A new service in South Africa called RentMyRide makes it possible for anyone to run a small side-business by renting out their own car.
The neighbour-to-neighbour car rental platform is part of a worldwide movement called ‘Collaborative Consumption’ or the ‘Share Economy’ and is based on the successful Turo peer-to-peer car sharing service in the US.
Unlike traditional car rental services, RentMyRide neither owns the vehicles nor maintains them. Rather, it offers a platform for car owners and renters to connect, resulting in reduced rental costs compared to traditional car rental services.
According to Peter Puren, CEO of RentMyRide, the sharing economy is a movement born not only out of necessity but just plain old fashioned common sense. “It’s time to start utilising your assets to their fullest extent.”
Renters can save at up to 40% compared to regular car rental companies and they have the wider selection of choice, says Puren. “We are cheaper than established car rental companies because we do not have the overheads,” he says. “We operate on less staff, car owners do the checks with the renters at the start and end of the rental. All renter requests are made directly on the www.rentmyride.co.za website platform to the owners. Owners can choose who rent their cars and can accept or deny a request. Owners can also block out their car when they want to use it themselves.”
Car owners can make anything from R2500 to R11 000 a month from a single vehicle.
Renting out your own car can be a daunting thought at first, but RentMyRide claims it’s easy and safe with a R10-million insurance policy underwritten by Renasa Insurance which includes 24/7 roadside assistance. Renters create a profile on RentMyRide.co.za and then their details are screened. Car owners set the availability and price of their car. They then get notified when a renter requests a booking.
Owners control who they rent to and can accept or deny a booking request. Once a rental is complete, owners and renters can review their experience for future user’s benefit.
RentMyRide is launching in Cape Town and from there will spread out to form a nationwide network of car owners and renters.