Technesstivity

RelayRides – “re-inventing the wheel”.

Amazingly, just when you think we’ve reached some kind of threshold of ideas and boom! another ingenius idea pops up. RelayRides.com has proven that renting your neighbours car is good business (remember the “shit” business is good business guy?… aha!). Just before you say “what the crap”; RelayRides raised a total of $5.1 million from Google Ventures and August Capital around December last year.

How does it work?

• First off, the cars are fully insured once they come onboard RelayRides.
• People willing to make extra cash off their cars register with RelayRides and a kind of tracker is installed in their vehicle to enable the borrower locate the car, verify the borrower (renter) and demobilize it as at when necessary.
• Anyone who needs to rent a car just goes to RelayRides.com to search, pay & reserve a car near him.
• He’s given the location of the car and he goes to get it.
• All he does is hold up his RelayRides membership card by the drivers window and the installed system authenticates if it’s the right car and right borrower and unlocks (WHOA!!!).

The best part is: THE KEYS ARE HANGING RIGHT IN THE IGNITION.

Here’s a complete breakdown on how it works

Really amazing stuff.

Why it works?

• The car owners are rest assured because the insurance company covers theft or damages.
• All the car owners do is indicate they want in on the system and the rest is handled by RelayRides.
• From the borrower’s (or renter) end, renting a neighbours car is far cheaper than calling a cab.
• Chances are that he might even know the owner of the car which makes it a lot interesting cos they’re probably in the-same neighbourhood.
• RelayRides doesn’t need to buy it’s own fleet (the magic of crowd sourcing).
• For RelayRides all they have to do is convince the car owners which shouldn’t be hard cos of the insurance. Car owners make an average of $250 a month. How nice.
• Everybody wins.

They are currently in Boston & San Francisco.

Will this work in your area? What challenges do you foresee?

Let us know in your comments.

Ifeanyi Bold Gbemudu

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