5 STEPS TO OPTIMIZE YOUR TURO PROFITS

Fernando Alegria7 comments

5 STEPS TO OPTIMIZE YOUR TURO PROFITS

Are you looking to launch your own Turo rental car business?

Or maybe just to maximize Profits?

Here are some initiatives you can take to turn your Turo venture into a money machine.

"The journey of a thousand miles begins with one step."
-Lou Tzu

STEP 1: Build Credibility

Like Airbnb, when car renters are searching for a vehicle to rent the first thing, they look for are the reviews of the cars listing to see if the Host and their vehicle can meet their expectations. To ensure you Guests have a 5 Star experience and leave a healthy review, consider the following:

 

  • Listing Accuracy
  • Maintenance
  • Communication

 

Bait and switching are a big turn off. Whatever you have detailed on your listing should be upheld. In a scenario where an item promised in your listing is no longer available contact the customer and workout a way to compensate or find an alternative.

Maintaining your vehicle is critical. Majority of poor reviews are a result of the vehicle having some mechanical issue. If can try to solve the minor things like changing the oil or tires on your own. Maintenance will prevent any serious issue from arising in the long run.

Be courteous and transparent during your customer’s entire booking. A simple greeting message, pre and post. Professionalism and hospitality go a long way!

STEP 2: Offer Delivery

Offering to deliver your vehicle to a drop off location increases your odds of attracting new customers. Many Turo Hosts are tempted to over-charge for delivery to compensate for the percentage that Turo takes from their fees. A trick you can use to is charge less deliver fees for customers who plan on taking longer trips. You might take a loss on the delivery up front but will make profit on the extended trip duration, increased bookings, and other fees.

Customers are typically willing to pay to make pickup easy. If you can afford to do drop offs around transit hubs or at hotels where customer pickup is the most convenient this will generate the most traffic for you. If you are aiming for shorter more frequently trips, Turo recommends delivering to residential areas or busy landmarks.

STEP 3: Use Turo 90 Plan

Turo Hosts can select protection plans for their listings. Each plan represents a percentage of income you will keep and the more earnings you keep the higher the deductible.

Unless you are very low on cash reserves to pay for deductibles you will want to select 90 Plan.

With the 90 Plan the host keeps 90% of earnings with a deductible of $2500.

In the event one of your renters damages the vehicle, here is the strategy:

 

  1. Get an estimate on the repair for the damages.
  2. On the Turo app, you can view the renter’s protection plan
  3. Depending on Whatever their out-of-pocket maximum is, accept a direct payment of slightly less.

 

When Turo charges a renter for damages they typically tack on admin fees. It will always be cheaper for the renter to settle with you. For example, if your vehicle sustained damages estimated at $300 and the renter’s out-of-pocket is $500, get an estimate for $500 and charge them $400. If their out-of-pocket maximum is "up to the full value of the vehicle," you can get a much higher estimate and the renter will still be compelled to settle with you rather than pay the extra fees from Turo. Renters are unaware of what plan you are on and whether or not Turo will cover your damages.

STEP 4: Use 3rd Party Repairs

The money you receive from damages can be maximized by using 3rd party parts for repairs. If you are handy enough to repair the vehicles yourself or you know a Bodyshop works with Turo Hosts and can do the work for fairly cheap, bring the parts to them and you can actually make a profit from damages.


STEP 5: Choose your Cars Wisely

Renting multiple vehicles has a steep stary up cost, but with some dedication and leg work you can find vehicles on the market that are in demand on among Turo renters. Before purchasing another vehicle research the current market value of the desired car and do your best to find a vehicle that is under market value so you can resell at a profit before it handles too many trips and becomes worthless. There are always other Turo hosts who would be looking for the same car as you.

As of Today, these are the top cars with the highest ROI:

Economy

  1. Fiat 500
  2. Chrysler Voyager
  3. Kia Rio

Mid-Range

  1. Audi S5 Cabriolet
  2. Alfa Romeo Stelvio
  3. Cadillac CT5

Upscale

  1. Porsche Panamera
  2. Porsche 718 Boxster
  3. Lincoln Navigator L

 

Whatever car you decide to add to your fleet, finding the equilibrium between price, cost of maintenance, and the popularity of the car is key to maximizing profits.

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