Booking a taxi for a trip is becoming essential thing of past these days; as people have preferred self-drive cars. By knowing this potential demand, many peer-to-peer car-rental platforms such as Getaround & RelayRides in the US and some others are pooled to cater different markets.
The success of all these peer-to-peer cars renting portals has demonstrated how frequently people were in need of this service and for new players how this marketplace will support. We identified the potential of this business model and composed this deep analysis of P2P car renting business model collaborated with one of the most successful Business Model - Airbnb.
The idea behind P2P car rental platform is quite simple – to connect car renters with car owners in a particular area. Using this car renting portals, people can rent out cars for a day, a few hours, or a week.
Many successful P2P car sharing platforms state that on an average, a car sits idle for about 22 hours a day and by renting it out, car owners can make some good cash. For instance, Getaround declares that by using its website, car owners can earn up to $10,000 a year.
P2P car rental websites fundamentally make money by charging a nominal booking fee from each booked trip, which differs from platform to platform. Other common revenue generation channels may include banner ads and on-site car promotion.
Sharing economy is expanding and the concept of collaborative consumption of resources is spreading like wildfire. There are many P2P platforms for sharing bikes, boats, camping gears, office space, and so on. And each of these marketplaces is raising money and turning profits.
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