Did you know that we use our cars a mere 8% of the time? This, despite investing huge sums of money in these assets. GetAround founders – young entrepreneurs Sam Zaid, Elliot Kroo and Jessica Scorpio – have uncovered a business opportunity in this underutilisation…Renting out personal cars to those who need a ride, also known as peer-to-peer car sharing.
What is GetAround?
GetAround describes itself as a car-sharing service. In a nutshell, GetAround provides a cheap alternative to traditional car rental companies.
How does GetAround work?
To use GetAround, you need to log on to their website through your Facebook account. GetAround uses Facebook to check out both those wanting to list their cars for rent and those wishing to rent cars (every rental includes insurance and drivers and vehicles are screened to meet GetAround’s eligibility criteria).
How to Rent a Car from GetAround
Log on through the website or smartphone app and browse a list of GetAround rental cars in your area. Then, using the Request Queue, select the cars you like (you can bundle up to five cars in one request), set the date and time for when you need the car, and click Request. The first owner who responds wins your business.
Renters, you can also download the GetAround iPhone App. Not only can you request cars with this app, but it also includes a function which allows you to open your requested car key-lessly.
How to Put Up Your Car for Rent on GetAround
Log on to the site and submit data like Make, Model, Year and Mileage. Owners set their own prices and conditions, so you can determine how much you will make from your car. The average rental rate on GetAround is $8 per hour. GetAround takes 40% commission on all transactions.
For more inspiration…
Think car sharing is a great business idea? Check out these peer-to-peer car sharing companies…
- Relay Rides – Rent cars from people near you
- Wheelz – Campus car sharing with people you trust
- Whipcar.com – Rent the car next door.