How I Got 6 Teslas at Age 26 in 18 Months
Although driving a Tesla can be expensive and out of reach for some, there are a few inGenius angles that you can take to help drive down the cost of Tesla ownership. Raymond De Padua owner of Tesluro, a Tesla rental company on Turo based out of Jacksonville, FL, has managed to do this with 6 vehicles in a span of 18 months. He comes from 3 years of work experience at Enterprise Holdings in the rental industry, which he states was the key to success that helped him scale Tesluro into what it is today. Sure, anyone can list their car on Turo, but having basic business knowledge and thinking outside the box are keys to “Driving a Tesla For The Same Monthly Cost as a Toyota,” something he plans on teaching.
Owner of Tesluro with fleet of 6 Teslas (Source: Tesluro)
According to Raymond, “if you truly want to drive a Tesla for the same cost as a Toyota, you just need to be comfortable with handing over your keys to someone 4-5 times a month. Elon’s Master Plan includes Car-sharing anyways, so offering the service now is a no-brainer.” The mobile application Turo is referred to as “The Airbnb for Cars” and Raymond believes that Turo is due for an outbreak. The beauty of Turo is that they do all the legwork for you. Turo does a background check/screening on all users of the app, they have an amazing partnership with Liberty Mutual Insurance, Turo has a $1 million dollar liability policy, they run paid ads and SEO to turo.com, and are continuously growing at a rapid pace.
Above: Chart showing Airbnb’s growth over the past decade. (Source: Vizzly)
In just 10 years Airbnb has gone from a bizarre idea of letting strangers sleep in your home to a company that is valued at about $31 billion while Marriot has a valuation of $39 billion and continues to disrupt the hotel industry. Competitors such as HomeAway and Vacasa are also shaking things up. HomeAway founded in 2014 was purchased by Expedia Group for $3.1 billion in 2015. This is big news for the “personal asset sharing” business that is perfectly in line with Turo’s business model. Turo which started out as RelayRides was founded in 2009 and now has over 150,000 vehicles listed on it as of 2017. GetAround also founded in 2009 has thousands of cars listed on their site as well. Could this be the equivalent to Uber and Lyft? We’ll just have to see.
Above: Chart showing Uber’s growth over the past up until 2016. (Source: Space O Technologies)
Uber formerly known as UberCab was founded in 2009 and is currently valued at $68 billion according to PitchBook.com. There are over 1.5 million Uber drivers worldwide according to BusinessOfApps.com. Lyft, Uber’s main competitor was founded in 2012 and has a valuation of $15.1 billion as of June 2018. The company’s value has more than doubled in the past 15 months. Lyft has increased their market share from 22% in January 2017 to 35% currently.
Above: Chart showing Turo’s different coverage options. (Source: Turo)
The concept of Car-sharing is beginning to catch up to the proven concepts of Ride-sharing and Home-sharing. Turo currently has 6 million people using the app and is currently sharing more than 230,000 cars worldwide. This is great news for anyone looking to make some extra money sharing their car. The big edge that Turo has over big-box rental companies is the variety of cars available. You can rent a classic Porsche or a 2015 Bentley. The reason Teslas work so well on Turo is the personal experience provided by the host when explaining the vehicle. For example: if I were to rent a Tesla from Enterprise and that employee renting me a Tesla had never owned or driven a Tesla, they would not go over the fundamentals I needed to know to travel safely and comfortably. Some examples of this include: knowing charge speeds, knowing where to charge, how to operate various Tesla features, apps to download such as PlugShare, and what to do in the event of running out of charge. Turo also has a 5-star insurance policy backed by Liberty Mutual.
Succeeding on Turo
Succeeding on Turo takes a little skill and a fair amount of knowledge. If only it were as simple as listing your car on Turo and generating thousands of dollars per month, Turo would be worth as much as Airbnb with investors flocking the market. Some things to keep in mind when structuring your Turo business are: basic business 101, forming an LLC vs. S-Corp, tracking your expenses, knowing your numbers, tax write-offs most people wouldn’t think of, vehicle acquisition price, where to find deals on Teslas, knowing and analyzing your market, repricing strategies, automating your business, just to name a few.
Above: $55,000 Tesla purchase example with Tesluro Calculator. (Source: Tesluro)
Knowing your cost and breakeven is the foundation to running a successful Turo business. Good news though, Tesluro has created a Tesla specific calculator to calculate every number you need to know on how to drive your Tesla payments down. The benefit of this calculator is it not only calculates gas savings, but it also factors in potential Turo income you could be producing including the insurance deductions Turo takes. Aside from tracking expenses and write-offs you’ll need some customers for that car. One big advantage Tesluro, the 6 vehicle Tesla rental company based out of Jacksonville, FL uses the Turo app for all of their rentals, but has managed to build an audience and client bases through branding. Aside from branding your “fleet,” driving traffic through paid ads, Google SEO, and Social Media Marketing are essential to dominating your market.
Above are screenshots of Tesluro’s current Social Media platforms. They have managed to create a regular client base by thinking outside the box and branding their fleet on Turo. Tesluro is offering a free webinar for anyone interested in learning more on how they’ve scaled to 6 Teslas in just 18 months in their spare time. Tesluro’s mission statement is “to accelerate the world’s adoptions of the EV movement.” They believe that by teaching others how to run a successful Turo business in any given market this will accelerate their mission substantially.
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