hand has done it his whole life and has been doing it successfully for 20+ years with ease.
That was very in depth. Very insightful advice too! Thank you!
Remember the business school class on ideas that you do because they are cool but lose money? Right.
Yep, any business that seems cool or like a hobby is usually a terrible business.
I like how you told us all the problems.. thanks
Brutal, but honest advice. People should definitely take it under consideration.
Ed, in truest form, telling a great story.....
Great perspective on how the market conditions have changed over the years, and the reality of renting expensive cars. The same applies for other high ticket items like camera equipment (the good stuff in particular).
Turo is doing the same thing that any other "disruptive" tech startup does.
Use investor money to backstop a business model that doesn't work until they saturate the market.
Great Video. I actually rented the TURO Ferrari Cali that you show in your video! I had a great experience with the 150k car for 399 a day!
Ed thank you, this was unbiased and straightforward. Information that really will help those who want to open up this kind of business.
You sure it was unbiased?
Between VinWiki and Superspeed Rob - there is NO way i'd ever start a rental company. Such a nightmare when someone wrecks one of the cars and you lose out on rental time for weeks/months while waiting for parts.
Or the fact that people like to drive rental cars "like they stole it." When I rent a car, I treat it better than my own. Mostly because I'm a cheap son of a gun and don't want to pay for repairs I'd feel obligated to pay for.
Extremely helpful, thank you!
I had a car on TURO up untill last December and I remember that their policy would only pay out a max of $120k so if your car was worth more then that and it was stolen then you would only get $120k if you are even lucky... I Remember reading a lot of horror stories on the BBB website about people getting low balled by TURO insurance policy when their car got returned with damage and no matter how many estimates and proof you would provide they would still low ball you.
I don’t know how it is now though,it’s been over 6 months and they change their policy a few times since then so maybe the $120k max went up and they aren’t low balling people anymore but either way I wouldn’t trust listing exotic cars on TURO because I don’t trust whatever way they check their customers. It’s all done through a computer so I’m sure a lot of weird characters can fall through the cracks.
I recall 5 out 10 people that rented my car were shady and I got my car back a few times with little damage like little scuffs and/scratches or dirt,food,stains on the interior/exterior.
One dude spilled a big bag of combos in my center console storage. Another time I got orange finger print stains on my headliner... looked like someone ate cheetos and then touched the headliner with their cheese stained fingers.
I got a bunch of make up stains on my visors.
I found drugs before and empty baggies that contained drugs. I found a pipe that didn’t smell like weed so it was probably a crack or meth pipe... so much crap that I got fed up with it and took my car off the website. Half the time I didn’t even get reimbursed for this stuff. It was struggle to get reimbursed for tickets,tolls,smoking etc. etc.
If the person rented the car and then cancelled their credit card and deleted their account then TURO would have to pay out their pocket and they would try to avoid paying as much as they can or pay the least amount as possible.
I don't know how he does it, but everything this guy says sounds exceptionally well thought through.
GermanTopGameTV that’s how you sell cars
He's a sales man.
Its the intentional hesitation
Last time I was this early, no one thought 250 GTOs were cool
agree with this advice 100 percent Ed. Too much fraud these days, scams, and turo is cheaper generally.
There always has been too much fraud, this is absolutely nothing new.
He’s really right about cost per mile of your own car. Factor in your total cost of car etc, maintenance, tires, gas, Insurance, registration.... it’s so high. I worked out like .75c s mile years ago and I’m sure it’s much higher now.
Love your vids
I don't want to start a exotic car rental company anymore. Thank you for the FACTS!
Thanks for the Turo ad.
Turo may be bad if you want to start a rental business, but I certainly won't complain as a consumer.
Always entertaining 👍
Really fucking love this channel man for videos like this and many others that provide some solid information and knowledge that can help many of us looking into automotive business related inquires and such man. Solid man just solid
Bob Ferreti speaks this type of business side often, Ed talks and answers it now, and I was about to write a comment, don't forget about TURO, these days this is a huge difference, like AirBnB (1000 listings in a 1,5 million city), what about the hotels? They are affected for sure. Bob did not mention it in his video on the topic, but Ed did. How right he is, I am also always honest to people, when I see someone is enthusiastic about s.th I know about, any topic, and I tell him, no been there done that, you will be sorry because, A,B,C, and I see how they want to prove me wrong and go ahead and do it. Ed is 100% correct, don't start an Exotic Rental in the USA in 2019 if you are in it for the profit. Maybe there is a market some other place, like here in Bulgaria, we do not have access to such cars to rent, we do not have Turo, and we do not have the road conditions for them either... so you get the point:)
I dont understand how anyone can dislike any of Ed's videos lol
Almost didn't realize this was a commercial. Well done.
Thanks for sharing this video! Do you have this same outlook of not starting an exotic car rental business in 2021? Thanks!
Coming in with the wisdom!
Good morning, have a wonderful Wednesday!
Start working as a salesman at a local car dealership soon very excited:)
Talking about Insurance can we get Dougie Demuro or James from Donut on to discuss how you deal with production insurance on cars? Would love to know more! Doug briefly covered it with Matt Farah and on a More Doug video but there is more to it for sure!
Atleast he's honest
So what you’re saying is if we want to start an exotic car company we go out of state and rent a car, take it back to another state, wrap it and rent it out till the registration expires? Maybe I missed something along the way.
Rabbit for president
I wonder if you could register a car as a company car and the renters could be signed on as a company employee and be covered under the company insurance but yet if they crash the car you/renter still have to pay a deductible? Or if things get bad you sue them if they don’t pay up.
I only subbed because of Ed’s storytelling.
Did a co-op for exotic car rental . If not busy moving cars around or vetting customers, ur cleaning up mess by customers. Always on the run and as much u love the cars they make up 10 % of the business cause u got all the other 90% which makes u hate what u do. I'm sure people will try anyway and it's their right.
Ed I am about to send you the best damn “exotic” rental plan you’ve ever seen. Be on a lookout for my message. Do you actually respond to messages? I have a different approach but I don’t want to waste my time putting it together. I swear you’ll love it.
I can't wait
@@EdBolian My business plan is even simpler. I'm just going to sit around my house and complain that I don't have an exotic car rental business without doing any of the work to have an exotic car rental business. Granted, the chance of it working is slim, but at least the risk incurred in such a venture is also very low. Care to invest?
Jack Linde im interested
How to start an exotic car rental company?
Steal all the cars boom! Now you don't owe any money on the cars and every time you rent it out, profit!
Lmao
Billy Ray Cyrus You can always go to Dubai they got tons of abandoned luxury exotic cars that are laying around waiting for someone to pick it up and take it home
I think the ship has sailed on exotic rentals for many people. There are other creative means by which someone could buy and "cheaply" keep their vehicle. Takes some digging but insurance is always going to be the biggest hurdle.
So to get insurance you could always use Turo. They take 20% but it gets your insurance needs taken care of.
Story time with Uncle Ed. :)
I choose “Extra Shrewd” as my strategy! Ed’s way is “The Highway.” 🤣
without verifying he's a stockholder in Turo IMO
Good video
Could you do it in a state that allows you to self insure, like Arizona?
I love the vids
Did I just watch a 12 minute Turo ad?
Only Ed could make me do that.
Still working on my dream car!😁
Trevonn Harper keep grinding 🔥
Trevonn Harper keep working!!
Trevonn Harper what car
Arjit Singh Porsche 911 Carrera Targa 4S
you should do a video on the experience renting one of those cheap Turo exotics im sure it would be intertaining
Michael Greco superspeedersrob, he has been successfully owning and operating in the exotic rental car company since before RUclips existed. Go to his channel and watch some of his videos to learn stuff, he also fucks off a lot. He rented a turbo mustang advertised as 1000 hp lmao, and he’s rebuilding a donk crown Vic and had a Miata with a plow on it 😂
@@joshlarochelle1298 Met the man twice his automobiles of choosing are definitely spectacles
@@joshlarochelle1298 Met the man twice his automobiles of choosing are definitely spectacles
Awesome.
I knew exactly who this would be. Well, Ed or Rob I guess. Happy wednesday all
Paul Carmi Ed has never owned or worked for an exotic rental car company, so idk why he thought he should do this video with absolutely no experience, just an outsider of the industries vague look on it. Should’ve brought in someone who knows the industry like rob ferreti instead.
@@joshlarochelle1298 they just had rob on. And I dont think you have that correct my friend. Ed started a rental company out of his college dorm. Have you binged ever. single. episode? Like I have?
What about Houston Crosta at Royalty Exotics in Las Vegas?
Many more businesses to start that will be much easier.
If it flies, floats, or fornicates you’re better off renting it.
If it floats it's a dodge
“Lemme drive da boat”
Great presenter.
You can imagine every 12 year old thinking the key to success watching this is doing what Ed did.
VinWiki drinking game rules: take a shot when:
1) Ed mentions shrewd negotiator
2) Ed talks about his sales career
3) Ed talks about his antics at GT
Well I'm already drunk...🍻
All this talk about Turo and of course, Turo's search is throwing errors!! LOL
you know he's probably scaring people away to have less competition
I run a car hire in Bali, renting cars to tourists. Using locally assembled Toyota and Honda city cars, small mpv's and compact suv's.
Cant imagine renting out supercars, I wouldnt even want to own one.
Toyota / Lexus is my supercar.
If there's anything I've learned from Vinwiki these past few months it's don't start an exotic car rental company unless you can contrive a situation where a celebrity does something in your car and even then that's short term...
notification squad all the way from India!!!
Here before 1k views!
Ed Bolian 2020
Old saying from racing.... How to have a race team with a million dollars? Start with a race team and 2 million. Imagine this is similar lol
I don't get it
LookOutItsCar!!!! Cars planes and yachts most of the time loses money
Hey Ed, thanks for The video, it was very well done and it made me put into perspective The whole exotic rental market as a whole, but i have a different question
If you think it could be a good ideea to start an exotic car rental company in a country where there are no other exotic rental companies? In my country (eastern Europe) i've looked it up, and i can't seem to find any companies Who rent out exotics, and i've asked around dealerships and i've been told That there are no such things here, but The roads here outside (and even inside) The capital are dreadful. So i have an empty market in a country with bad infrastructure, and i have been thinking if i could make it work, and if so, do you think there cound be any chance of managing to stay in business long enough at least so That i won't lose money on The investment? Considering That bad infrastructure will surely add to The maintenance cost and it might increase The chance of damage, plus all of The negatives That you have listed, The ideea as a whole seems to not be possible to manage without a loss, The biggest plus of all of this Being an empty market, with no competition, giving me an edge in this situation
I've been battling with the ideea for this kind of business for quite some time now, but i could use an expert's advice about this.
It would all depend on the insurance that is available. Shop around for that first.
Start a lemonade stand first because they make alllllllllllll the money so you can buy a viper, Ferrari or whatever you want.
And then scam you're subscribers with shady crypto
I read that American lemonade is literally lemons and sugar is that right?
Brutal honest answer.
But Ed, I can do it, I am better. Lol
Kinda like my work.
Hey I can buy a truck and make a killing
I bet Ed wrote the best essays in college!!!!
I want to own one... What are some tips?
The last time I was this early they had only tried to kidnap that guy from Venezuela once!
How does Turo do their insurance?
I'd say marketing is actually more difficult in 2019 than 2006, though it is also much cheaper. Yeah theres stuff like social media, but that is already oversaturated. Let's say someone starts a business tomorrow and starts showing their cars on youtube to build business, how are they going tpo stand out from places like Vinwiki? How are they gonna drive views to their channels?
2006 you could just buy a few billboards near the airport or train station or wherever, expensive but easy to do compared to building a following and regularly adding new videos/posts and thinking of new gimmicks to get attention brought to you
I feel like an Air bnb would be a better option with less risk
And I think I know the simplest answer to this question have a lot of money or know someone who has a lot of money who really really trust you and doesn't care about their money
what about starting a rental company in europe?
Ed and Gucci mane should do a mixtape together
i second this notion
Ed..... does building an exotic car rental company around the new C8 Corvette change the playing field? New cars with warranties? Figure $70k purchase price?
I came up with this idea a month ago for speaking (no one in my class knows about real car costs so I got away with it), a yearly subscription where people would get a different car to there door every month. Could it work?
Yeah that would definitely work but who is going to sign up for that? It would have to be north of $3,000 a month just to make somewhat financial sense.
A Factory Five GTM @11:18!