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DriveMyCar pays $5 million to car owners in major milestone

March 21, 2016 Motoring No Comments Email Email

DriveMyCar, Australia’s first and largest peer-to-peer car rental service, has paid out $5 million to Aussie car owners who use the platform, helping them make extra money from their under utilised vehicles.

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Since launching in 2010, DriveMyCar has experienced rapid growth, particularly in the last year, with the launch of DriveMyCar:Business and expansion into Sydney and Brisbane airports. The proliferation of DriveMyCar is a sign that people are ditching traditional car rental companies and turning to the sharing economy to find a more affordable and superior experience.

Owned and operated by Collaborate Corporation, the only ASX-listed company operating multiple peer-to-peer marketplaces, DriveMyCar now has:

  • Paid over $5 million to vehicle owners

  • 26,000+ users across Australia

  • Facilitated more than 200,000 rental days

  • A fleet of more than 600 vehicles valued at more than $14 million, including economy hatchbacks, SUVs, as well as vehicles from Audi, Porsche & BMW.

  • Completed more than 6,000 bookings for rentals ranging between 7 and 365 days

  • Prices that are up to 62 per cent cheaper than traditional car rental services

  • A presence in more than 300 locations across Australia

“Thousands of people around Australia have already benefited from the sharing economy by either renting a car for less money, or earning money from an under-utilised vehicle through DriveMyCar,” said Chris Noone, CEO of DriveMyCar.

Peer-to-peer car rental is growing rapidly in Australia as renters become aware of the large savings and wider choice of vehicles. It’s also a great way to make better use of cars that would otherwise be costing the owners money in depreciation and storage expenses.

The significant growth in DriveMyCar use by businesses to save money on rental costs or generate income from idle fleets, is a further sign of the maturity of the peer-to-peer model.

“Those looking for a rental car no longer need to settle for the standard white hatchback — they can save significant money on their rental car, or trade up to a better vehicle by renting it from an individual or a corporate fleet,” Noone said.

The Hon Dr Andrew Leigh MP, who launched the National Sharing Economy Principles earlier this year, welcomed the milestone in a visit to Collaborate’s headquarters alongside NSW Deputy Leader of the Opposition Michael Daley MP, on Friday.

“The fact that an Australian company like DriveMyCar has reached this milestone proves that the sharing economy is booming locally,” Leigh said.

“We want to strike the right balance between supporting innovation and protecting the Australian community, and it’s a fantastic sign that, under the existing regulatory framework, DriveMyCar has done so well.”

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