Challenge
Island Rides was founded in 2017 by Jaren Skinner, a full-time environmental consultant who started his Turo.com carshare business as a side hustle that quickly became a thriving family run business. As the initial panic of the pandemic forced car rental companies to liquidate their fleets, demand for car rentals in Florida spiked heavily. Companies like Island Rides who looked to expand their fleets faced dual challenges of finding vehicles to purchase in a supply crunch, and navigating the gauntlet of loan-to-value credit rules to acquire the vehicles. With every car in their fleet rented out for the next several months, Island Rides was eager to add to their fleet but had maxed out all available credit.
Approach
Through the Turo network, Skinner connected with Spring Free EV’s CEO, Sunil Paul and learned about Spring Free’s innovative new financing options designed to accelerate electric vehicle adoption. With no leases, no long-term loans, no personal credit or guarantees required and per mile pricing, acquiring additional electric vehicles became more than just the smart idea for the environment—it became the winning financial strategy to capitalize on his market opportunity.
Results
Island Rides added 5 Teslas to their fleet in the last half of 2021, despite maxing out loan-to-value ratios that govern traditional credit-based vehicle leases. The application process took a few minutes, consisting of contact information with a simple background check to identify fraud.
Spring Free EV afforded Island Rides the opportunity to increase exposure to their customers to electric cars, something that made Skinner’s rental business more rewarding experience to him and his family.
Benefits
FASTER, SIMPLER
The entire process of acquiring the vehicles was a lot easier, and a lot faster.
LOWER COST OF OWNERSHIP
From finding cars to having them delivered, Spring Free EV provides the know-how and muscle behind getting cars to supply the business.
ENVIRONMENTAL IMPACT
As an environmentalist first, Skinner appreciates the opportunity to help get more electric vehicles on the roads, reduce carbon emissions and generally do a better job for the planet.
About Island Rides
Island Rides is a family run venture, owned by environmental scientist Jaren Skinner. Our cars are available 24/7, well maintained, used specifically for Turo. We will never cancel a booking with you because our rides are used only for Turo. We have locations in Fort Myers, Punta Gorda, Sarasota airports and rental cars in Naples and Sanibel.
