Q: Why would I join now when I can wait until you have actually bought a race car? If I buy now I have to wait until we actually have enough members, that seems like a waste of money. A: Good question, to address this concern we have made it so that the actual membership term does not begin until we have bought a car. So if you join today but we don’t by a car for 6 months then your annual membership begins on the date of purchase not the date you joined.
Q: How is the prize money split between the members of the site?
A: Any money won will be re-invested into the team. Eventually if OurRaceCar.com Racing does no longer need external financing, any profits will be used to offer perks to our members. Free tickets or memorabilia for example .
Q: Can I sell my share? And what happens if I don’t pay my membership fee after the first year?
A: No. Shares are non-transferable, if a member decides not to continue paying his annual membership fee his membership will be void, and he will lose any position in seniority.
Q: I signed up and it has been over a year since you began taking members yet we haven’t bought a car or made any progress yet. Can I get a refund?
A: Of course! If after a year no attempt has been made to start OurRaceCar.Com Racing and purchase a race car members will have the chance to get their money back. A vote will be held to determine whether the majority of members want to pull out. If over 50% of the members vote for a refund the refund will be automatic to all members. If less than 50% of members vote for a refund then the refund will be handled on an individual basis.
Another note on refunds: The refundable amount is only the $40 investment amount (plus any interest earned). The $10 administrative fee is non-refundable.
Q: How come we can’t get a refund on the full amount? And why is there the $10 admin fee, why not just charge $40?
A: First off the $10 admin fee is there because websites cost money, employees cost money, accepting electronic money cost money. The $10 portion of the membership is to fund the operation of the website, advertising, legal, wages and operating expenses. It also allows us to keep the use of $40 completely transparent. If there are 10,285 members everybody will know that there is $411,400 available to invest in racing. If there isn’t that amount then obviously there is something wrong and as members you can take legal action against the managers of the site for mismanaging your money.
The reason the $10 fee is non-refundable is simply because returning money cost money too. If for some reason this doesn’t work the cost to the owners for a refund would be 7% of every dollar invested (for example if 10,000 members joined and the site failed it would cost $35,000) This is mainly because of electronic banking fees as well as administrative fees. I’m sure we can all agree that this is simply too expensive (in fact it would bankrupt www.OurRaceCar.com).
Q: Are there any other benefits of being a member?
A: Yes, as the need for continuing investment is offset by income generated by sponsorship and winnings, membership fees will be used to make ownership more exciting. For example we will work with venues to offer special owners passes for our members to have VIP access to the sites. Special memorabilia will be offered to our members at a reduced cost, and reduced price admissions will also be available.
