Shared ownership of sports cars
I made this!
///spam but not exactly spam alert///
I've been a member on here for a very long time (even got front paged the other week!), so I know the nazis are going to start shouting spam.
But it's something that I'm making, and I'm quite proud of it - so screw you guys:D
///spam but not exactly spam alert///
This is the holding page for my new company that i'm setting up.
It centres around the fact that most people who buy track day cars spend in the region of 40 grand on a beautiful car, and then leave it in a garage for about 355 days of the year.
Why not split the ownership of the car with a bunch of other people and share all of the maintenance costs etc. You'll still get to drive your car (virtually) whenever you want, and still have that sense of ownership. The only sacrifice is occasionally having to share. And I'm sure you can remember what your mum told you about sharing.
Anyway - we're still a way away from getting it live, but if you want to find out more or enter your email address so that we can tell you when we do go live - click the link.
Thanks!
(
HoratioFellatio Taking the the out of psychotherapist, Tue 8 Mar 2011, 13:30,
Reply)
I could lease you my Mini Metro City for the day if you like.
It's lush and has two wing mirrors.
(, Tue 8 Mar 2011, 13:37, Reply)
As long it's got go-faster stripes and a Halfords spolier - I'm in.
(
HoratioFellatio Taking the the out of psychotherapist, Tue 8 Mar 2011, 13:45,
Reply)
I'll take an Austin Metro if you have one kicking around...
en.wikipedia.org/wiki/Austin_Metro#Metro_6R4_rally_car
380hp V6, 4-wheel-drive, mid-engined, short wheelbased, with oversized spoilers front and rear?
What could possibly go wrong!?
(, Tue 8 Mar 2011, 14:21, Reply)
probably the scariest car I ever saw, excepting the S200 (in flames)
Group B really was fucking awesome, glad I was there
(
spagaroony, Tue 8 Mar 2011, 15:59,
Reply)
It's complicated - true
We're still trying to find an underwriter who can give us a decent insurance package, but legally, fractional ownership of assets isn't a new thing.
We're using some pretty cool technology to keep everything fair, and I'm currently working on the booking system to ensure that everyone get's fair access to the car.
It's hard - but as they say - it wouldn't be worth doing if it wasn't. We just want to make it easy for the punter.
Thanks for the support.
(
HoratioFellatio Taking the the out of psychotherapist, Tue 8 Mar 2011, 13:57,
Reply)
So what exactly does the company do?
The people who buy-in actually end up owning the car, and you take a fraction of the profits? Or you keep the cars fixed and running?
What's to stop people just doing this themselves, and advertising it in a car magazine or newspaper?
I'm not slagging off the idea, just intrigued. I'm interested in starting a company myself. Also, I didn't intend to sound like Duncan Bannatyne at any point.
Also...SPAMMITY SPAM SPAM! :P
(
guffguff fuckes your gradeds balls!, Tue 8 Mar 2011, 13:53,
Reply)
No worries
The idea is that we provide a legal and support framework for people wishing to enter a shared ownership agreement.
We do all of the paperwork to enable a legally binding contract, and then manage the storage, servicing and repairs. You book your time slot, get to the storage centre, drive around for a bit, then bring it back. We do the rest.
We make our cut by doing deals with storage facilities/mechanics/tyre suppliers/track owners etc. to get a small discount - and we pocket the difference.
So yes - you do actually own (a share) of the car. It benefits us, as there is no startup capital required, and therefore little to no risk.
Anyone could sell a share in their own car - but they'd need to get a whole load of legal contracts in place first, and would have to rely completely on trust that the other person was an honest type.
(
HoratioFellatio Taking the the out of psychotherapist, Tue 8 Mar 2011, 14:50,
Reply)
Be careful what you do with this.
My first thought: Not an entirely new concept. Damon Hill ran something like one of those, wonder if it's still going?
Oh.
www.carmagazine.co.uk/News/Search-Results/Industry-News/Damon-Hill-fights-to-wind-up-P1-supercar-club/
Your competition:
www.p1international.com/
You may well have a different model to them. They were more like a stable renting horses than joint ownership. Their prices are found on the website, but basically it costs more than I earn in a year.
Hope this helps, and good luck with it all!
(, Tue 8 Mar 2011, 14:25, Reply)
Yeah - it's similar, but a totally different business model
We don't buy the cars then, sell shares in them - we just let other people get into a deal with each other.
Therefore, we don't have all of the associated running costs, or risk from having to borrow gazillions of pounds to buy a fleet of Jeremy Clarkson's wet dream fodder.
With our current model, you can own a Lotus Exige S for 3 years (from new) for about £10k (annualised to about £3.3k per year) - which is a hell of a lot cheaper than buying one for yourself.
(
HoratioFellatio Taking the the out of psychotherapist, Tue 8 Mar 2011, 14:56,
Reply)
What if
you get some idiot who crashes it every time, a week before its my go?
(
TheSundaeLunch I'm a fucking shrub, alright?, Tue 8 Mar 2011, 14:41,
Reply)
A good question
and one that came up early in the planning stages.
Our solution is to have all groups opt in to a mutually beneficial courtesy car scheme. i.e - If person A from group 1 crashes and the car is in the garage for 2 weeks, person B(you, in this case) can request time in the car belonging to group 2.
My business partner and I are going to go halves on an Exige S, so that at the beginning, there is always a courtesy car available.
The other advantage of this scheme is that you get to try out other cars for free.
(
HoratioFellatio Taking the the out of psychotherapist, Tue 8 Mar 2011, 15:01,
Reply)