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In this video, Mike discusses the importance of having a proper rental car agreement, especially for those in the vehicle rental business. He highlights that many people, including some of his mentees, neglect this critical step due to excitement over new clients. Mike emphasizes that a well-crafted agreement, ideally created by a lawyer (he invested over a thousand dollars in his), helps protect against legal issues and potential incidents. He warns that failing to have a rental agreement can lead to serious consequences, underscoring the necessity of following proper processes and procedures before renting out vehicles.