Been contemplating starting one and am curious to hear about people's experiences running such a business. Not doing it for gainful employment. Just a 1 car operation in addition to my own car.
Thanks.
Been contemplating starting one and am curious to hear about people's experiences running such a business. Not doing it for gainful employment. Just a 1 car operation in addition to my own car.
Thanks.
Mine is done as a hobby business. I want to go racing, so I started a company and rent race seats for the WRL & Chumpcar races I want to do. It's cheaper than trying to do club racing, and I've done Road America, Watkins Glen, Mid-Ohio, Barber, Road Atlanta and Daytona, tracks I only dreamed about 15 years ago. It's like all self-owned businesses, when it's good, it's good. When it sucks, it sucks. I tried doing 2 cars at one event, never again, I'm good with just doing one and doing it well. If you can hire someone trustworthy & talented to manage the other car for you at the track, you could do it, I'm not that fortunate.
The reality of it is that the cost of doing business unless you are selling seats in an endurance race like Hoser are so high you won't get enthusiasts like yourself as clients you will mostly get dbags who have the money to burn and won't care at all about your car or equipment.
Most shops I know that did do like rental miatas/spec miatas etc don't really do them anymore
In reply to HoserRacing :
tax write off the track day?
TurboFocus said:In reply to HoserRacing :
tax write off the track day?
No, you can only do that for 5 years before it's considered a hobby, and I don't want to invite an audit, even as small scale as I am. I started the business and run everything through it for the fact that it's not personally operated, it is it's own entity, and if anything ever happened, I could walk away from losing it all.
Champcar and Lemons have a lot of info. Consider getting insurance
Having run a few Champ and Lemons efforts, it is a LOT of work, even with a group of friends. The teams I've seen doing multi-car efforts with A&D slots have done so because its the only way to make it work financially to participate and often burn out (I assume,) or fade away.
Any time there is racing going on, someone is making dubious financial decisions. Car rental is a curious phenomenon..I always assumed it is a subsidization effort to go along with someone pouring a crapload of cash into some other aspect of the business. I'm not sure it exists as an independent venture.
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