Independent Rental Companies - Filling a Niche and Finding Growth (Trent Gifford)

This episode features Trent Gifford, founder and president of the Independent Car Rental Association, where he talks about how small and independent rental companies have found specific niches to serve and drive growth in their businesses. Are you an independent car rental business owner? What challenges and opportunities are you seeing in the market today?

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Transcript

WEBVTT - This file was automatically generated

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You are listening to the Mile Marker Podcast,

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where we explore trends and innovations in fleet automation

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and shared mobility, helping fleet based businesses make

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better informed decisions

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and achieve full digital transformation.

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Welcome everyone to another episode

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of the Mile Marker podcast.

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My name is Angela Simoes,

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and I am here with my esteemed co-host, Mark Thomas, EVP

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of Strategic Alliances at Ridecell.

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How you doing, Mark?

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Doing great. Thanks. Nice to be here.

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Great. Today's guest is Trent Gifford, serial entrepreneur

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and founder and CEO

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of the Independent Car Rental Association.

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So Trent has spent his career helping businesses, SaaS,

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startups, and nonprofit associations grow successfully into

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new markets or expand, uh, share in existing markets

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by developing sales channels and teams using proven coaching

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and mentoring techniques and strategies. Welcome Trent.

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Thank you. Glad to be here.

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Well, I am personally really excited about today's

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conversation, one,

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because it's really our first dedicated

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conversation to rental.

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So, I mean, rental has come up in other conversations,

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but we're here specifically to talk about rental,

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but also too, it's not the typical rental market

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that I think most people think about.

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I think if you say rental companies, car rental companies,

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enterprise, Avis, Hertz, all those guys, uh, come to mind.

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And so that's not who we're talking about today.

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We're talking about small independent car rental companies

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and what that world looks like, you know, the challenges

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and opportunities they face, uh, et cetera.

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So let's start by having you give our listeners a bit

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of your background and really what led you

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to create the, uh, ICRA.

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Great, well, thank you for that.

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My background is in technology.

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Um, I've been building technology businesses from the ground

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up for many years, and actually, uh, when Covid hit,

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I, I actually lost my job as vice president, general manager

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of an association management software company.

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Um, when that happened, at the same time became the rise of

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what we call peer-to-peer, right peer-to-peer car sharing.

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And Turo was taking off in the Hawaiian markets.

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My daughter, by the way, that helps me run the ICRA

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actually lives in Maui, but at that time, uh, lived in Oahu

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and they wanted me, uh, my daughter and daughter

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and son-in-Law wanted me to, uh, invest in this new thing,

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this new visit that they wanted

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to get into called peer-to-peer.

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So knowing what I know

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and working with hundreds of associations throughout my, uh,

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career, I went to look for the association

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for the small and medium sized operators.

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Right. Not the big car rental companies,

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but the smaller ones.

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And very quickly realized

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that there was no association for them.

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It didn't exist.

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There was no voice for the small and medium sized operators.

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So with my background

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and expertise in the, the software that associations used

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to automate what they do and run their businesses,

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and then having worked with so many

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and understanding the ins

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and outs of running an association, I'm just,

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I was just like pulled to build it.

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So I designed the website,

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integrated my association management software in it,

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which creates the automation,

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and I think we launched it in October of 21.

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Very cool. I I love that you saw a need

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and just jumped right in to fill it.

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Right. I, I think that's great.

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Um, so talk a little bit about

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what your member companies look like

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and, you know, how are they different from the big players?

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Right. So our members are the smaller players.

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They're not the big rental car companies that,

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that we use the term we call 'em big rental, right?

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So we're the smaller players and,

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and up to the, the, the mid-size players,

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smaller, mid-size players.

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So I basically, it's really defined kind of as

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private rental operators

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or peer-to-peer, um, platform users

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that are using a peer-to-peer solution such as Turo,

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for example, or get around higher car, um,

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that have less than a hundred vehicles.

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If they have more than a hundred vehicles,

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they're probably more in the realm of the big rental space.

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And there is an association for for, for that group.

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But again, I created the one for the smaller, just,

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there's a lot of people out there

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that are doing this and really had no voice.

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And on this show we talk about all the time, you know,

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how things are changing so rapidly in automotive

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and transportation, so electrification, autonomy,

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ai, all those things.

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Uh, how are your member companies coping with that change?

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I mean, are these things even on their radar

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or are they just like, listen, I I have a business to run

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and I'm just looking to, you know, survive here.

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So, um, how are, how, what kind of conversations do you have

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with your member companies around those topics?

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Yeah, no, it's a great question.

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As many industries are going through, the tremendous amount

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of change, so is the rental car industry,

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even the big rental going through a lot of change,

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technology is driving a lot of change.

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Government is driving a tremendous amount of change.

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In fact, right at the National Car Rental Show last year,

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um, there was a lot of speakers that really pushed, in fact,

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we had, uh, folks from the Department of Energy,

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so the Federal Department of Energy

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that were actually pushing

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and promoting, you know, using, uh, electric cars as part

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of your fleet, right?

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Mm-Hmm. We'll, we'll probably get more into that

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because that's a big part of the change in the evolution,

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but it's not, it's not for every market, right?

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It's definitely not for every market,

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but there's a lot of, a lot

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of the folks in the current kind of changes.

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So Covid kinda launched the whole peer-to-peer space, right?

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And that's really how we got into it.

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Having a fleet of over 60 vehicles in Oahu at one time,

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but a lot of those folks were not

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what I would call business people.

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They didn't, they didn't have a business background,

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but they were chasing the quick dollar, right?

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Or maybe they, they were unemployed because of Covid, right?

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Myself included. And, uh, it was something to do

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and use your own family asset

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or vehicle to earn some additional income.

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So that was really created the rise aura.

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But a lot of those folks failed.

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In fact, many of them are out of the marketplace now,

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and some are still moving out of the marketplace.

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'cause they just never made it,

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they didn't have the business mindset that you need to have

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to compete in a very competitive marketplace

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such as this, right?

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And so when, when, just using, looking back at Hawaii,

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for example, when, when Covid hit big rental,

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pulled all their assets off the island, sent 'em back

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to the mainland to be sold, right?

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To, that was how they were going

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to survive this thing called Covid.

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That created a big void in which people Mm-hmm.

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Still flying into, uh, Hawaii, were renting U-Haul

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to haul their families around in.

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It's, it was crazy. I

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Remember seeing that on the news. Yeah, it was crazy.

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That created the, the kind of the peer-to-peer landscape.

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And, and it was, it was a big thing for quite some time.

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But again, uh, getting involved in the association,

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I was telling my members, there I go, you have to prepare

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for what's coming, because when this thing called covid

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subsides or starts to subside,

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big rental's gonna come back here

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and they're gonna want their market share back,

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and they're gonna come back with a vengeance.

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And that's exactly what happened.

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So you've got these constant market

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specific changes that take place.

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You've got a lot of lobbying going on that, that create, uh,

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havoc in the marketplace.

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Like peer-to-peer, in a lot of cases,

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peer-to-peer can't pick up guests anymore at airports.

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Where early on that wasn't a problem.

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Nobody really understood, you know, why that might

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or might not have been a, a problem.

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But it was a lot of, it was very political.

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Um, and the airports were trying to protect their,

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their leases, if you will,

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who were leasing space at the airport

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to rent those vehicles such as Hertz, Avis,

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big rental enterprise, for example.

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So they were trying to protect 'em.

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It's totally understandable. Um,

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but that created a, a evolving

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challenges at which were very market specific.

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Um, and then technology obviously is a big part of it.

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To run a business like this, you need to know your industry.

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You need to know, uh, you know, how to market

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and where to market, and how do I grow my,

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my brand, if you will.

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So a lot of those things

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and the technologies that have come about in the last

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few years have really driven it.

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So didn't peer-to-peer initially start, um,

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from the concept that people use their vehicles 4%

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of the time, and isn't this a way

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that you can monetize an asset that you already own?

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Now, what percent of the people are using their,

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their own car, uh, as a secondary source

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of income versus people that have decided to buy vehicles

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to dedicate, to put on the peer-to-peer network?

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Yeah, no, great question.

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So, early on, they were using, the majority

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of them were started out

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by using their own vehicle or a spare vehicle.

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Again, they may have lost their job.

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They need to subsidize income. So that was a way to do that.

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Today, that's now starting to change.

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It's starting to evolve in which, um, most of the players

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that are here now that are,

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that have made it, if you will, right?

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They've made it in the business.

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They took on a business mindset.

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They now have 10, 20, 30 vehicles.

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My, my membership is like that.

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There's a lot of them now that started in peer-to-peer

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and have now are starting to move into, uh,

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a private rental model or a hybrid model of which they do.

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They have some of both.

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Got it. And where do they park all these cars?

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Do they just park 'em in their own neighborhood

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or, um, how do they solve that problem?

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Yeah, great question. So when we started our business in

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Hawaii, we were parking them in the neighborhood.

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Of course, the neighbors were upset

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because Hawaii's got challenging parking in Honolulu anyway.

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Uh, we weren't in Honolulu, we were just

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outside of Honolulu.

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But, uh, that ultimately we ended up leasing a lot, uh,

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right off the end of the runway of the airport in Honolulu,

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and which had a, a nice building.

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And so, again, a lot of your, a lot of your companies

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that grew to a certain level, they had

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to, they had to do that.

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They had to move into, uh, meeting compliance

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with certain government laws and regulations

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because these vehicles were being towed back in the day.

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Mm-Hmm. So I think every, you're seeing a lot, a lot

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of issues

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or a lot of capability now with what they,

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what they call co-hosting, where somebody

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actually in the peer to peer space where they,

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they have a big lot.

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And so if I don't wanna manage my own cars anymore,

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but maybe I've got 10

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or 20, I can, I can let somebody else manage them

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through a co-hosting management agreement.

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They put my cars on their lot, then they do the running,

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00:11:19.585 --> 00:11:21.555
they do the maintenance, they do all of that,

250
00:11:21.895 --> 00:11:24.395
and they take a percentage of the profits off that.

251
00:11:25.145 --> 00:11:28.365
And does that also include, um, key exchange?

252
00:11:28.545 --> 00:11:31.245
So giving, handing out keys to people, um,

253
00:11:32.065 --> 00:11:35.245
or do people, is there a keyless solution now

254
00:11:35.275 --> 00:11:36.725
that is prevalent?

255
00:11:37.055 --> 00:11:39.325
Right. In the early days, we were running vehicles,

256
00:11:39.325 --> 00:11:40.965
literally taking 'em to the airport,

257
00:11:40.965 --> 00:11:42.285
taking 'em to the hotels.

258
00:11:42.305 --> 00:11:44.285
And if you think about Honolulu, for example,

259
00:11:44.705 --> 00:11:46.885
and dropping them off, so we were meeting people

260
00:11:47.755 --> 00:11:50.325
shaking their hands or at a distance.

261
00:11:50.485 --> 00:11:52.645
'cause Covid was very much still prevalent at that time.

262
00:11:53.035 --> 00:11:54.565
Everybody was wearing their masks,

263
00:11:55.065 --> 00:11:59.045
but that drove an adoption to kind

264
00:11:59.045 --> 00:12:01.085
of the whole contactless right.

265
00:12:01.605 --> 00:12:04.885
Solution. So now you've got vehicles, my vehicles,

266
00:12:04.885 --> 00:12:06.085
for example, I can lock

267
00:12:06.085 --> 00:12:09.525
and unlock them, uh, right, right from my smartphone.

268
00:12:09.625 --> 00:12:12.245
So I tell my guests when they land, most

269
00:12:12.245 --> 00:12:15.645
of my clients fly in, uh, to the local airport here.

270
00:12:15.675 --> 00:12:18.045
When they land, they'll ping me.

271
00:12:18.165 --> 00:12:19.245
I say, when you're at the vehicle,

272
00:12:19.395 --> 00:12:21.005
just ping me and then I'll unlock it.

273
00:12:21.225 --> 00:12:24.325
And then there's, there's a key inside the vehicle, um,

274
00:12:24.325 --> 00:12:25.925
that they use during the rental period.

275
00:12:26.875 --> 00:12:30.005
Okay. Are you, Are you finding that, um, most

276
00:12:30.005 --> 00:12:32.765
of your member companies are going towards the,

277
00:12:32.945 --> 00:12:35.245
the contactless or, or keyless method?

278
00:12:36.675 --> 00:12:39.155
A large portion of them are, there's new technologies

279
00:12:39.185 --> 00:12:41.315
that have been developed for that Mm-Hmm.

280
00:12:41.715 --> 00:12:42.955
I, I offer the,

281
00:12:42.975 --> 00:12:46.035
or I should say the ICRA offers a lot of this capability

282
00:12:46.055 --> 00:12:47.475
and functionality to our members.

283
00:12:48.215 --> 00:12:51.835
So because of the technology being adopted, they can do

284
00:12:51.835 --> 00:12:53.115
that, which makes it a lot easier.

285
00:12:53.215 --> 00:12:55.315
If I think about my own situation,

286
00:12:56.805 --> 00:12:58.645
I can't always deliver a vehicle right?

287
00:12:58.645 --> 00:13:00.405
When somebody lands Mm-Hmm.

288
00:13:00.485 --> 00:13:02.885
But I might take it out there four or six hours

289
00:13:02.905 --> 00:13:04.845
before, maybe even the night

290
00:13:04.845 --> 00:13:06.685
before, if they're landing early in the morning.

291
00:13:07.265 --> 00:13:10.125
My regional airport doesn't require me to pay for parking.

292
00:13:10.865 --> 00:13:12.685
And as long as I park in a certain area,

293
00:13:12.685 --> 00:13:13.725
they're perfectly fine.

294
00:13:14.285 --> 00:13:16.685
I can't leave it overnight in that particular lot.

295
00:13:17.305 --> 00:13:19.045
Um, so if it's overnight, I have

296
00:13:19.045 --> 00:13:20.525
to put it in a d in a different lot.

297
00:13:20.585 --> 00:13:23.325
But it allows me that capability then to go

298
00:13:23.325 --> 00:13:25.445
to a full contactless when they, when they're done

299
00:13:25.445 --> 00:13:28.045
with the rental, they just lock the key in the vehicle.

300
00:13:28.045 --> 00:13:30.085
They have to put it in an RF pouch so

301
00:13:30.085 --> 00:13:31.485
that the vehicle doesn't know what's there.

302
00:13:31.485 --> 00:13:32.965
Otherwise it won't let you lock it in,

303
00:13:33.575 --> 00:13:35.005
close the door and away they go.

304
00:13:35.585 --> 00:13:38.165
And so it makes things very convenient for

305
00:13:38.865 --> 00:13:40.125
the renter or guest.

306
00:13:40.225 --> 00:13:42.005
If you're talking peer-to-peer, they call a renter

307
00:13:42.005 --> 00:13:43.765
or the guest to very different model,

308
00:13:43.865 --> 00:13:45.405
and they use different terminology.

309
00:13:45.705 --> 00:13:49.445
But, um, yeah, I mean, it, it makes it,

310
00:13:49.505 --> 00:13:51.445
it gives me a lot more options

311
00:13:51.465 --> 00:13:53.725
and capabilities, you know, as the host

312
00:13:53.825 --> 00:13:56.125
or as the rental car company, uh,

313
00:13:56.495 --> 00:13:59.365
using a contactless type of a solution. Mm-Hmm mm-Hmm.

314
00:13:59.785 --> 00:14:01.205
And do you have a fleet management system

315
00:14:01.205 --> 00:14:05.285
that lets you see how many miles that person, uh,

316
00:14:05.385 --> 00:14:08.965
has driven, um, where they're taking it, things like that?

317
00:14:09.715 --> 00:14:13.805
Yeah, absolutely. You're actually, so I, by the way, I,

318
00:14:14.045 --> 00:14:17.285
I completely volunteer as the CEO of the ICRA.

319
00:14:17.305 --> 00:14:20.525
I'm not paid. I built it because it was needed. Right.

320
00:14:21.225 --> 00:14:25.755
Um, but, uh, my real job,

321
00:14:25.855 --> 00:14:28.195
if you will, if you look at, look at me on LinkedIn,

322
00:14:28.195 --> 00:14:30.595
for example, I'm a software entrepreneur.

323
00:14:31.455 --> 00:14:33.075
One of my software companies has

324
00:14:33.075 --> 00:14:34.275
what's called a Business in a box.

325
00:14:34.295 --> 00:14:37.515
And we actually built the app, zula, fleet rental

326
00:14:38.255 --> 00:14:41.715
and car rental system, um, specifically

327
00:14:41.855 --> 00:14:42.995
for this particular market

328
00:14:42.995 --> 00:14:47.015
because the competitive products in the marketplace were

329
00:14:47.015 --> 00:14:48.615
hundreds of dollars every month.

330
00:14:49.165 --> 00:14:53.125
They were thousands of dollars for, uh, setup fees. Mm-Hmm.

331
00:14:53.465 --> 00:14:55.165
And our business in a box just allowed us

332
00:14:55.165 --> 00:14:57.725
to build it over a six month time period, launch it,

333
00:14:58.305 --> 00:15:01.885
and then allow it with no contract, no setup fees.

334
00:15:02.545 --> 00:15:05.005
And when people sign up, they can literally build their,

335
00:15:05.065 --> 00:15:06.765
it includes their front end websites.

336
00:15:06.765 --> 00:15:09.765
So it's the whole booking billing website system,

337
00:15:09.825 --> 00:15:11.605
but it also manages the fleet.

338
00:15:12.145 --> 00:15:15.765
It gets the data feed from the, the GPS tracking solution,

339
00:15:15.765 --> 00:15:18.925
which provides you real time, fuel level

340
00:15:19.585 --> 00:15:20.965
and real time mileage.

341
00:15:21.475 --> 00:15:23.405
They can see their whole fleet on a map.

342
00:15:23.505 --> 00:15:25.925
All of those things are all part of that system.

343
00:15:26.865 --> 00:15:30.085
So, and they get it for, as a member of the ICRA,

344
00:15:30.085 --> 00:15:34.615
they get it for $79 a month per member, not per vehicle.

345
00:15:35.795 --> 00:15:37.015
So they can have as many vehicles

346
00:15:37.015 --> 00:15:38.415
as they want on it. It's very cheap.

347
00:15:38.955 --> 00:15:40.855
And does it require aftermarket hardware?

348
00:15:42.285 --> 00:15:44.025
Uh, the GPS solution would be, yeah.

349
00:15:44.955 --> 00:15:49.015
Our GPS, our GPS solution is under $20 a month

350
00:15:49.355 --> 00:15:50.655
and it includes the hardware.

351
00:15:52.045 --> 00:15:53.305
That's great. Yeah.

352
00:15:53.645 --> 00:15:55.785
The reason I asked about, um, if most

353
00:15:55.785 --> 00:15:57.985
of your companies were moving towards a keyless is

354
00:15:57.985 --> 00:15:59.865
because if I think about the last three

355
00:15:59.865 --> 00:16:01.505
or four times that I rented a car

356
00:16:02.335 --> 00:16:04.385
this past weekend being one of them, um,

357
00:16:04.855 --> 00:16:05.905
they were not keyless.

358
00:16:05.925 --> 00:16:08.265
And it's the bigger companies that I'm running through.

359
00:16:08.325 --> 00:16:11.705
And so, just kind of hearing you talk, it's, it seems like,

360
00:16:11.845 --> 00:16:14.065
uh, on, on the smaller rental side

361
00:16:14.525 --> 00:16:18.185
or a smaller company rental side, um, you may get, uh,

362
00:16:18.185 --> 00:16:19.385
maybe a better experience

363
00:16:19.385 --> 00:16:22.305
or maybe even a more personalized experience in some ways.

364
00:16:22.515 --> 00:16:23.745
Right? Yeah.

365
00:16:23.745 --> 00:16:28.345
Um, so I'm, so I'm curious too, you know, you mentioned that

366
00:16:28.555 --> 00:16:31.425
after Covid, you know, the big guys were gonna come in

367
00:16:31.425 --> 00:16:33.905
and want their market share back, and we are post covid.

368
00:16:34.765 --> 00:16:36.465
So how is that playing out

369
00:16:36.805 --> 00:16:40.745
and where are the smaller rental companies seeing more

370
00:16:40.745 --> 00:16:43.945
opportunities if, you know, for example, in big cities,

371
00:16:45.065 --> 00:16:46.225
that's not a, a, a place

372
00:16:46.225 --> 00:16:48.105
where they can really be competitive right?

373
00:16:48.125 --> 00:16:50.985
As far as the number of cars available.

374
00:16:51.565 --> 00:16:52.905
Um, but clearly there's,

375
00:16:53.365 --> 00:16:55.345
if they're growing there, there's a need somewhere.

376
00:16:55.345 --> 00:16:58.435
So talk about where they are filling a,

377
00:16:58.435 --> 00:17:00.035
filling a need and, and seeing opportunity.

378
00:17:00.875 --> 00:17:03.805
Well, the private rental companies are very much

379
00:17:04.435 --> 00:17:06.605
focused in the bigger cities, believe it or not.

380
00:17:06.785 --> 00:17:07.925
Oh, okay. They're compet

381
00:17:07.925 --> 00:17:09.205
and they're competing head to head

382
00:17:09.205 --> 00:17:11.005
with big rental every day of the week.

383
00:17:11.975 --> 00:17:14.435
So you have, again, technology

384
00:17:14.455 --> 00:17:17.635
and capabilities in which, if I'm a private rental company

385
00:17:17.695 --> 00:17:20.755
and I'm using absolute business in a box solution,

386
00:17:20.755 --> 00:17:21.955
for example, we just talked about

387
00:17:22.855 --> 00:17:25.795
it can provide my vehicle availability into the

388
00:17:25.795 --> 00:17:26.835
brokerage marketplace.

389
00:17:26.895 --> 00:17:29.675
So my, my vehicles can show up on Kayak,

390
00:17:29.945 --> 00:17:31.235
Expedia, Travelocity.

391
00:17:32.095 --> 00:17:33.955
So I get exposure that way.

392
00:17:33.985 --> 00:17:35.315
Obviously when you're private rental,

393
00:17:35.375 --> 00:17:36.915
you gotta do a lot of personal marketing.

394
00:17:36.915 --> 00:17:38.155
That's how you build your business.

395
00:17:38.935 --> 00:17:40.435
Um, but you can still have that level

396
00:17:40.435 --> 00:17:42.955
of capability if you want it and need it.

397
00:17:43.255 --> 00:17:45.875
But you're gonna have to be competitive from a price point,

398
00:17:46.725 --> 00:17:49.325
uh, to some degree with your big rental companies.

399
00:17:49.325 --> 00:17:53.205
Right. But again, like you, like you just mentioned, a lot

400
00:17:53.205 --> 00:17:56.685
of it is going to providing a better kind

401
00:17:56.685 --> 00:17:59.685
of user experience, renter experience, if you will,

402
00:17:59.715 --> 00:18:03.285
with the keyless or they, what they call contactless rental.

403
00:18:03.585 --> 00:18:06.565
Mm-Hmm. Um, where you do the booking, you do the booking all

404
00:18:06.565 --> 00:18:08.245
through the website, the booking then

405
00:18:08.965 --> 00:18:10.125
validates all of the information.

406
00:18:10.175 --> 00:18:12.245
Again, the ICRA has services that

407
00:18:12.965 --> 00:18:14.485
validate things like driver's license.

408
00:18:15.065 --> 00:18:17.085
It can validate their, whether

409
00:18:17.085 --> 00:18:18.845
or not they have rental car insurance.

410
00:18:19.275 --> 00:18:21.405
Because if they don't, you're gonna wanna sell 'em one

411
00:18:21.405 --> 00:18:23.245
of your, one of your policies.

412
00:18:23.425 --> 00:18:25.325
And we can talk about profitability

413
00:18:25.785 --> 00:18:27.885
versus earnings if you would like.

414
00:18:28.305 --> 00:18:31.285
Um, 'cause there's a very different viewpoint in that area

415
00:18:31.505 --> 00:18:33.365
as well, from peer to peer to private.

416
00:18:33.985 --> 00:18:35.965
Um, don't you get that from Turo

417
00:18:35.965 --> 00:18:39.765
and get around, um, they, they sign on to those platforms

418
00:18:39.765 --> 00:18:40.845
and then they qualify you

419
00:18:40.865 --> 00:18:42.765
for your driver's license and things like that?

420
00:18:43.625 --> 00:18:44.875
They do. They do.

421
00:18:45.155 --> 00:18:47.035
I can tell you that, uh, well,

422
00:18:47.035 --> 00:18:48.755
I've used both Turo and Getaround.

423
00:18:49.855 --> 00:18:53.585
They don't do a good job of vetting their new renters,

424
00:18:53.675 --> 00:18:55.345
which they call guests in the pre,

425
00:18:55.345 --> 00:18:56.385
in the peer-to-peer world.

426
00:18:57.165 --> 00:19:02.025
And so I rented a Suburban to a brand new guest, and more

427
00:19:02.025 --> 00:19:03.825
or less was kind of forced to do it.

428
00:19:04.205 --> 00:19:06.025
Not really, I could have canceled it,

429
00:19:06.085 --> 00:19:08.185
but they really frown on you.

430
00:19:08.205 --> 00:19:12.225
You get black check marks if you decline rentals. Right.

431
00:19:12.405 --> 00:19:17.045
And so I took it and the vehicle never came back.

432
00:19:17.125 --> 00:19:18.405
I had to repossess it. Oh God.

433
00:19:18.745 --> 00:19:20.405
And when you, when you're in peer-to-peer,

434
00:19:21.855 --> 00:19:24.155
I'm leasing my vehicle, just so you know,

435
00:19:25.155 --> 00:19:27.215
I'm leasing my vehicle to Turo

436
00:19:27.355 --> 00:19:29.735
or Getaround, whatever the peer-to-peer platform is.

437
00:19:30.045 --> 00:19:31.455
They rent it to the client

438
00:19:31.635 --> 00:19:34.215
or the, the renter, the guest, not me.

439
00:19:34.955 --> 00:19:37.615
I'm leasing it to them. They're renting it out.

440
00:19:38.115 --> 00:19:39.815
That's how it works in peer-to-peer.

441
00:19:40.395 --> 00:19:41.695
So because of that,

442
00:19:41.765 --> 00:19:43.815
when I contacted the sheriff's department,

443
00:19:44.605 --> 00:19:46.375
they would not let me go.

444
00:19:46.485 --> 00:19:48.375
Even though I could see where it was, I knew right

445
00:19:48.375 --> 00:19:50.135
where the vehicle was because of my tracking.

446
00:19:51.235 --> 00:19:52.795
I couldn't get it for 48 hours

447
00:19:53.385 --> 00:19:55.275
because it was done through peer-to-peer.

448
00:19:55.335 --> 00:19:56.635
If that would've been private rental,

449
00:19:57.035 --> 00:19:58.395
I could went and got it right away.

450
00:19:59.435 --> 00:20:04.015
So are you then saying for your customers

451
00:20:04.115 --> 00:20:08.415
of the organ of your association, are they,

452
00:20:09.235 --> 00:20:12.695
uh, renting directly to customers

453
00:20:12.715 --> 00:20:14.215
and not using one of these

454
00:20:14.895 --> 00:20:17.175
platform aggregators like Getaround Turo?

455
00:20:17.965 --> 00:20:20.415
Well, both. So if you look at my background there,

456
00:20:20.415 --> 00:20:22.175
it says your association for all

457
00:20:22.175 --> 00:20:24.015
who work in peer-to-peer car sharing

458
00:20:24.355 --> 00:20:25.575
and independent car rental.

459
00:20:25.715 --> 00:20:28.095
So both we have members in both areas. Right.

460
00:20:28.475 --> 00:20:30.615
And a lot, like I said, we've been talking about a lot

461
00:20:30.615 --> 00:20:33.815
of them and started in peer-to-peer are now migrating

462
00:20:33.875 --> 00:20:36.095
or going to a hybrid model to the private side.

463
00:20:36.115 --> 00:20:38.575
Got it. And again, you get, you need new capabilities

464
00:20:38.635 --> 00:20:40.615
and different capabilities if you're gonna go private,

465
00:20:40.925 --> 00:20:43.695
because that's what your peer-to-peer platforms provide.

466
00:20:43.695 --> 00:20:45.215
Right, right. Yeah. Okay.

467
00:20:45.635 --> 00:20:49.605
And then what, what advice do you have regarding, uh,

468
00:20:49.835 --> 00:20:52.845
year, make and model, um, let's say

469
00:20:53.105 --> 00:20:55.565
for somebody in Northern California who wants to

470
00:20:56.075 --> 00:20:57.925
acquire a fleet of 10 vehicles?

471
00:20:58.075 --> 00:21:02.405
What, what, um, what insights do you have there?

472
00:21:03.075 --> 00:21:06.005
Well, knowing your marketplace is incredibly important.

473
00:21:06.225 --> 00:21:09.645
And so, like we, we've partnered with Fleet Management

474
00:21:10.235 --> 00:21:13.005
solutions that provide a level of insight,

475
00:21:13.145 --> 00:21:16.365
not only in your specific market, but also to the vehicles.

476
00:21:16.365 --> 00:21:20.125
They'll tell you, they'll tell you graphically if you will,

477
00:21:20.515 --> 00:21:23.045
what vehicles perform the best in certain markets.

478
00:21:24.625 --> 00:21:26.285
But you also have to look at the req.

479
00:21:26.285 --> 00:21:28.125
If you're talking about peer-to-peer, you have

480
00:21:28.125 --> 00:21:29.165
to look at the requirements.

481
00:21:29.595 --> 00:21:33.545
Turo requires a vehicle to be of a certain age, right?

482
00:21:33.545 --> 00:21:34.825
It's gotta be fairly new

483
00:21:34.965 --> 00:21:37.185
and it has to have less than, uh,

484
00:21:37.425 --> 00:21:39.865
I think it's still 110,000 miles.

485
00:21:39.925 --> 00:21:41.865
It has to have less than that. Once I get to that point,

486
00:21:42.855 --> 00:21:44.345
it's kicked off the platform.

487
00:21:44.735 --> 00:21:46.865
They also require the vehicle to go

488
00:21:46.865 --> 00:21:49.425
through an annual safety check every single year.

489
00:21:49.975 --> 00:21:51.385
I've got a brand new Pathfinder

490
00:21:51.385 --> 00:21:52.945
that's got 7,000 miles on it,

491
00:21:53.045 --> 00:21:56.445
and it has to go through a safety check, which is kind

492
00:21:56.445 --> 00:21:57.845
of funny because it's still a brand new vehicle,

493
00:21:57.945 --> 00:21:59.045
but that's what they require.

494
00:21:59.315 --> 00:22:01.125
It's kicked off until I get,

495
00:22:01.295 --> 00:22:02.805
until I get the safety check done.

496
00:22:03.525 --> 00:22:05.305
So you've got certain things that you gotta,

497
00:22:05.375 --> 00:22:06.505
that you have to consider.

498
00:22:06.525 --> 00:22:07.545
But no, they're typically,

499
00:22:08.175 --> 00:22:10.425
typically you're looking at the particular market.

500
00:22:10.605 --> 00:22:14.135
So if you're in Denver, you need four-wheel driver,

501
00:22:14.205 --> 00:22:15.615
all-wheel drive vehicles.

502
00:22:15.775 --> 00:22:17.015
'cause a lot of people flying into

503
00:22:17.015 --> 00:22:18.295
that marketplace, what are they doing?

504
00:22:18.325 --> 00:22:21.975
They're going into the mountain skiing or whatever they want

505
00:22:22.075 --> 00:22:24.935
and need the capabilities, right?

506
00:22:24.995 --> 00:22:28.055
So your economy cars aren't really big market

507
00:22:28.755 --> 00:22:32.755
capabilities there from a, from a rental perspective, you go

508
00:22:32.755 --> 00:22:33.955
to Hawaii, believe it

509
00:22:33.955 --> 00:22:36.555
or not, Tesla's do really well in Hawaii.

510
00:22:36.795 --> 00:22:39.395
A lot of people that have never me in particular,

511
00:22:40.065 --> 00:22:42.155
I've never rented an electric car before.

512
00:22:42.345 --> 00:22:43.355
Someday I will.

513
00:22:43.975 --> 00:22:47.435
Um, just because I've never experienced one on my own,

514
00:22:47.675 --> 00:22:48.915
I would never own one

515
00:22:48.915 --> 00:22:51.315
or have one in my fleet here in Minnesota

516
00:22:51.785 --> 00:22:55.955
because the battery charging capabilities is

517
00:22:57.035 --> 00:22:58.275
severely Yeah.

518
00:22:58.375 --> 00:23:01.395
The, the colds has a major impact on whether

519
00:23:01.395 --> 00:23:02.595
or not that vehicle's gonna work.

520
00:23:02.615 --> 00:23:05.515
And it would probably cause me more headaches than it

521
00:23:05.515 --> 00:23:06.555
would be worth in this market.

522
00:23:06.975 --> 00:23:08.715
But in Hawaii, people love 'em.

523
00:23:08.715 --> 00:23:11.915
It's, there was a lot of demand early for Teslas.

524
00:23:11.915 --> 00:23:13.355
And there's a lot, still a lot of Teslas in

525
00:23:13.355 --> 00:23:16.035
that market available on the peer-to-peer side.

526
00:23:16.575 --> 00:23:18.155
But again, those people are flying in,

527
00:23:18.155 --> 00:23:19.475
they're on vacation Mm-Hmm.

528
00:23:19.475 --> 00:23:20.555
Why not try something new?

529
00:23:21.325 --> 00:23:23.665
So the whole concept of, uh, some

530
00:23:23.665 --> 00:23:26.665
of the marketing campaigns from Touro, for instance, were,

531
00:23:27.165 --> 00:23:30.185
you know, find a car that meets your unique I identity,

532
00:23:30.685 --> 00:23:35.545
get a VW Eurovan, you know, not a classic, uh, minivan

533
00:23:36.105 --> 00:23:39.465
category from that, do you, uh, recommend trying

534
00:23:39.485 --> 00:23:42.985
to build a more of a unique fleet and unique brand?

535
00:23:44.775 --> 00:23:47.575
Not necessarily. I would recommend if you're looking at

536
00:23:47.575 --> 00:23:51.215
profitability, which is what I push to our members,

537
00:23:51.515 --> 00:23:55.135
is don't con don't necessarily just look at earnings.

538
00:23:56.455 --> 00:23:58.905
Turo pushes earnings, how many bookings you get

539
00:23:58.925 --> 00:24:00.825
and how many earnings dollars did you make.

540
00:24:00.925 --> 00:24:02.865
But if those earnings dollars aren't profitable,

541
00:24:03.245 --> 00:24:04.465
you're going backwards.

542
00:24:04.595 --> 00:24:07.745
Right? And they're the ones benefiting touro's the one

543
00:24:07.745 --> 00:24:09.785
benefiting off of your asset, losing money.

544
00:24:10.405 --> 00:24:12.025
You don't want to do that. You want to, you,

545
00:24:12.035 --> 00:24:13.385
again, you need to know your market.

546
00:24:13.685 --> 00:24:16.385
And so, like I said, if you're in Denver, you're gonna have

547
00:24:17.175 --> 00:24:19.885
Jeeps, you know, four-door Jeep Wranglers with ski racks.

548
00:24:19.905 --> 00:24:22.085
And, and again, all of that kind of stuff.

549
00:24:22.225 --> 00:24:23.685
Uh, we can talk about upsell

550
00:24:23.685 --> 00:24:25.565
and growing profitability there.

551
00:24:25.565 --> 00:24:27.605
There's a whole nother area of conversation.

552
00:24:28.235 --> 00:24:30.645
Very, very important to know what you can sell,

553
00:24:30.645 --> 00:24:32.765
what you should be selling in your particular market.

554
00:24:33.185 --> 00:24:34.965
But that includes the vehicles as well.

555
00:24:35.145 --> 00:24:38.265
And that also, when do I move this vehicle?

556
00:24:38.685 --> 00:24:43.175
If you've got good software, which exists today, it will,

557
00:24:43.305 --> 00:24:45.455
it'll look at your earnings over time for

558
00:24:45.455 --> 00:24:46.655
that particular vehicle,

559
00:24:47.115 --> 00:24:48.135
and it'll compare it

560
00:24:48.135 --> 00:24:49.935
to the maintenance costs of that vehicle.

561
00:24:50.335 --> 00:24:51.695
'cause all of that data goes in there,

562
00:24:52.365 --> 00:24:54.815
it's connected within our abula system, for example.

563
00:24:55.235 --> 00:24:58.995
And so now it can bring, it can bring forth, you know,

564
00:24:58.995 --> 00:25:00.075
where you, you cross

565
00:25:00.075 --> 00:25:01.995
that threshold in which you're no longer

566
00:25:02.645 --> 00:25:03.915
profitable for that vehicle.

567
00:25:04.465 --> 00:25:07.795
Time to move that vehicle before it gets too many miles.

568
00:25:07.855 --> 00:25:09.195
And then it goes the other way, right?

569
00:25:09.195 --> 00:25:10.475
Where you're starting to lose money.

570
00:25:10.895 --> 00:25:12.395
So it'll actually, this, this types

571
00:25:12.395 --> 00:25:14.595
of software will actually give you that level of capability

572
00:25:14.595 --> 00:25:17.995
and understanding, again, big rental has always had this,

573
00:25:18.055 --> 00:25:19.755
or this had it for a long, long time.

574
00:25:20.255 --> 00:25:22.515
Now your smaller and mid-sized players have

575
00:25:22.515 --> 00:25:23.675
this level of capability.

576
00:25:24.665 --> 00:25:26.355
It's important to running a good business.

577
00:25:27.505 --> 00:25:29.145
I think that's really important to bring up.

578
00:25:29.145 --> 00:25:30.265
And I think that's also something

579
00:25:30.265 --> 00:25:32.785
that you're gonna be talking about at an upcoming event.

580
00:25:32.975 --> 00:25:36.265
Correct. Where you'll be, um, you know,

581
00:25:36.265 --> 00:25:38.425
answering these tough questions for the smaller,

582
00:25:38.625 --> 00:25:39.865
smaller rental companies.

583
00:25:39.865 --> 00:25:41.265
You know, how do I stay competitive?

584
00:25:41.325 --> 00:25:42.705
How do I become profitable?

585
00:25:43.165 --> 00:25:45.985
Um, so that was one area that you, you know, having access

586
00:25:46.045 --> 00:25:47.265
to the right technology.

587
00:25:47.615 --> 00:25:50.185
What are some of the other ways that, that you'll be, uh,

588
00:25:50.335 --> 00:25:52.625
sharing with the audience about how a,

589
00:25:52.705 --> 00:25:54.425
a smaller rental company can stay competitive?

590
00:25:55.785 --> 00:25:57.115
Yeah. So again, um,

591
00:25:57.465 --> 00:26:00.875
marketing obviously will be talking about that upselling

592
00:26:01.415 --> 00:26:05.955
things like roadside assistance, collision insurance,

593
00:26:05.955 --> 00:26:08.195
collision waivers, right?

594
00:26:08.265 --> 00:26:10.115
When they don't have rental car coverage.

595
00:26:10.205 --> 00:26:13.075
Those are all automatic things that you can increase your

596
00:26:13.655 --> 00:26:16.275
fur rental earnings,

597
00:26:16.485 --> 00:26:18.875
which increase your parental profits, right?

598
00:26:18.875 --> 00:26:22.195
Because that's, that's typically money, um, directly

599
00:26:22.195 --> 00:26:24.315
to your bottom line on a parental basis.

600
00:26:24.935 --> 00:26:27.955
We teach them about, and talk about things like looking at

601
00:26:27.955 --> 00:26:30.355
your fleet as a whole, like everybody does

602
00:26:30.975 --> 00:26:32.395
per will really push it that way,

603
00:26:32.855 --> 00:26:34.755
but also looking at, it's very important

604
00:26:34.755 --> 00:26:37.115
to understand it on a per vehicle basis.

605
00:26:37.205 --> 00:26:41.315
Right? And so what do you need to do to drive a,

606
00:26:42.065 --> 00:26:43.915
you know, a adaptability

607
00:26:43.935 --> 00:26:47.515
or adaptability in the rental car space for certain vehicles

608
00:26:47.515 --> 00:26:48.875
that might not be performing

609
00:26:49.495 --> 00:26:51.515
to the optimum level that you want to?

610
00:26:51.545 --> 00:26:52.835
What does it take to do that?

611
00:26:52.885 --> 00:26:55.155
We'll talk about things like that, right?

612
00:26:55.175 --> 00:26:57.635
And the, the, the, uh, event

613
00:26:57.635 --> 00:27:00.075
that you're talking about is the International Car Rental

614
00:27:00.105 --> 00:27:03.115
Show in Las Vegas coming up in mid, mid-April.

615
00:27:03.135 --> 00:27:06.315
And it's, you know, it's every year in April and Las Vegas.

616
00:27:06.455 --> 00:27:09.955
So, yeah, that's it. It's, it's a great place for anybody

617
00:27:09.985 --> 00:27:12.755
that might be watching this podcast to go network

618
00:27:12.865 --> 00:27:16.035
with people that are in this industry and learn from them.

619
00:27:16.535 --> 00:27:18.835
Mm-Hmm. Uh, some of the other experts that are out there.

620
00:27:20.095 --> 00:27:21.795
So we are, what about trim levels, Trent?

621
00:27:21.975 --> 00:27:24.635
Are they, do you, is leather

622
00:27:25.575 --> 00:27:27.115
get its money's worth?

623
00:27:27.335 --> 00:27:31.115
Um, can you just go base, base level? What do people want?

624
00:27:32.255 --> 00:27:34.555
Um, depends on the marketplace again.

625
00:27:34.655 --> 00:27:39.515
So, uh, if you're looking at, uh, economy, cars base,

626
00:27:39.745 --> 00:27:42.675
base level stuff, 'cause again, it's about the price point.

627
00:27:43.115 --> 00:27:45.275
Hmm. But if you, a lot, a lot of my, a lot

628
00:27:45.275 --> 00:27:47.075
of my members are in the luxury space.

629
00:27:47.475 --> 00:27:50.795
I mean, these folks are renting $250,000 assets.

630
00:27:50.865 --> 00:27:52.875
Well then that's pretty obvious they're

631
00:27:52.875 --> 00:27:53.915
gonna be loaded with everything, right?

632
00:27:53.975 --> 00:27:55.835
Mm-Hmm. So, um,

633
00:27:56.615 --> 00:27:59.435
and then anywhere in between, you know, you see a lot

634
00:27:59.435 --> 00:28:01.515
of Cadillac Escalades, they're pretty well loaded,

635
00:28:01.575 --> 00:28:03.875
but you'll see the same vehicle in a suburban

636
00:28:03.975 --> 00:28:07.585
or a Yukon, it's gonna get 20,

637
00:28:07.585 --> 00:28:09.185
$30 less per day,

638
00:28:09.565 --> 00:28:11.785
but it doesn't have to then have that level of trim

639
00:28:12.085 --> 00:28:13.985
and it can compete with an Escalade,

640
00:28:14.525 --> 00:28:18.875
and you'll get the lower end buyer that still needs a seven

641
00:28:18.875 --> 00:28:20.675
or eight passenger vehicle, big vehicle

642
00:28:20.895 --> 00:28:22.355
to haul cargo in their family,

643
00:28:23.165 --> 00:28:24.665
but they don't necessarily care whether

644
00:28:24.665 --> 00:28:26.705
or not it has leather seats.

645
00:28:26.915 --> 00:28:29.585
Right. Or heated seats in Florida.

646
00:28:31.815 --> 00:28:35.045
Right. Uh, well, so we are coming up on our time.

647
00:28:35.065 --> 00:28:36.765
So just a, a couple more questions.

648
00:28:37.305 --> 00:28:41.325
Um, in, in a, clearly it seems there's a, a

649
00:28:41.955 --> 00:28:45.085
opportunity and room to grow for the smaller rental player.

650
00:28:45.305 --> 00:28:47.805
So, uh, I imagine if someone is,

651
00:28:48.025 --> 00:28:50.285
is thinking about transitioning from a peer to peer

652
00:28:50.305 --> 00:28:53.485
and getting into a private rental, that's something that you

653
00:28:54.255 --> 00:28:55.925
would say, Hey, go for it.

654
00:28:55.925 --> 00:28:57.125
Because there's lots of opportunity.

655
00:28:57.275 --> 00:28:59.885
It's not purely dominated by the big players.

656
00:29:01.035 --> 00:29:04.445
Yeah, absolutely. In fact, we, we really tell them, I,

657
00:29:04.605 --> 00:29:08.485
I don't, I do not advocate for making the leap

658
00:29:08.595 --> 00:29:10.245
with both feet, right?

659
00:29:10.355 --> 00:29:11.415
If you're a peer to peer,

660
00:29:11.415 --> 00:29:13.775
and let's say you've got 20 vehicles

661
00:29:13.975 --> 00:29:17.295
or even 10 vehicles, take two or three of those vehicles

662
00:29:17.795 --> 00:29:20.175
and put 'em in, put 'em in private, right?

663
00:29:20.175 --> 00:29:23.055
Which means you're gonna have to have, uh, a booking

664
00:29:23.055 --> 00:29:26.855
and billing website immediately, um, to take your bookings

665
00:29:26.955 --> 00:29:29.095
and then start driving, do your personal marketing.

666
00:29:29.395 --> 00:29:31.655
We teach them how to do that, what you need to look

667
00:29:31.655 --> 00:29:33.455
for there, all of those types of things,

668
00:29:34.675 --> 00:29:35.975
and get a feel for it.

669
00:29:35.995 --> 00:29:39.215
And then adjust your business plan to your market.

670
00:29:39.795 --> 00:29:43.085
And then as you start to see the profitability that so many

671
00:29:43.085 --> 00:29:45.165
of 'em are talking about now, people

672
00:29:45.165 --> 00:29:46.445
that are moving from peer to peer

673
00:29:46.445 --> 00:29:47.765
to private are saying they're much

674
00:29:47.765 --> 00:29:48.925
more profitable and private.

675
00:29:49.195 --> 00:29:50.445
Well, there's a reason for that.

676
00:29:50.625 --> 00:29:54.645
Number one, I'm not giving 25% to Turo, right? Mm-Hmm.

677
00:29:54.905 --> 00:29:57.205
So, but again, there's additional costs for

678
00:29:57.205 --> 00:29:58.565
that to be private.

679
00:29:59.065 --> 00:30:00.445
So you have to understand all that.

680
00:30:00.465 --> 00:30:04.805
So start small, get your feet wet, you know, grow and adapt,

681
00:30:05.655 --> 00:30:07.435
and then add more vehicles.

682
00:30:07.615 --> 00:30:10.435
And maybe at some point you don't have any left on Turo,

683
00:30:10.435 --> 00:30:11.635
you're not fully prid.

684
00:30:12.045 --> 00:30:15.235
Right. Take your time, do it. Right. No rush.

685
00:30:15.695 --> 00:30:17.155
That's great. Great advice.

686
00:30:17.655 --> 00:30:20.315
And so, you know, things do change so quickly,

687
00:30:20.615 --> 00:30:23.155
as we've talked about on this podcast, uh, many,

688
00:30:23.155 --> 00:30:24.195
many times before.

689
00:30:24.895 --> 00:30:26.355
How do you see things evolving

690
00:30:26.695 --> 00:30:28.355
for the independent car rental company,

691
00:30:28.505 --> 00:30:30.515
even in the next two or three years?

692
00:30:31.495 --> 00:30:34.025
Yeah, absolutely. I think technology's going to continue

693
00:30:34.025 --> 00:30:38.275
to evolve, um, which is gonna create great opportunities

694
00:30:38.495 --> 00:30:39.915
for the whole industry as a whole.

695
00:30:40.635 --> 00:30:42.435
I also see government potentially,

696
00:30:42.775 --> 00:30:46.955
and something to keep, keep the radar, you know, on for

697
00:30:47.095 --> 00:30:50.435
as government's involvement, uh, in driving some

698
00:30:50.435 --> 00:30:52.755
of the things like I've seen with the electric cars.

699
00:30:53.435 --> 00:30:55.355
Hmm. And so if they start to, I mean,

700
00:30:55.355 --> 00:30:57.155
government now is getting to the point

701
00:30:57.155 --> 00:30:59.315
where they could start to mandate,

702
00:30:59.455 --> 00:31:02.595
and it doesn't necessarily mean it has to be federal either.

703
00:31:03.055 --> 00:31:05.195
It could be at a state level or a market level.

704
00:31:05.415 --> 00:31:07.355
If you're gonna be in peer-to-peer, you have

705
00:31:07.355 --> 00:31:08.635
to have all electric cars.

706
00:31:09.835 --> 00:31:12.815
You, you could potentially, I say potentially,

707
00:31:12.835 --> 00:31:15.495
and I underline that word, see something like

708
00:31:15.495 --> 00:31:17.535
that at some point, because they're pushing an agenda.

709
00:31:18.455 --> 00:31:20.955
So again, if you go private, you don't have to listen

710
00:31:21.015 --> 00:31:24.955
to some of that stuff unless it becomes a legal issue

711
00:31:24.955 --> 00:31:27.875
because government mandates certain things, right?

712
00:31:27.895 --> 00:31:31.715
So al always something to consider Mm-Hmm. Um,

713
00:31:32.615 --> 00:31:34.835
Or be prepared to move all your electric fleet

714
00:31:34.975 --> 00:31:38.075
to a warm state, right? Which

715
00:31:38.695 --> 00:31:40.595
You have coho, co-hosting capabilities

716
00:31:40.695 --> 00:31:42.035
to do it literally immediately.

717
00:31:42.245 --> 00:31:44.995
Right. Um, at least to get you, get you going

718
00:31:45.015 --> 00:31:46.315
and keep those vehicles renting.

719
00:31:47.135 --> 00:31:49.825
Very cool. Really great conversation. Thank you, Trent.

720
00:31:50.245 --> 00:31:53.785
Um, let's end things with a fun lightning round, shall we?

721
00:31:54.295 --> 00:31:57.625
Sure. All right. Five quick, quick questions.

722
00:31:58.205 --> 00:32:01.105
And, uh, you know, this could be a couple word answers.

723
00:32:01.165 --> 00:32:04.145
You don't have to make a a, a long explanation.

724
00:32:04.145 --> 00:32:05.545
Anyway, here we go. What

725
00:32:05.545 --> 00:32:07.425
was your dream car when you were a kid? Oh,

726
00:32:08.125 --> 00:32:09.165
You're touching my heart.

727
00:32:10.385 --> 00:32:14.045
So, I, I restore old classic and muscle cars.

728
00:32:14.665 --> 00:32:16.125
Ooh, car. Yeah.

729
00:32:16.125 --> 00:32:17.845
So my dream car, when I was in high school,

730
00:32:17.985 --> 00:32:20.405
my best friend had a 69 Camaro Ss

731
00:32:21.155 --> 00:32:22.155
Nice. Always wanted

732
00:32:22.155 --> 00:32:23.885
them, always wanted one.

733
00:32:24.025 --> 00:32:26.725
And I specifically wanted an RSSS big block,

734
00:32:27.555 --> 00:32:30.615
or a Z 28, a little bit more sought

735
00:32:30.615 --> 00:32:33.335
after, um, not so much mainstream.

736
00:32:33.475 --> 00:32:38.175
And I did end up acquiring one somewhere around 2005.

737
00:32:38.175 --> 00:32:39.925
Worked on it for about five years.

738
00:32:40.145 --> 00:32:44.055
And so, you know, that car now is worth a ton of money, um,

739
00:32:44.835 --> 00:32:45.975
and a lot of fun to drive.

740
00:32:46.165 --> 00:32:48.015
Very, very fun to drive.

741
00:32:48.315 --> 00:32:52.175
Um, but I also have, uh, old classic cars

742
00:32:52.175 --> 00:32:53.615
that I've restored with my father.

743
00:32:54.045 --> 00:32:55.935
He's got a 48 Merck coop.

744
00:32:56.795 --> 00:33:00.495
Uh, and then we have a, uh, 40 Chevrolet pickup with

745
00:33:01.005 --> 00:33:02.815
it's burnt orange with ghost flames.

746
00:33:02.875 --> 00:33:04.215
It literally wins every,

747
00:33:04.945 --> 00:33:06.575
every show we take it to. It wins. I

748
00:33:06.575 --> 00:33:07.775
Was gonna say, someone goes to a lot

749
00:33:07.775 --> 00:33:09.175
of shows, car shows you want.

750
00:33:09.175 --> 00:33:11.015
Oh, yeah. Yeah. That's awesome.

751
00:33:11.955 --> 00:33:13.575
So yeah, no, it's, it's, it's fun.

752
00:33:13.875 --> 00:33:15.255
And I enjoy working on 'em.

753
00:33:15.445 --> 00:33:18.085
Well, you know, uh, as you get older,

754
00:33:18.145 --> 00:33:19.645
my dad doesn't wanna work on 'em anymore.

755
00:33:19.645 --> 00:33:22.725
It's too hard to get in and out of a vehicle or up,

756
00:33:23.185 --> 00:33:24.725
Up from underneath. Yeah, I get it.

757
00:33:25.465 --> 00:33:27.165
Oh, that's me. He sends me down there.

758
00:33:27.625 --> 00:33:28.925
Got it. All right.

759
00:33:29.185 --> 00:33:31.645
Do you or would you ever drive electric? Yeah,

760
00:33:31.935 --> 00:33:32.935
I mentioned it earlier.

761
00:33:33.135 --> 00:33:35.055
I would love, I would love to try one.

762
00:33:36.075 --> 00:33:38.355
I, because I'm in Minnesota, I wouldn't own one.

763
00:33:38.395 --> 00:33:40.395
I don't think it, for me personally, it makes a lot

764
00:33:40.395 --> 00:33:42.995
of sense, but definitely wanna, I wanna try it

765
00:33:42.995 --> 00:33:44.915
and I wanna see what the hype's all about.

766
00:33:44.915 --> 00:33:46.995
Right. So they

767
00:33:46.995 --> 00:33:47.995
Are, they are quite fun.

768
00:33:48.075 --> 00:33:49.555
I I always say it's like driving a souped

769
00:33:49.555 --> 00:33:50.595
up golf cart a little bit.

770
00:33:51.775 --> 00:33:54.675
Um, will there always be a market

771
00:33:54.695 --> 00:33:56.195
for peer-to-peer car sharing?

772
00:33:56.815 --> 00:34:01.445
Oh, I believe so. Absolutely. Um, I think it will evolve.

773
00:34:01.575 --> 00:34:04.485
We've been talking a lot about that, a lot of evolutions, so

774
00:34:05.165 --> 00:34:08.205
I, you know, we'll, we'll see where all of that goes.

775
00:34:08.255 --> 00:34:10.565
We'll see what legislation does to it as well.

776
00:34:11.265 --> 00:34:14.005
Um, over time, you know, the things like how you can't go

777
00:34:14.005 --> 00:34:17.245
to an airport, the things that limit your ability

778
00:34:17.305 --> 00:34:21.125
to be successful there, um, become a burden for those folks.

779
00:34:21.225 --> 00:34:22.605
And some people may not want to,

780
00:34:22.625 --> 00:34:24.925
but I think it, I think it'll be here for quite a while.

781
00:34:25.665 --> 00:34:28.715
Okay. Will we ever be a fully autonomous society?

782
00:34:29.865 --> 00:34:33.055
Fully autonomous society? Um, I don't know.

783
00:34:33.595 --> 00:34:35.735
I'm not quite sure exactly

784
00:34:35.845 --> 00:34:37.695
what you're referring to there. Um,

785
00:34:37.695 --> 00:34:39.775
Autonomous mobility, autonomous cars,

786
00:34:39.865 --> 00:34:41.335
autonomous everything.

787
00:34:41.335 --> 00:34:42.335
Okay.

788
00:34:42.655 --> 00:34:46.045
Yeah. Major markets, things like that.

789
00:34:46.045 --> 00:34:47.405
That probably makes a lot of sense.

790
00:34:47.405 --> 00:34:50.285
Technology's gonna drive a lot of that, obviously.

791
00:34:51.345 --> 00:34:55.435
Um, peer to peer is kind of the test market for some of

792
00:34:55.435 --> 00:34:57.475
that, especially if you look at the get around model

793
00:34:58.245 --> 00:35:00.995
where we used to take, uh, one of our vehicles in,

794
00:35:01.175 --> 00:35:04.235
in Honolulu, and we'd park it in a ramp right in the heart

795
00:35:04.235 --> 00:35:07.865
of Honolulu, where literally thousands of people,

796
00:35:08.505 --> 00:35:11.625
tourists could walk to that vehicle in five or 10 minutes.

797
00:35:12.435 --> 00:35:15.615
But the Getaround model is more on the hourly basis versus

798
00:35:15.715 --> 00:35:17.375
the churro model, which is by the day.

799
00:35:18.035 --> 00:35:19.695
But that car rented constantly.

800
00:35:19.755 --> 00:35:23.855
It would go out multiple times a day, you know, so I,

801
00:35:24.015 --> 00:35:26.975
I think that you're seeing that, you're seeing, you know,

802
00:35:26.985 --> 00:35:30.905
other forms of transportation also playing into that

803
00:35:30.905 --> 00:35:32.625
as well, especially in your major markets.

804
00:35:33.875 --> 00:35:38.005
Okay. Last question. Elon Musk, genius or Mad Men?

805
00:35:39.445 --> 00:35:42.815
Elon Musk is a business person, first and foremost.

806
00:35:42.965 --> 00:35:44.735
He's a business person. He is smart.

807
00:35:45.865 --> 00:35:49.245
He sees areas of opportunity and he exploits them.

808
00:35:50.075 --> 00:35:51.495
Um, and so it's,

809
00:35:51.495 --> 00:35:53.055
it's driving the whole electric

810
00:35:53.055 --> 00:35:54.255
car market right now, correct?

811
00:35:54.435 --> 00:35:58.695
Mm-Hmm. Oh. Um, I don't think he's a madman.

812
00:35:58.735 --> 00:36:00.575
I think he's very smart in what he does.

813
00:36:01.285 --> 00:36:02.415
He's very calculated

814
00:36:03.315 --> 00:36:07.815
and, uh, uh, I think he is shaping a lot of industries.

815
00:36:07.885 --> 00:36:10.135
Even beyond, right. Even beyond space

816
00:36:10.135 --> 00:36:11.215
Exploration. Yeah. Mm-Hmm.

817
00:36:11.715 --> 00:36:13.775
Car rental industry or car industry

818
00:36:13.775 --> 00:36:15.295
and just in general. Yeah. Mm-Hmm.

819
00:36:16.005 --> 00:36:17.455
Yeah. I, I would have to agree.

820
00:36:17.515 --> 00:36:20.455
He is, he is a force, force of nature that's

821
00:36:20.975 --> 00:36:23.095
changing things, whether you like it or not, so.

822
00:36:23.685 --> 00:36:25.935
Well, this has been a lot of fun, Trent.

823
00:36:25.935 --> 00:36:27.095
Thank you so much for joining us,

824
00:36:27.555 --> 00:36:30.415
and thanks to everybody out there, um, who also listening

825
00:36:30.415 --> 00:36:31.575
to another episode of Mile Marker.

826
00:36:31.955 --> 00:36:34.855
So until next time, have a great, have a great one.

827
00:36:35.185 --> 00:36:36.815
Thank you. Thanks

828
00:36:36.815 --> 00:36:38.255
for listening to the Mile Marker podcast.

829
00:36:38.715 --> 00:36:40.975
If you liked what you heard today, give us a, like,

830
00:36:41.065 --> 00:36:42.655
share this episode on social media

831
00:36:42.995 --> 00:36:45.695
and even take a minute to give us a review on iTunes

832
00:36:45.695 --> 00:36:47.535
or wherever you listen to your podcasts.

833
00:36:47.955 --> 00:36:50.255
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834
00:36:50.255 --> 00:36:52.615
for future episodes full of insights

835
00:36:52.615 --> 00:36:55.575
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