Sharing Economy on the Rise

The Sharing Economy is the Mecca for the new type of consumer…millennials.

Old school mindsets are slowly fading away in regards to how people view their personal possessions. There are companies popping up daily it seems and to keep up with them all can get a little overwhelming. That’s why I created PeerCar.

PeerCar is a curator of online rentals in the peer, car and ride sharing economy. We are building the world’s best platform for booking a unique time and cost saving experience driven by the community.

We are passionate about delivering detailed targeted choices to customers and giving the best service to use based on individual need for a rental. This means if you are flying into a city, based on the information you provide we will connect you with the best peer to peer car rental service for that airport. If you are local and need a one way or need to share a ride across country we got you covered, using online technology to power offline experiences that last a lifetime.

We are democratizing car rental by empowering people to make a living sharing their ride and enriching lives through unique experiences.

A lot of people group all the categories of the ride sharing economy in one basket. Actually there are Three distinct types of ride sharing that cover mostly everthing out there.

There is Peer 2 Peer (P2P) sharing which is between individuals such as Turo or FlightCar, Car Sharing is renting from a fleet such as Zipcar, Ride Sharing is sharing a ride across town or even the country such as Ridester or Shareyourride and even service exclusive for women ride sharing only.

It’s part of a much larger movement — often referred to as collaborative consumption or a sharing economy — that is attracting more and more consumers concerned about scarce resources and the environment.

Growing trends?

An extensive study published in 2012 by Berkeley’s Transportation Sustainability Research Center found peer sharing is a growing business worldwide, and it’s estimated there are 1000’s of vehicles in such programs nationwide. Of course, it’s not for everyone; some car owners could never imagine handing over their beloved vehicle’s ignition keys to strangers.

Yet such programs seem to have demographic support. Recent studies and media reports underscore that Millennials, and don’t even view automobile ownership in the same way previous generations did. Indeed, in 2009 the U.S. Government reported 4 million more cars were scrapped than bought, the first significant drop in American car ownership since World War II.

What’s more, peer-sharing executives note that most personal cars sit idle more than 90% of the time, so they’re untapped resources.

Cost factors

The business models can vary; in some cases, the companies facilitate direct transactions between peers, and in others the companies oversee the rentals themselves. Sometimes owners are compensated in cash, or they may receive free airport parking and a car wash. For renters, the Berkeley study reported daily rates can run $25 to $65, compared to $72 to $102 with fleet-based car sharing firms; owners usually keep 65% to 75% of the rental fee.

For renters, the cost savings can’t be overstated, particularly since car rental firms have emulated airlines and fallen in love with added fees, including the annoying airport surcharges and hotel parking bills. With peer sharing, renters pay less, and car owners make money when they’re not using their vehicles.

Thoughts? Agree? Disagree? Would love to hear. Leave a comment or a response.