Episode Transcript
[00:00:00] Speaker A: Alrighty, Rob, thanks for your time. We're over here at the OHCI conference. Both vendors trying to talk to a lot of park owners here. So I appreciate your time coming over here and tell me about what you got going on. We talked for a little bit just now, but if you'll kind of introduce yourself and tell us what you do with Joyride and how you can help out RV park owners that might be listening to this.
[00:00:18] Speaker B: So thanks for having me on the podcast. Yeah, I'm with Joyride. Joyride is a technology company that enables RV park owners to offer golf cart rentals that are as easy as scanning a QR code and driving off. So it's very similar to the scooters and E bikes that you see on urban streets. Same technologies used. And RV parks, campgrounds are kind of the perfect place to deploy this model where you can have dozens of golf carts there.
You keep them in specific zones, and if people want to rent them, they just walk in.
[00:00:54] Speaker A: You can like geofence them.
[00:00:56] Speaker B: Yeah, you geofence them. So we've got.
[00:00:57] Speaker A: We didn't talk about that earlier. That's pretty cool.
[00:00:59] Speaker B: We've got parking zones, we got slow speeds.
[00:01:02] Speaker A: You can like tell them no, you're
[00:01:03] Speaker B: not just, you know, the cart starts beeping at them. You know, you can slow them down, you can shut the cart off if they like, kind of drive out of the service area.
So kind of a way of managing all that rental headache just with this, like, interactive app that the customer can use. And it's. It enables you to get this cash flow stream.
[00:01:22] Speaker A: Is it a joyride app?
[00:01:24] Speaker B: So Joyride is the technology company we have. Revy is our kind of plug and play app. And anybody can throw carts on the Revy app.
If you have more than 50 carts, we'll build you a custom app so your campground or your RV park can have its own dedicated app for your rentals.
And that way, if you got repeat customers, they've got the app, they can just keep running whenever they want. Yeah, a lot of campgrounds will do rentals by either the, the day or like a three day with like long weekend or week rental. But we give you the. Because it's so such a seamless process, we give you the ability to do it by the hour, even by the ride.
[00:02:08] Speaker A: Yeah.
[00:02:08] Speaker B: So in the shoulder season where people aren't as, you know, aren't as interested in renting for a whole week, you know, flexibility. Give flexibility. And you just customize it to, to, you know, get the utilization that you want out of the carts.
[00:02:20] Speaker A: Yeah. Yeah. I think that's pretty cool because it opens up the applications you can use it for, because that's what we were talking about a minute ago. It's like, yeah, if you got a resort and there's a bunch of bicycles around, and you can take the golf cart to the river. Take the golf cart to the. You know, if it's a bigger resort, it makes sense. But what you also said is, like, the geo fencing thing is pretty cool, because if you're, like, in a neighborhood where it's golf cart friendly or next to a golf course or something like that, you now can geofence. Like, hey, you can go here and you can tell them, but you can physically tell them, too. And even by the hour, too. It kind of opens up your options.
[00:02:53] Speaker B: Yeah. So, you know, if the RV park or the campground is nearby, you know, like a town or somebody, and you want to be able to enable people to get there, you know, do something in town and come back.
[00:03:07] Speaker A: Yeah.
[00:03:07] Speaker B: You can offer that model and, you know, keep on the right road so that they're feeling safe and doing it.
[00:03:13] Speaker A: Yeah. Not letting them screw it up, because if they can, they will. The liability just.
[00:03:16] Speaker B: Yeah. Put the rails.
[00:03:19] Speaker A: The hour thing, because. Sorry, I've just had a lot of coffee today, but my next thought was, like, you know, you got your husband and wife, and the kids are like, we want to go in the golf cart. I'm like, I'm not paying 200 for the day.
[00:03:29] Speaker B: Right, Right.
[00:03:29] Speaker A: The kids can talk mom into doing it for an hour at least, and then they're gonna do it for an hour, and then the next day, like, all right, we'll just rent it for a day. Because we had so much fun.
[00:03:36] Speaker B: Right, Exactly.
[00:03:37] Speaker A: Because most times, baby steps, like we talked about. Port Aransas, Texas, place, I love. And you could do it for four hours or eight hours, but it's pretty much it' process, and you got to go there. But just being able to have some flexibility where you can just jump into it. I think it's pretty neat.
[00:03:50] Speaker B: Yeah. Especially, you know, at a. At an RV park, you keep in a central location so people can kind of grab them when they need them. Yeah, just. Just make it as seamless as possible.
[00:04:00] Speaker A: Yeah, I like it. I like it.
So, so do you guys. Is it nationwide or.
[00:04:07] Speaker B: Yeah, so we. We've been doing deployments all over the country. We work with.
Typically hospitality properties, will work with, like, hotels and resorts as well.
[00:04:16] Speaker A: Yeah.
[00:04:18] Speaker B: And then we work with just rental operators that, you know, they have a brick and mortar business and they're doing, you know, walk up, drive off. Yeah. Or people that do deliveries.
[00:04:30] Speaker A: Yeah, for sure. I can see a lot of applications,
[00:04:32] Speaker B: but we've really found that the, you know, the RV park and campground spaces, it's really easy to get set up and going.
[00:04:40] Speaker A: Yeah.
[00:04:40] Speaker B: Because you can use existing space that you have you don't need.
You could have a electrical charging station for them, but you don't need it. Like, if you wanted to just get started with gas carts, you know, that's really easy. You could kind of leave them anywhere.
[00:04:58] Speaker A: And then. Because your on site guy could just cruise around, top them off, check on them.
[00:05:02] Speaker B: And so the responsibility is, you know, the customer's doing 95% of the operational work. But, you know, the requirements to kind of keep the fleet going for the. For the campground or RV park owner is. Yeah. Check the gas or the charging, make sure they're clean and like everything else kind of runs itself.
[00:05:24] Speaker A: Yeah. Yeah. Because they're checking themselves in and out and they're handling that stuff. That's pretty cool. Yeah, that's neat. You talked a little bit about the leasing option versus buying. I think it's cool when you can have options. Can you touch a little bit more on that? Because one thing is, you said kind of like, try it before they buy it almost with like a. It doesn't have to be a long commitment on the lease to where they could just say, hey, I think my campground will do great this summer season. I just want to test it. So we don't fully commit and drop 50 grand on the golf carts and it's a failure.
[00:05:52] Speaker B: Right.
[00:05:52] Speaker A: So.
[00:05:53] Speaker B: So this has been a really exciting thing that, that we've been working with large distributors of golf carts across the country.
They get golf carts coming back off of golf course leases.
So they get the, you know, they have this flow of inventory and they're always looking to just deploy the. Deploy those assets as quickly as possible.
[00:06:14] Speaker A: Yeah.
[00:06:14] Speaker B: So we've worked out a deal with a couple of these distributors and you're happy to talk with your audience through it, but what they'll do is they'll bring their carts to your site and they'll operate rentals with their insurance. You know, it's their carts.
It's entirely.
Yeah, it's entirely through them.
They'll give you a revenue share on it, typically between 10 to 20% to be, you know, as being the host and handling a couple of those responsibilities we talked about.
And they'll do it as like Kind of a try before you, you buy kind of thing. And then if you're like, okay, these, you know, this business model's killing it.
We want to commit to it, then they'll just sell you the carts.
[00:07:00] Speaker A: Yeah.
[00:07:01] Speaker B: And so the financing is typically, you know, for a brand new cart, it's typically 250amonth per cart. For used carts, like these ones that are coming off golf courses, they're between 100 and 120 per month. They'll also do it so that you're only paying during. If it's a very seasonal spot. They'll, you know, they're only paying during this damn flexible.
[00:07:19] Speaker A: That's pretty neat.
[00:07:20] Speaker B: Yeah.
And there's, you know, there's, there's a, A little bit of money to be made with the rev share model, but you can really kind of control it and you can. The other cool thing is you can kind of see there's a. Because there's a big difference between peak demand.
[00:07:33] Speaker A: Yeah.
[00:07:33] Speaker B: On the weekends and then what your sort of steady state demand is.
But you know, generally if you can rent a golf cart during the high season 20 days out of the 30
[00:07:43] Speaker A: of a month, you need to be buying that thing.
[00:07:46] Speaker B: Yeah. You want to be buying that because at that point, if you've got a fleet of 10 carts on property, you're making about 50 grand in net profit per year.
[00:07:56] Speaker A: That's awesome.
[00:07:57] Speaker B: So if you apply, you know, what kind of multiplier are you applying to revenue on a property? 10x.
[00:08:03] Speaker A: Yeah. 10 cap is really popular.
[00:08:05] Speaker B: Yeah.
[00:08:06] Speaker A: So that's easy.
[00:08:06] Speaker B: Numbers.
[00:08:07] Speaker A: A lot of times appraisals are based off 10 cap. A lot of times you sell, you can get 8 to 10 caps.
[00:08:12] Speaker B: So, you know, then you're adding 500 grand in enterprise value to your business.
[00:08:17] Speaker A: I think the big difference maker is be able to walk before you run. The flexibility with buying the used or the new ones. And it just seems pretty flexible and seamless. So that's part I like because usually it's like you got a lot of times in business you got to do everything up front and then you're like, I hope this works because we just
[00:08:33] Speaker B: spent a lot of money.
[00:08:34] Speaker A: So I think that's a key thing if somebody's trying to try something out or like, hey, I think my stuff will do good, but I don't know. So I think that's pretty powerful.
[00:08:43] Speaker B: Yeah. And even, you know, not just this sort of zero to one of like getting the initial fleet on property, but also, you know, say you have 20 carts there already.
But you're thinking that for some of these bigger weekends you could handle 30 or 40.
[00:08:58] Speaker A: Yeah.
[00:08:58] Speaker B: These companies are willing to put more out just to kind of see what takes.
[00:09:04] Speaker A: Yeah. So if you're like Central Texas, Chapel Hill, there's like six or seven, like fall festivals, kind of bigger ones between the fall and the spring. And those were a lot of campgrounds over there. They know that they're going to be hot and heavy that weekend. They're going to be selling out pretty much. So what you're saying is you might be able to bring in like a temporary influx for those high demand peaks?
[00:09:24] Speaker B: For sure. Yeah.
[00:09:25] Speaker A: Even if it's like a three day weekend?
[00:09:27] Speaker B: For sure. Yeah.
[00:09:29] Speaker A: That's not bad.
[00:09:30] Speaker B: Test the limits because golf cart rentals are very.
You see somebody riding one, you want one too.
[00:09:36] Speaker A: Yeah.
[00:09:37] Speaker B: And it snowballed pretty quickly.
[00:09:38] Speaker A: Yeah. Yeah. Fomo, if you're missing out.
[00:09:40] Speaker B: I've talked to several places here that, that are talking, you know, they have a ratio of one campsite or one, you know, one RV spot to one cart in their fleet.
[00:09:51] Speaker A: Wow.
[00:09:51] Speaker B: I conservatively say if you've got a hundred, you know, if you camp campgrounds and RV parks a little bit different, but campground called 100 campsites per 10 golf carts, like that's a. You'll get great utilization there.
[00:10:05] Speaker A: Yeah.
[00:10:05] Speaker B: RV Park, 50 sites to 10 golf carts, kind of a 5 to 1 ratio. But I've been hearing from some of these people at the show today that, you know, they'll have the 50 sites, they'll have 50 golf carts there.
[00:10:19] Speaker A: Yeah. It's crazy.
[00:10:20] Speaker B: Seems absurd, but yeah, they got the
[00:10:22] Speaker A: spot though, like Port Aransas type or, or at the lake and then. And it's a neighborhood that you can cruise around on. Everybody knows.
[00:10:28] Speaker B: Right. Because you could control that. Like, you know, it's your community. So if, you know, build the community as like we all ride golf carts. That's what. This is what we do.
[00:10:37] Speaker A: Yeah.
[00:10:37] Speaker B: You know, then all of a sudden it's like, well, everybody's got to have one.
[00:10:40] Speaker A: Yeah. I almost got this campground deal fell through last minute, but it was on 80 acres. There's a painting zoo. It was along the river. There was already some kind of ATV trails, but it was just little baby trails. And that thing would have smoked with golf car rentals. So I really disappointed that one.
[00:10:54] Speaker B: But it's just good to keep in
[00:10:56] Speaker A: mind that here's our tools as you come in. The new projects, new properties and new situations like, hey, there's options to this because I Didn't even think about the scooter, you know, commercialized ones we all know. And the geo fencing on that side of stuff too. That makes it even cooler.
[00:11:12] Speaker B: Yeah. So all that. I worked in that industry for many years and this, you know, the cities just make it such a, you know, a pain to operate.
[00:11:20] Speaker A: Yeah.
[00:11:21] Speaker B: But the positive that came out of that was all these companies were forced to build all this technology around geofences and slow speed zones and to make
[00:11:31] Speaker A: sure it's in the right parking spot.
[00:11:32] Speaker B: Right. All the post ride photos, like, you know, accident, you know, alerts, like, all this stuff that just seems like such overkill has now kind of just normalized. Normalized. And you know, so it's. It just makes it very straightforward to run one of the fleets.
[00:11:49] Speaker A: Yeah, yeah. You're just copying all the R and D and all the crap they put into it and it's like, yep, let's put it in this application now. Thanks, y'. All.
[00:11:58] Speaker B: Exactly.
[00:12:00] Speaker A: That's great, dude. Well, I appreciate you sharing this with me. Look forward to being in a project sometime in the near future. We can work together and put together some deals. So thanks for sharing all your stuff and I appreciate your time coming up.
[00:12:10] Speaker B: Yeah, this is awesome. Again, great idea here for the show.
[00:12:14] Speaker A: Yeah, we're having fun all weekend, I bet. So cool. Thanks.
