Feb. 28, 2024

How To Fund an Exotic Car Rental Company



Published May 10, 2023, 12:40 a.m. by Arrik Motley


When you're ready to take your car rental game up a notch, consider booking an exotic rental. Not only will you get to explore some of the world's most beautiful destinations in the company of some of the most prestigious cars on the planet, but you can also fund your dream trip without breaking the bank. Here are four ways to do just that:

1. Use your credit card.

Many credit cards offer sign-up bonuses and other perks that can help you get the most out of your exotic car rental experience. Just be sure to read the terms and conditions carefully before signing up, as some cards may have restrictions on where you can take your rental car and what types of activities you're allowed to participate in.

2. Use a car rental company that offers travel insurance.

Many top-rated car rental companies offer travel insurance as part of their service. This means that if something goes wrong while you're driving your rental car, the company will cover you for any costs associated with repairing or replacing your vehicle.

3. Use a car rental company that offers collision damage waiver (CDW).

CDW is a policy that many top-rated car rental companies offer their customers. This means that if your rental car is damaged in any way while you're driving it, the company will cover the cost of repairing or replacing it.

4. Use a car rental company that offers a discount for members of an affiliated club.

Many top-rated car rental companies offer memberships to various affiliated clubs, which often includes discounts on car rentals. If you're interested in finding a car rental company that offers a discount for members of an affiliated club, be sure to do some research before making your reservation.

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then you try to get a bank loan to start


a business and they're like you've got


no experience


yeah I know that that's why I went to


business school yeah we're not going to


give you any money why would we do that


how do you get Beyond this hurdle


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okay so you guys know I get a lot of


questions and emails I'm a go-to guy as


far as operating and running an exotic


car rental company so a lot of people


come to me with the same questions


sometimes it's easier for me to just


address these and whether you're


starting an exotic car rental company or


just any other company the advice may


come and sort of fit your specific mold


so two of the biggest problems you have


in the exotic car rental space are


insurance and financing today I'm going


to talk about the financing of vehicles


because as a startup company it's very


frustrating to finance your vehicles and


do it properly the old moniker it takes


money to make money is a hundred percent


true now coming from nothing and trying


to generate something is where you have


the biggest problem especially when you


get fed that college is your Panacea and


you're just going to be able to get out


of college and grab Life by the horns


and you get your business degree and you


get out and you're like oh you keep


giving me all this money for my business


degree and student loans student loans


it's so easy everybody's good then you


try to get a bank loan to start a


business and they're like you've got no


experience


yeah I know that's why I went to


business school yeah we're not giving


you any money why would we do that how


do you get Beyond this hurdle because


there's legal ways and illegal ways to


do it now illegal ways are doing


personal lines of credit personal


financing I don't like the idea of lying


to Banks right that's not a good way of


doing it that's what most people in the


industry and that and that that try to


be in the industry do is that they lie


to the banks and get a personal lease


they've got no debt really other than


their student loans they've got good


credit they're young or whatever you've


got a couple of bucks and good credit


you go to a bank and you say I'm going


to lease this Lamborghini for myself I'm


rewarding myself and then the first


thing you do is turn around and rent it


out well the problem there is you're


going to be out of trust with your bank


because you're renting it out when you


say you're going to be using it for


personal use you're putting a lot more


miles on it than your insurance company


thinks your insurance company when you


have a banknote your insurance company


requires you have certain Insurance


limits but when you're renting out a car


that you're not supposed to be renting


out a car commercially then your


insurance isn't bound to cover anything


so you're 100 out of trust with your


bank and you're taking a huge risk and


the only way you're going to be able to


salvage out of something goes wrong is


by committing like a federal crime


you're literally committing uh insurance


fraud to then cover your bad decision


your bad debt don't do that obviously I


don't recommend that the easiest way to


do it is family money which most people


don't have I didn't have it a lot of


people don't have it but that's the


easiest way to get into it if you can go


in and buy cars and not have to get


approved for a loan otherwise any loan


that you get to start a business you're


going to need to personally guarantee it


if you're young or you don't have


anything and you're just a dreamer that


wants to get into the space and you


realize like I really don't have a net


worth like you got the lint in your


pockets I was at that point in my life


uh when I was younger and I remember


like I tell the story I'm sure I've told


it before I was living at my parents


house and I look over and I had a lease


on a Corvette still have the Corvette up


there uh not my greatest financial


decision but I had a great time with it


over 20 years and I look over and I'm


like all right plus minus a thousand


dollars in my bank account right it's


like whatever that uh that money I make


I go out spend it go hang out drink with


my buddies and everything like that


then I'm looking and I'm like my


baseball cards aren't worth anything my


sporting equipment's not worth anything


I don't own a house I don't like at my


lease on my car isn't really mine


because it's owned by the bank


and I look over and I get you know the


jar changed take the jar you get that


little I had an absolute bottle with the


Top Cut Off full of change and I was


like that's my net worth right like a


couple hundred bucks I've got no trust


funds I don't have any there's nothing


coming like I've got the old grandma


gave me the savings bond which is going


to be worth 300 in seven years that's


about it so my net worth was effectively


a jar of change next to the bed you


can't go up to a bank and say like


yeah I'll personally guarantee that


because you have nothing to guarantee it


with so you either need somebody to


co-signed for you which is a risky move


right especially if you're getting into


a business you don't know having


somebody co-signed for you you're taking


a risk with their money which in my


opinion is worse than taking a risk with


your own money because you may be able


to walk away from that like oh yeah


whatever like they took a risk they knew


what they were getting into I'm not


built that way I'm not and yes it'll


make you work harder wherever you want


to spin that to make yourself feel


better but if things go sideways and you


lose somebody else's money that is worse


than losing your own


when people lose the bank's money or


they get a grant or something like that


they don't care like whatever it's the


bank screw the big Banks and everything


like that


I look completely different uh people


walking away from debt is a really bad


personality trait so I would advise


against that now you may qualify for


something that I don't qualify for


there's a lot of like SBA loans and


grants which are a lot of paperwork but


if you're a minority you can qualify for


minority grants if you're a woman you


can qualify for a woman-owned business


grant so there's a lot of stuff that I


don't qualify that other businesses May


what I would recommend doing is you need


experience and needing money is going


and working for a company that's in the


space right and then ultimately like be


clear like look I'm young or whatever


I've I wanna I'll work with the company


I have dreams of starting the company


not competing with you so if you want to


get into the industry don't go start a


company right next to your boss's


company and expect them to be okay with


that you go work for a company in


California go work for a company in Las


Vegas and learn the business and get


experience and then don't go out and


blow all your money save it so you have


that starting nest egg that you're going


to need then you can use personal credit


cards if you need or you get you start a


business and get a business credit card


you want to incorporate your business


get a business credit card then it's


fair game whatever you do on your


business credit card if you've got good


credit if you've got fifty thousand


dollars to your name you can start


getting into the space and that's where


you start small you can reinvest the


money that's coming in and you can grow


your business that's the only real true


way of doing it without getting a Halo


investor which is uh Halo investors are


essentially really rich people that are


going out and like saying like I'm


betting on you here you go here's a


couple hundred thousand dollars whatever


it is that's actually how now we started


Gotham is that Noah got a Halo investor


gave us 300 000 which enabled us to


purchase our first car uh and it like


the guy made out like a bandit because


it was uh I forget the terms of the loan


but it was we were paying back interest


only for like 10 years as we were


growing the business and this guy


probably made like seven hundred


thousand dollars off of his three


hundred thousand dollars which is a


great return and if not even more not a


bad place to be if you're investing in


the right people but that's a very risky


investment and uh fortunately he he Bet


On Noah and myself and we did we did him


well and he doesn't regret it I'm sure


he's invested in other stuff but also


Halo investors are investing money that


it's like here peasants like here's some


feed uh I don't need any of this and if


I never see it again great if not it's


it's going to be a much higher rate of


return than safer investment so they


could have put that money in so those


are the ways to finance a company uh


especially a startup company


I'll get into the insurance aspect in an


entire different video there's only like


one or two companies that ensure a lot


of people avoid these like a lot of


people are doing things wrong right A


lot of people are lying to Banks lying


to insurance companies and that's not a


business that's not scalable if you go


to try to sell your company it's worth


nothing because you don't have a company


you're running a gypsy operation so if


you want to start and get involved in


this business properly you have to take


the proper channels the easiest way to


do is start with money and I tell


everybody if you have money there's much


better much better returns with much


less risk than getting in the exotic car


rental space but if you're dead set on


doing it having money or having access


to money is key and those are the ways


to do it that may have been a little


rambly I'm sure some of it resonated


with you some of it didn't but if you


have any questions from here feel free


to shoot me an email Rob


superspeeders.com with specific


questions and I'll try to help you out


thanks for watching see you next time


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