Bike sharing has gained popularity in recent years, giving consumers the ability to effectively rent out bicycles on a trip-by-trip and saving them the cost of purchasing their own, and the Socar app is hoping to bring the same convenience to cars. The app, which is available throughout South Korea and now Malaysia, lets users rent out cars by the hour, the day, or the week, giving them the flexibility to only use a car when they need it.
The Socar app displays a map of the user's city, and it marks off where available cars are located. Users can decide on and reserve a car, and the car will automatically unlock through the app once the user is in range of it. After unlocking the vehicle, its the users to take for as long as they need; returning the vehicle is as easy as parking it at its predetermined spot.
Hourly Car Rental Apps
The Socar App Lets Users Rent Out Cars on Flexible Timelines
Trend Themes
1. Hourly Car Rental - Companies can integrate the Socar model into their existing rental fleet and open up a new market of customers looking for flexible and affordable car rental options.
2. Mobile Reservations - Mobile reservation technology will continue to evolve to meet the demands of consumers for a convenient and efficient booking experience for car rentals.
3. Flexible Transportation - As consumers shift away from traditional car ownership and towards more flexible transportation options, innovative companies will emerge to fill the needs of this growing market.
Industry Implications
1. Car Rental - Traditional car rental companies can adopt the hourly rental model to reach younger customers who are looking for more flexible and affordable ways to rent cars.
2. Ride-sharing - Ride-sharing companies can integrate hourly car rental into their app offerings to provide customers with more flexibility in their transportation options.
3. Automotive - Car manufacturers can leverage hourly rental technology to provide customers with access to their vehicles without the burden of ownership, while also generating additional revenue for the company.