Alex Munao, 24, joined the growing car-sharing movement a few years ago when his grandmother, who could no longer drive, gave him her 2006 Toyota Corolla.
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This planted a seed that bore more fruit late last year when, in November, Munao decided to dive back into the industry as a way to raise some extra cash.
In less than a year, his fleet of cars, which he rents out through Turo, has grown to 16, and he has no intention of stopping.
“The demand was really, really high,” Munao said.
High enough that with an estimated income of $160,000 this year, he was able to wave goodbye to his full-time sales job and go private in selling furniture.
“It was a lightning bolt,” Munao said of the moment, poring over spreadsheets, when he realized that if he scaled his fleet, he could turn his fledgling rental car empire into a full-time job.
“I think there will be at least 40 cars by the end of 2025.”
Like many entrepreneurs, one of Munao’s secrets to success was his ability to spot a trend and beat it.
“A lot of people in Sydney don’t want to own a car,” he said.
“In the last seven or eight years, especially, more people are relying on car sharing.”
This is especially true of Munao’s target market, as Turo tends to market to out-of-town tourists or locals looking for a longer trip, such as to the Blue Mountains or Hunter Valley.
Munao said there are many younger people getting on the car-sharing app, but middle-aged people are also increasing their fleets.
“It’s great to see,” he said.
But he is adamant about the work involved. Not only does it require meticulous planning—see the aforementioned spreadsheets—but there’s a lot of due diligence involved.
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For those looking to get started, Munao recommended looking for a reliable car that ideally costs $10,000 or less — and one they can pay cash for.
When the time comes to expand, he said, people should make sure they have a mechanic with them to review future purchases to make sure they’re worth the money.
And it’s worth investing, if possible, in vehicles of a similar make and make, which adds to ease of handling and, if nothing else, provides a useful set of interchangeable parts.
The next stage of Munao’s plan is to upgrade its storage.
It currently stores its fleet in a car park in Chippendale, but is approaching capacity.
He said he hopes next time to get a warehouse near the airport — offsetting the costs by renting the space to other car-sharing providers.
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