Home Finance Uber Carshare: new feature allows people to loan their car for money

Uber Carshare: new feature allows people to loan their car for money

by CoinNews

is launching a new feature that will give people an opportunity to make money by loaning their vehicle when they are not using it.

The new peer-to-peer service is called Carshare, and will soon launch in North America, beginning in Toronto and Boston, the company said during its Go-Get product event this week.

“For years, Uber has made it effortless to tap a button and get a ride on demand,” Camiel Irving, head of Uber’s rides business in the U.S. and Canada, said in a statement. “Now, we’re taking the same approach with car-sharing by making it simple, affordable, and sustainable for you to borrow and list cars in your neighborhood.”

Here’s how Uber Carshare will work.

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People in cities where Carshare is available can use Uber’s app to search for and reserve vehicles, which can be loaned for the entire day or by the hour. Carshare users will have to drop off the vehicle at the same location it was picked up.

For people lending out their cars, Uber will suggest pricing for them, but vehicle owners can dictate their own price — fuel and charging costs will be included in the total amount.

“By turning any car into a shared car, you’re increasing efficiency and contributing to more livable neighborhoods,” the company said in a news release.

The ride-sharing giant announced the new feature in conjunction with several sustainability efforts including a push to prioritize electric vehicles, eco-friendly routes and attempts to reduce packaging waste on Uber Eats orders.

Uber didn’t specify exactly how the car sharing would work, however, and the company didn’t say when the Carshare feature will debut. MarketWatch reached out to Uber for comment for this story, but hasn’t heard back.

Uber first got into the car sharing business when it acquired the Australian company Car Next Door in 2022, although the company has operated independently from Uber. This new feature would be separate from Uber Rentals, which funnels Uber drivers to traditional car rental companies including Hertz
and Avis to then execute rides.

Sharing vehicles is not a new idea, and there are already several other competitors in this space.

The Avis Budget Group-owned
Zipcar, which specializes in vehicle sharing, has been operating since 2000, and Turo, formerly known as RelayRides, is in over 7,500 cities in the U.S., U.K. and Canada. Turo filed for an Initial Public Offering in 2022 under the symbol TURO, but has not made its debut on the New York Stock Exchange yet.

The announcement comes as New York City legislators are considering a new bill that would protect Uber and Lyft
drivers from getting kicked off the ride-sharing apps without 14 days of notice, and give drivers the ability to appeal the deactivation decision.

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