5 Apr 2023 | 4 min read
Peer to peer car sharing services typically operate through an online platform/mobile app that connects car owners with renters.
But connectivity doesn’t stop there, not only owners (known as “hosts” in the P2P car sharing slang) and renters (known as “guests”) are connected, but owners’ cars are (or should be!) connected too.
It’s all about vehicle connectivity, which makes owned cars, originally often used at less than 10% of their potential, real business clusters for an individual.
The P2P car sharing concept as a new mobility trend is growing fast, especially as a result of the effects of the pandemic in which the priority for travel has veered towards more immediate processes to avoid contact.
Placing your car on a P2P car sharing platform and exploiting it with keyless technology gives it a threefold life:
With the advent of keyless technology and remote car access, it is possible for a host to build a parallel business without needing a physical presence near the vehicle. Keyless technology is the way to go in this sense.
This means that the host can rent out their cars to people who need it even when they are not physically present at the location. This allows for greater flexibility and convenience, as hosts can rent out their car from anywhere, at any time. Additionally, this type of business model can lead to reduced overhead costs and increased scalability since the host does not need to maintain a physical storefront or rental location. Overall, the keyless technology of private vehicles has opened up new opportunities for hosts in the peer to peer car sharing industry, allowing them to build a more flexible and scalable business model.
Control is an important factor when it comes to peer to peer car sharing platforms. Since hosts are essentially renting out their personal vehicles to strangers, it’s common to have concerns about safety and security, especially when it comes to a keyless way of renting.
However, many peer to peer car sharing platforms have implemented safety measures to help alleviate these concerns. For example, they conduct background checks on guests, require them to provide a valid driver’s license and offer insurance coverage for the rental period. Additionally, the keyless technology unlocked all the control features that only connected cars can give to a host. An added layer of security since the host can control and monitor the vehicle’s location in real-time while also having a 360 degrees overview of the vehicle status.
Overall, while there may be initial concerns about the safety of renting out personal vehicles, P2P car sharing platforms and technological solutions have created the perfect balance to surf the wave in the most controlled and smooth way.
By renting out private connected cars, a host can generate additional income and potentially offset the costs of owning multiple cars. Additionally, owning multiple cars could make it easier to rent out one or more vehicles while still having a car available for personal use.
From small city cars to larger SUVs and even luxury vehicles, there is a wide range of options for both personal use and rental, here technology serves as a trump card to have an eye on all the cars’ status and maintenance. This can make it easier for vehicle owners to justify owning multiple cars, as hosts can use them for different purposes and still generate income by renting them out when they’re not needed.
Being a host can be viewed as a business venture too.
Hosts can either lease a car for use in a peer to peer car sharing platform with several advantages, particularly if the car is rented out frequently and is, for the guest, an appealing rental due to the digital, immediate, and contactless format. Or can buy cheap cars, taking care of them and keeping them ideal for a P2P car sharing activity.
There are two possible scenarios of hosts:
– Those who use Peer to Peer car sharing as a source of economic profit to offset the cost of a premium car for which a leasing solution is the go-to choice.
– Those who use Peer to Peer car sharing as a tool for entrepreneurial growth for scaling their business, with several cars technologically managed and always on the road. Here car purchase might be the most suitable option.
Both options have pros and cons. It is up to the direction the owner wants to take for his/her host path to decide which one to choose.
In both cases, it can be a worthwhile investment for those looking to earn additional income, especially if they are willing to treat it as a small business and carefully manage their fleet of connected cars.
Keyless technology has transformed personal vehicles into connected assets that can be controlled digitally, giving car owners the opportunity to generate additional income while offsetting the costs of owning multiple cars.
With keyless technology and remote car access, hosts can build a parallel business without needing a physical presence near the vehicle, leading to reduced overhead costs and increased scalability.
Keyless technology of private vehicles is definitely opening up new opportunities for hosts in the P2P car sharing industry, allowing them to build a more flexible and scalable business model while making new revenue streams.