Zipcar’s interesting business model has inspired others to think outside the box when it comes to car rentals and now Getaround is looking to add technology to the mix in coming up with a very interesting solution.
Essentially Getaround is looking to unleash a viable way of peer-to-peer car rentals, where those offering the rental cars would be everyday people like yourself and those looking to rent the cars would be the same everyday person. Getaround would provide the infrastructure and marketing/advertising while you provide the vehicle for rental and the result is a 60/40 split, in Getaround’s favor of course.
Essentially the success of this program lies on how many people are willing to let anyone and everyone access to their vehicle. But as Getaround co-founder states, the average vehicle in the United States sits for 22 hours – that’s a lot of hours you’re paying to not use the vehicle. So why not rent it out?
Cautious ones can be reassured that Getaround has full coverage and an insurance backer, though they didn’t disclose who is underwriting them. The rates seem reasonable per hour, with a Mini Cooper running around $5.50, a BMW Z4 for $15.00, and a Tesla Roadster for a nice $50. Whether or not your share of the profit really covers the depreciation that’s going on with your vehicle as its being driven for those hours can still be debated, but those that really don’t sit there and put mathematical sense to everything could easily have their lease payment covered if they just watch the mileage.
Getaround is currently offering beta testing of the program in San Francisco and San Diego, California. The network of available vehicles is obtained through an iPhone app and those wishing to rent out their vehicles will receive a car kit that sits on the dash. Once someone has decided which car they wish to rent, the app will let them know the location and they’ll be able to unlock the vehicle at which point they’ll have to find the key that’s hidden somewhere in the inside.
GALLERY: Getaround Car Rental System