Uber rentals
Any thoughts on a business model where you buy a few cheap cars (sub $15K that can go for another 100K miles) and then hire minimum wage drivers make profits? Drivers have to hit certain number to earn additional commission. Win win for drivers who can't afford to lease or but car and for the investors. Does that comply with Uber or Lyft TOS?
I've only talked with a few Uber drivers who really did the math, but I get the impression that most are barely doing better than minimum wage after car ownership costs are taken into account.
Let me crunch the numbers this weekend to see if the model makes sense and for what kind of cars. Even if I can generate $500 in positive cash flow per car per month after maintenance and depreciation then I'd consider it.
Don't forget to factor in the amount of money that you'll lose due to hiring people who turn out to be deadbeats. At minimum wage you're not going to get the highest caliber...
These gigs don't make much, and you are the middle man that got to be trimmed to make the dough. What you did was already done by those leasing companies and automakers trying to unload cars via fleet leases.
I looked into it. You need UBER Black, which requires a livery license (limousine). By the time you factor in the added insurance cost, you lose. The insurance industry has not made a cost effective option for uber drivers who aren't just doing it on the side.
Maybe we should look into disrupting the insurance industry then. Maybe using someone else's money as risk coverage. Subprime insurance sales? Lol
This was a profitable model BEFORE UberX was created. I wrote about it on here somewhere. I had 2 Uber Black cars, did very well on the projections till UberX came to town, lost 10k on the venture. #fuckTravis
Check Hyrecar - you can make a profit but you’re dealing with people who are sub sub prime and while you can make money there is a lot of overhead and stuff that can go wrong. Lack of payment. Stolen vehicles etc
M sure it does... U can hv fleets n hire drivers