Ull parks the cars in lots near subway stations. If a car has not been returned and a similar car is not in the lot, members can take the subway two stops and get a car in seven minutes. Or, Mint will put the renter in a car in the closest available lot and pay for the cab ride, “with an apology,” Ull says.
Ull says it is extremely rare to not be able to satisfy a reservation. His goal is to have cars every eight to 10 blocks throughout Manhattan.
Making Money
Mint’s rates range from $9 to $13 an hour during the week, and $69 to $99 per day. On the weekend, cars rent from $11 to $17 an hour and $99 to $155 for the day, with the Mercedes taking the top rate.
Mint offers a Monday to Thursday, 8 a.m. to 5 p.m. special of $5 an hour for the economy fleet, which works well for businesses such as contractors and architects and moms on driving duty, Ull says.
“We were sure we’d sell out every weekend, especially April to September,” Ull says. “Keeping a low price point during the week worked to our advantage to keep utilization high. During the week, it’s gravy.”
Mint’s revenue per unit is $1,700 to $2,000 a month. Ull looks at adding fleet when utilization regularly goes higher than 30 percent. “Turnover is the key,” Ull says. “Three reservations for five hours a day is a wonderful thing.”
Guerilla Marketing
Ull made a splash with a “try us” rate of $2 an hour during business hours from January to June of this year. Mint waived the application fee for drivers signed up with another program.
The marketing budget is small and mostly guerilla, in the form of street marketing near subway stops and parks. Ull used his real estate contacts to leave brochures in buildings.
On the business-to-business end, Ull has focused on small businesses due to Mint’s fleet size. “We’re growing organically, as a community-based business,” he says.
It’s Up to You, New York, New York
How does Ull view the future of the market, and his chances in it?
“It’s a great idea, a green idea,” says Ull. “In an [urban] environment like this, with the cost of owning, parking and insuring a car, I haven’t seen anything that makes more sense.
“New York is the largest car sharing market on the planet. I’m definitely in the right place.”
Ull expects to break even or become profitable by the end of this year—not bad for a company that started last October. “I’m not waiting three years to make money at this,” he says.
“Everyone likes a local company run by locals, so we have that going for us,” Ull says. However, Ull is well aware of the difficulties in getting a car sharing operation off the ground as an independent company. Having the parking component already covered was Ull’s greatest advantage.
“If I wasn’t in a car parking business, I wouldn’t own a car sharing business right now,” he says.