RentMyRide, a peer-to-peer car rental platform in South Africa, plans to aggressively grow the company in 2018.
RentMyRide lets users rent out their car while they are away or when they don’t need it.
The company was founded by Peter Puren, Sebastian Brokmann, and Frank van Driel, and was launched in Cape Town in 2016.
The concept is a success in many countries, like Turo in the US and SnappCar in Europe – which encouraged Puren to build a similar system for South Africa.
The company is showing good traction locally, with approximately 1,000 cars listed on the RentMyRide website.
“Some people list one car, while others are building a small company by managing a fleet of cars. They can make up to R45,000 per month,” Brokmann told MyBroadband.
He said sales on RentMyRide grew by over 100% in 2017, and they plan to continue this growth with additional funding in 2018.
RentMyRide sees an opportunity to disrupt the traditional car rental market in South Africa, in a similar way to the impact of Airbnb on the holiday accommodation market.
RentMyRide’s main selling point is price, and the company promises savings of up to 40% when compared to traditional car rental companies.
“We believe in the culture of a sharing economy, where communities sharing their assets will continue to grow,” said Brokmann.
“In the coming years, it will be more and more accepted to rent your neighbour’s car facilitated by the RentMyRide car rental platform.”
The company is currently active in Cape Town, Johannesburg, and Durban, and will expand into the rest of South Africa this year.