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Originally Posted by GTO If I could "buy time" of a Superbike, at a fraction of the ownership cost, the 3 disadvantages listed above aren't relevant anymore.
I do hope Mumbai figures in the plans of your proposed venture. Let me know where to sign up. Good luck. |
Thanks Rush for the encouragement. You would be the first few to get the details if this happens!
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Originally Posted by shimshumara Nitin, if you are waiting for people to say YES or a NO, here comes a YES from me.
This is an awesome idea, too good to be realistic. But given the current situation with glocal business models, hot and live networking this just gets easier.
Only challenge I see is the desires for a specific brand / make / model and if I could see them on your menu before I sign up. |
Buddy, not exactly a yes or a no. While I am convinced about the idea and the costing; certain legal and operational challenges is am trying to sort out. The reason for posting here is to get some resonance. With I being a first generation entrepreneur, the choice initially will be limited.
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Originally Posted by hiren.mistry Its a great idea. And I love to be a member.
Do we have similar concepts abroad, I've heard of timeshare's for super cars but not for bikes. |
Yes we do but it's more of a bike rental service. Multiple reasons - it's easier to get a car license than a bike license for starters. I feel, bikes are easier to buy and ride (lesser traffic hazards). Just to name a few.
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Originally Posted by marinegopi Superb idea.
Count me in. Its a YES for me. Though I am from Andaman islands I would gladly join, but would prefer if this membership facility is available at Chennai....which is closer to me. |
Well, Gopi, if it does start then Delhi it would be to start with. I hope your words do come true some day.
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Originally Posted by smartcat Huge number of challenges in setting up a business like this one!
1) Expect higher frequency of repair damages (= higher insurance costs) on superbikes as compared to supercars. Because, well, a vehicle with 2 wheels is less stable than a vehicle with 4!
2) Driving a supercar intimidates more people than riding a superbike. While a supercar club can expect serious & well heeled customers, the customer profile of a superbike club would be a couple of notches lower. Expect lots of applications from 18 to 25 year olds - the highest accident risk category, according to all insurance companies, world over.
To be successful, this business idea needs a strong fool-proof member application screening process. |
No wonder with the charts and graphs you prepare, the analytical brain is spot on!
- There just one club in Goa which actually is a legal rental service. What others usually do is get into a buyer seller agreement and 'buy back' the bike when you go to return. Indian RTOs provide a six month window for vehicles to be transferred so you hardly will find a rental for more than 6 months. This way the legal liability gets transferred. These generally are low end bikes and the renting agency can live on 3rd party insurance but not on a 11 lac OTR Harley.
- Member profiling is a MUST for 2 wheelers and would be key to the business model being successful; however that limits your market & inhibits the growth rate.
-18-25 would not be my majority target audience. I would say mid-30s / early 40s working professionals for whom the economies don't make sense but the mid-life crisis (i am 34 and in the same bracket so no offense intended to anyone
)and that subdued desire works; while a 15k per day rental doesn't pinch so much.
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Originally Posted by abeerbagul It would be a great idea, especially if clubbed together with rides organised by the same club. Something like Mahindra Great Escape, or Royal Enfield trips, but with bikes rented from the club for the ride.
E.g. If I want to ride a Harley worth 15L, it would definitely be on a weekend ride of anything between 250 - 500 km.
In this case, users would prefer to ride in an organised group rather than alone:
1. Ride with a group of like minded people
2. Service backup in case something goes wrong with the bike, or you run out of petrol, or you get a puncture.
3. A group keeps boy racers at bay, parking in resorts / roadside is safer with less unwanted people wanting a photo with your bike.
The greatest risk if you give the bikes out individually for people to ride as they please, then there are chances of dropping, scratching, over revving. God forbid in some uncontrolled street racing some user has a fatal accident, the legal hassles and negative publicity would be very bad. |
While I would eventually want to lead a tour once in a while, I still would not let my hobby become my profession as all love may be lost (pilot/sweep/support/reservation/medical phew!)
Below are the biggest challenges I see and any pointers / thoughts more than welcome!
- lessee profiling (should it only be through a closed group and then references)
- legal hassle of renting - it has to be a black plate with yellow number (self-drive rental) registration
- the bike insurance needs to cover medical, accidental medical and 3rd party both coverage : believe this would be a new kind of policy at least for India
- managing the deposit to be paid by the renter (not transaction)
- in case of arbitration between the lessor/lessee which body to go to? A 20 lac bike just may end up being at the court for the next 5 yrs while the matter gets settled!
- warranty coverage by the OEM - most OEMs do not or have limited warranty for rented motor vehicles - this in itself may kill the business plan!
I am very convinced of the idea but from a concept to a realization phase, what more that needs to be sorted out?
Thanks for reading and helping out!