A HyreCar case study review: 3 car owners

HyreCar is a car rental marketplace that offers truly flexible car rental options for ride sharing drivers that are looking to either try ride sharing out for a few days, or rent a car long term.

A HyreCar case study review: 3 car owners

As a car owner listing your car in HyreCar’s marketplace you are rewarded with some incredible benefits. Benefits that no other company can offer.

  • HyreCar rents your car out to ridesharing drivers which means no tedious listing management. When one of our drivers rents a car out through the HyreCar market place they are looking for long term rentals. Long term rentals means less time managing your listing and more time collecting money.
  • HyreCar only takes 15% fee’s from car owners. That’s 10% less than our competitors. Less fee’s means more money for car owners.
  • A much safer rental experience. Our drivers drive for a living. They are professional drivers that can’t risk driving recklessly.

HyreCar makes you more money. Simple. As. That. In today’s post we interviewed 3 car owners to see how their experience has been.

Case study #1

 

Lee Thompson – A car rental dealership finds new hope

Renting his car out for $39/day

About 6 months ago, Lee Thompson (a former NFL player) and Barry Adams, set out to find a solution to a business problem they were having.  Barry owns an auto dealership. For years Barry has been growing increasingly frustrated by the ever growing number of cars sitting on his lot every day. Barry called up Lee to discuss the potential of renting to ridesharing drivers, to see if it was even a possibility.

Lee reports that business in Georgia stalled last year and Barry had many cars languishing on the lot. Shortly thereafter, they found an article about Hyrecar in The Wall Street Journal, did due diligence and realized that the founders of Hyrecar were seriously onto something.“This is just the tip of iceberg”, says Lee, “and I don’t think we’ve seen rest of iceberg yet.” He likes Hyrecar because he is now able to rent their cars to “challenged” purchasers. There are many drivers who are completely qualified to drive for Uber but don’t own a car and cannot afford to buy one. As business partners, Lee and Barry tested out one car with the Hyrecar platform, and before the end of the year they plan on putting an additional 30-40 cars on the road.

The most influential factor for Lee and Barry in choosing Hyrecar as their rental vendor is ease-of-use when it comes to automatically generating insurance. Before Hyrecar, there was a “Catch-22” from a fleet standpoint which required them to pay the insurance. For credit-challenged consumers seeking to purchase a car, Hyrecar offers a perfect solution.

In Lee’s opinion, the simple layout of Hyrecar’s online bookkeeping system is an added bonus — it’s very easy to see where your cars are and who is driving them. According to Lee, the vertical that Hyrecar has expanded is something that is going to be a big part of the future of car buying and the credit assistance business. Thanks to Hyrecar, Lee and Barry will soon be opening — “Georgia Livery” and want to run “Nashville Livery” via Hyrecar out of Nashville in January.

Case study #2

 

Andras – A small business owner

Renting his car out for $40/day

Small business owner Andras from Los Angeles, CA, has been been a Hyrecar user since July 2015, and has multiple cars listed on our platform. Andras is so happy with the additional income he has been making from HyreCar that he has told us that As Hyrecar grows and continues to improve and streamline services, he plans on buying additional vehicles to supply the the massive demand in our market place.

Case study #3

 

Joseph Furnari – Paying for his new car with HyreCar

Renting his car out for $40/day

Joseph Furnari, VP of Portfolio Management with The Palisades Group, is no stranger to loss mitigation. Joseph has been renting through Hyrecar since September 2015, and has now had his car rented out for every single day in the past 3 months. Joseph uses Hyrecar to cover his Prius C car payments and personal insurance.

“I walk to work and my wife works from home. We owned two cars and they were just sitting in our garage collecting dust.  I started to look for ways to supplement our income after my daughter was born. Our Prius C was the obvious choice for Uber drivers.  I originally posted a couple of ads on Craigslist, but after walking through the process with Uber I realized that my personal insurance wouldn’t cover the drivers. So I did a Google search under “rent my car to Uber drivers.” My hope was that there was a service that would connect drivers to owners and provide insurance. Sure enough, Hyrecar was on the first search page.” – Joseph Furnari – Santa Monica, CA.

Uber revolutionized the taxi industry by allowing anyone to become an entrepreneur (a taxi driver) and solve the ubiquitous problem of avoiding unethical and/or unpleasant cab drivers.  Hyrecar hopes to build on the foundation Uber created by making cars more accessible to the regular Joe who can’t quite afford his own car yet, or chooses not to deal with the staggering cost of insurance.  If you have ever experienced that sinking feeling that comes from losing money via the depreciating assets sitting in your lot or driveway, turn the tables and convert them into investments. Be your own entrepreneur, and help Hyrecar supply the demand.

 


 

If you’d like to learn more about HyreCar and how you can start cashing in on the gold rush that is our market place, head over to partner.hyrecar.com and list your car.


Comments
Harvey Specter
Posted at 4:08 am February 9, 2016
Joe salazar
Reply
Author

Im interested in purchasing a car to rent on Hyrecar. What are the car Mile requirements and what year does the car need to be to be rented out.
Are taxes paid or do we need to pay taxes seperately

    Harvey Specter
    Posted at 7:15 am July 4, 2016
    James R
    Reply
    Author

    Hi Joe,

    We suggest a minimum of at least 150 miles per day as these drivers are driving to make a living and will often hit at least 150-200 miles per day. Taxes will be done on your side. The newer the car, the better. HyreCar is a marketplace so the best cars will have the highest demand.

Harvey Specter
Posted at 3:36 am August 28, 2016
Joe M.
Reply
Author

What sort of insurance must a Hyrecar have? (Regardless of the Hyrecar and Uber insurance I guess each state mandates that cars be insured anyway). What sort of business licenses does a business with this sort of cars typically need?

    Harvey Specter
    Posted at 7:08 am August 29, 2016
    James R
    Reply
    Author

    Hi Joe,

    HyreCar offers insurance. It’s included with the rental.

Harvey Specter
Posted at 7:53 pm March 16, 2017
Jill h
Reply
Author

So… does the person lease my car out for the month on month-to-month? What if in an accident? Not clear on the process. I’ll keep reading

    Harvey Specter
    Posted at 9:38 pm March 20, 2017
    Nate Ryan
    Reply
    Author

    Hey Jill! The drivers can rent for as little as 2 days or as long as months at a time, and our platform supports all cases in between! For more information on our Insurance policy, see (http://hyrecar.com/insurance/) .

Harvey Specter
Posted at 12:18 am April 11, 2017
Dev SD
Reply
Author

I intend to buy a car to rent it out, I’ve my license suspended until next year and can’t get insurance. Can I still buy a car and rent in out?

    Harvey Specter
    Posted at 10:26 pm April 20, 2017
    Vince
    Reply
    Author

    Unfortunately you need a valid drivers license to rent a car.

      Harvey Specter
      Posted at 10:27 pm April 20, 2017
      Vince
      Reply
      Author

      Apologies– to rent a car you need a license but to rent out a car to other drivers you are ok without one.

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