As the popularity of the sharing economny continues to increase, MPH Club is offering a shared service that allows luxury car owners in Miami to earn a profit.
Currently, MPH Club is an exotic car rental company that has a wide selection of luxury cars that vacationers and party-goers can choose from to cruise Ocean Blvd in style. Some of their rental options include:
- Rolls Royce
This is not an exhaustive list and one reason that they have such a wide selection is that they allow ordinary people (who own a luxury car) to list their car for rent. This service is very similar to Airbnb, which allows people who have extra room or property to list it for rent.
In a similar style to Uber or Turo, MPH Club helps connect people who own luxury cars to those who are looking to rent a luxury car. In a city like Miami, this turns out to be quite a few people.
MPH is positioned perfectly for this kind of service because of the city that they're in. Miami is an incredibly popular vacation destination and they constantly have new customers flying in for weekend trips. There is also a lot of money already in Miami. This means that there are lots of people who might be interested in listing their cars with MPH Club.
Some of the higher-profile customers are touted on the MPH Club website and include Floyd Mayweather, Shaquille O'Neal, and Steve Aoki.
The process works like this:
- Owners of a luxury car can lend their car to MPH Club.
- MPH Club will then hold the car in their warehouse and offer it as an option to any customers that reach out. In this sense, MPH Club handles all of the logistics and marketing of renting out the luxury car.
- If the car rents, then the two parties split the profits. Since most of their cars rent for approximately $1,000/day, even just renting a car for a few days per month can turn into quite a profitable venture.
This is a win/win relationship because it allows MPH Club to offer a wider selection of vehicles to its customers. MPH Club can offer a bigger selection without drastically increasing their overhead or needing to purchase millions of dollars' worth of new cars.
On the other hand, this is a good relationship for the car-owner because they have the potential to earn passive income from what is otherwise an expensive liability. The majority of people who own a vehicle like a Maserati, Lamborghini, or Bentley aren't using it to drive to the grocery store during the week. They don't want to risk damaging it and instead will save it for big events.
For these types of people, MPH Club offers a unique service that allows them to profit off of their expensive luxury cars when they're not using it.
MPH Club operates in Miami, Ft. Lauderdale, Boca Raton, West Palm Beach, Naples, Orlando, Tampa, Jacksonville, and Tallahassee. People in any of these cities (or surrounding suburbs) are able to contact MPH Club and inquire about the partnership program.
After a quick examination of the MPH Club website:
- The most expensive car is the Bugatti Veyron at $25,000 per day.
- The cheapest options are the Jeep Wrangler and Cadillac Escalade which both rent for $395 per day.
- Most options tend to be in the $1,000-$2,000 price range per day.
The potential earning capacity for those looking to rent out their car will be dependent on the type of car that they own and the number of times that it rents out each day.
Let's take a quick look at a hypothetical example:
If a person owns a Lamborghini Urus and wants to rent it out through MPH Club, it will rent for approximately $1,300 per day. Assuming that the car rents out one day each weekend (say every Saturday), then the car will bring in about $5,200 in revenue for MPH Club. This number will most likely be a little smaller due to any taxes and fees.
This $5,200 is then split between MPH Club and the owner of the car. Both parties will take home $2,600 for the month. If the owner of the car is used to getting $0/month from the car then this is a pretty successful partnership.
That being said, there is no way to tell how much a car will rent and it will depend on the month, make of the car, and city where it is listed.