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GM's Maven Car-Sharing Platform to Allow Non-GM Owners to Rent Their Vehicles

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【Summary】General Motors was one of the first automakers to allow owners to rent their vehicles when they are not using them and now the automaker says it will open its Maven peer-to-peer car-sharing platform to non-GM models beginning next year.

Xiaoli Tian    Nov 12, 2018 5:15 PM PT
GM's Maven Car-Sharing Platform to Allow Non-GM Owners to Rent Their Vehicles

Peer-to-peer car-sharing services are becoming more popular and are expected to lead to a decrease in personal car ownership, as well as an additional revenue stream for carmakers. General Motors was one of the first automakers to allow owners to rent their vehicles when they are not using them and now the automaker says it will open its Maven peer-to-peer car-sharing service to include non-GM models beginning next year.

Julia Steyn, vice president of GM Urban Mobility and Maven, made the announcement Monday during a presentation at the UBS Global Technology Conference in San Francisco.

During her presentation, Steyn said that about 40 percent of the inquiries from people looking to list their vehicles on the Maven platform own models from other automakers which led to the decision to open the platform to non-GM models. She did not disclose the number of owners which make up the 40 percent, or how many people have inquired about listing their vehicles on the platform.

The Maven platform is often called the "Airbnb for cars". It allows owners and eligible lessees of 2015 and newer GM vehicles including Chevrolet, Cadillac, Buick, or GMC models to make them available on the car-sharing platform for cash when they are not being used.

Maven's peer-to-peer car-sharing service was launched as a pilot in Chicago, Detroit and Ann Arbor, Mich. in July of this year. The service will expand to seven additional cities by the end of the year, including Los Angeles and Boston.

Models older than 2015 are exempt from the Maven platform, which will be the case for the vehicles from other automakers, according to a Maven spokeswoman who spoke with Automotive News.

Owners that rent out their vehicles on the Maven platform are paid 60 percent of the rental fee, with GM pocketing the remaining 40 percent. Owners can choose their own rental fee. However, Maven recommends charging $7.25 per hour for a Chevy Cruze compact sedan, or $22.50 per hour or $225 a day for a sportier model, such as the Chevy Camaro.

Maven covers up to $1 million in liability insurance, including collision coverage, so car owners have the piece of mind knowing they are covered against damage to their vehicles.

"We're poised for growth," Steyn said during the presentation today. "We are doubling our revenue every year. We're going to get to a very significant critical mass in the next couple of years."

The Maven platform adds a bit more convenience to the peer-to-peer renting process. Owners can take advantage of GM's keyless access technology allowing renters unlock and start the cars using the Maven smartphone app, so there is no need to meet a stranger in-person to exchange keys.

Maven's current car-sharing marketplace, including peer-to-peer and short-term rental services, is just the first stage in what could be a diverse line of sharing services, Steyn recently told Automotive News.

"We want to bring Maven to a diversified and large marketplace that fits people's personal needs and professional needs," Steyn said.

Cars and trucks are the main target for growth now for Maven, she said, but future endeavors could include anything that sits idle, including lawn mowers or more expensive offerings such as RVs and boats.

Alongside GM, other companies have entered the growing car-sharing market, including startups Turo and Getaround.

San Francisco-based Getaround announced in August it raised $300 million in Series D funding led by SoftBank Group. Japan's Toyota Motor Corp also participated in the latest financing round. To date, Getaround has raised around $400 million in capital, which indicates the potential market for peer-to-peer car-sharing services like Maven.

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