How To Fund an Exotic Car Rental Company

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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