Renting a Ride

[emerilnut]

Guys, I've been given an opportunity to rent my car out to someone for a school....

But I have like NO IDEA on what to charge....

so? guys?

how much did you pay?
how much did you charge?
what kind of agreement did you set up?
what different levels of service are there? full crew? since I was thinking of going to that school anyway to crew for another friend.

what kinds of questions should I be askin?
what kind of questions should I be prepared to answer?

The "client" is going to be doing a double school at Roebling Road: 3 days on track, 2 sim races.

Thanks for the help, guys.

[dave parker]

Stan
This is one of the hardest issues to ever face in racing, renting/lending your car to someone.
Several things that need to be laid out in the beginning:

Cost : the average for a school seems to be 900.00 to 1800.00 depending on crew, tires , fuel. I have rented my car for a school and charged the renter 1100.00, which got him me as crew, Toyo RA1 tires with half a season on them, he paid for the fuel.
My renter had a great school with no car problems. All he had to do was worry about driving the car and learning.

Damage: You and your renter need to agree in writing who is responsible for what and how much the responsible person should pay. Hence the need for the contract.

Contract: You should have a contract. The contract sets the ground rules for damage responsibility as well as the rental fee, the total loss value of the racecar, and most importantly a hold harmless clause to protect you should something really bad happen to your renter (motorsports are dangerous, you can be hurt, killed or worse).

When I rent my car now I have the renter write me three checks, the first is a nonrefundable deposit to hold the car ($300.00, mine if the renter bails out of the school and the rental on Thursday of the school, one did), the second is the balance of the rental fee ($800.00), and the third is a check for $6500.00 which is the total loss value of the vehicle. When the renter returns the undamaged car back to me I hand them back the $6500.00 check. This has worked well for several years now.
Be careful dealing with people that cannot afford to pay, if your potential renter looks at you and says "I can't afford to wreck your car" they probably cannot afford to pay you for any damage either. Beware! My first racecar was wrecked by a renter who swore to me and my wife that they would "make things right". She didn't and I ate the $1700.00 in damage. It was a bad situation, it cost my wife a friend and me alot of cash and a winters worth of work fixing the car. Since then no one besides me gets behind the wheel without signing the contract and writing the check, period.

For the Double school you should charge more as the car will be on the track more. I would think at least $1600.00. But I am a capitalist pig .

If you need a copy of a rental contract PM me.

cheers
"dangerous" dave parker

[Knestis]

Don't forget to consider the amortized cost of the car, over some sensible lifespan. Some who rent cars get direct expenses covered but shortchange themselves in terms of the value of their time and the capital investment in the hardware.

K

[StephF]

Originally posted by dave parker@Dec 7 2005, 05:01 PM


Contract: You should have a contract. The contract sets the ground rules for damage responsibility as well as the rental fee, the total loss value of the racecar, and most importantly a hold harmless clause to protect you should something really bad happen to your renter (motorsports are dangerous, you can be hurt, killed or worse).

[snapback]67542[/snapback]

Um, what qualifies as "or worse" then getting killed? Not getting killed?
:huh:

[John Herman]

Worse than getting killed...........I don't want to sound gruesome but, one person I am aware of lost both legs in a horrific accident. It was an open wheel car at MO (SCCA national race). I could think of many such examples, but its not a fun exersize. Yeah......I can think of a lot worse things than getting killed. Give some thought to the significant other who may be forced to care for you. All of us should give some thought to "what's the worse that can happen?" when we go out on the track (or purchase safety equipment), because a smashed up car is no where near that point.

[dave parker]

Stephanie
I agree with John Herman.

Yes, there are things worse than death, MARRIAGE, screams to the front of my brain.So does CELEBACY.

But in all seriousness, a permanently disfiguring injury or an injury that drastically changes my ability to live, thrive and generally be a pain in the ass to the world would be worse than dying.

An insurance adjuster said to me one time " People killed in a car crash cost the insurance company about $150,000. People in that same car crash that lived but were permanently disabled cost the insurance company many, many times that."

Not a happy group of thoughts but something that needs to be considered.

cheers
"dangerous" dave parker

[Andy Bettencourt]

Our contract is more that a few pages and is actually designed to scare the potential customer. It hasn't cost us business yet, but I hope it will someday.

There can be nothing unspoken.

AB

[emerilnut]

Thanks everybody!!!!


Dave: thanks for the copious amount of info! That's exactly what I was looking for!

Andy: any chance I can get a copy of that contract that you use? PM me.