How It Works
Becoming a co-owner of your dream supercar with Palmetto is a straight forward process, with the requirements and steps outlined below...
Minimum Age
The minimum age to be accepted into our ownership program is 28 years old. This is due to insurance regulations.
Driving History
Only clients with clean driving backgrounds will be considered. An initial motor vehicle check will be performed, as well as annual reports being pulled.
Each co-owner is required to provide proof of funds that are sufficient to pay for their share of the vehicle before a reservation is accepted.
Proof of Funds / Income
Each co-owned vehicle in our fleet is split into ten equal shares. Each individual share allows the owner 30 days and 1,000 miles of usage per calendar year.
Owners may choose to purchase multiple shares of a vehicle to increase usage time and equity in the vehicle. There is no limit to the number of shares an individual can own.
When the vehicle reaches the end of it's lifecycle in our program (typically 3 years/30k miles), the vehicle is sold for market value, and the owners have their respective shares paid out based on equity percentage.
Ownership Structure
1: Application & Approval - All members are screened and approved through our application process to ensure we only have clients that meet our standards outlined in our terms and conditions documents and the requirements listed above.
2: Reservation of Shares - Once approved, members can reserve shares of vehicles listed on our website with a fully refundable deposit. Requests can also be made to add additional vehicles to our offering. When all ten shares of a vehicle are reserved, we move on to vehicle acquisition.
3: Ordering - Our partnerships with the local dealer network allows us to acquire vehicles that are readily available in most cases. In the event that the vehicle is not available from stock when all shares of a vehicle are reserved, a 10% nonrefundable deposit is collected, and the custom vehicle is ordered with the manufacturer.
4: Delivery - When the vehicle is ready for delivery at the dealership, the balance of funds will be due from each party, and the vehicle will be collected by the Palmetto team. At this point, the car will be taken to our partner shop for full paint protection film and ceramic window tint.
5: Scheduling - The car is ready to be enjoyed by it's shareholders. Booking will be through our calendar app for simplicity, and our team will handle the maintenance, storage and preparation of each vehicle in between owner reservations.
6: Sale - At the end of the vehicle life cycle, typically three years/30k miles, we will facilitate the sale of the vehicle, with members having an option to roll equity into a new model, cash out, or transfer to another available vehicle.