RelayRides is a person-to-person carsharing organization similar to ZipCar but with a difference: the cars are owned by private individuals. Once a car is registered with RelayRides, an insurance policy is established for rental periods and a mechanic installs a device into the privately owned car that allows authorized renters to access it without a key hand-off. Car owners set the rental price and establish availability and pickup options.
The person-to-person carsharing service screens car renters’ diving records and guarantees against loss. Car owners can also score renters after car use. RelayRides claims that car owners can earn up to $8K annually by renting their cars for 20 hours or about 400 miles per week. The scheme is a positive for both car owner and renter as well as the environment.
RelayRides has launched in Baltimore, Maryland and hopes to expand its model throughout the U.S.
Peer-To-Peer Carsharing
Relayrides Matches Car Owners & Those Who Want to Rent a Ride
Trend Themes
1. Person-to-person Carsharing - Using privately owned cars for carsharing and rentals, thus disrupting the traditional car rental and sharing industry.
2. Keyless Access Technology - Developing innovative and secure keyless access technology for cars to support person-to-person carsharing services.
3. Insurance Policy Innovation - Creating new insurance models and policies to support the unique needs of person-to-person carsharing.
Industry Implications
1. Transportation - Peer-to-peer carsharing could disrupt traditional car rental companies and change the way people think about car ownership.
2. Technology - Developing keyless access technology and insurance policy innovation offers opportunities for new startups and established tech companies to enter the carsharing market.
3. Insurance - Creating new insurance models for peer-to-peer carsharing offers opportunities for innovation and growth in the insurance industry.