November earnings weren’t great for my car sharing side hustle. It’s offically slow season with my Mustang convertible.
For November I had 5 rentals with a utilization rate of 43%. Not good.
Revenue less reimbursements came in at $798 with expenses totaling $300 even. That leaves $498 as profit. See detailed financials below.
As with previous monthly earnings reports this figure doesn’t include depreciation or other deferred costs (annual street parking, maintenance). For simplicity I’ve opted to use a more ‘cash-centric account’ flow.
I’m considering switching up th accounting to show depreciation and other deferred costs since they’re so important. My previous post outlines my thoughts on why Turo is great for reducing the cost of vehicle ownership for primary vehicles, not building fleets. At least it remains to be seen if fleets are actually making money but that’s a whole different story.
As mentioned earlier I expected to have a slow down in November reservations. To remedy this I tried explaining in my Turo Mustang profile how the November Northern California climate isn’t horrible convertible weather.
I should have also lowered my prices a bit more aggressively sooner than later. It’d be great if there was a better tool or alerts for this. I’m not too enthused with ‘auto-pricing’.
December is challenging. I’m out-of-town for half the month and right now I only have 1 short reservation. I’m concerned about the Mustang racking up street cleaning and parking vioaltions while I’m away. My ‘backup host’ isn’t around to help. I might have to take it off the market. Not that there’s huge demand anyways. Bummer.
If you’d like to chat about car sharing let’s connect. Happy to help.