Car-Sharing Company RelayRides Open for Business in San Francisco

Watch out ZipCar, the car pool is back.

RelayRides, a startup that lets people make money by sharing their cars with strangers, opens for business in San Francisco today, according to Bloomberg News. Google Inc (GOOG) is backing the company through its venture arm.

Car owners in the city can register at the company's website. RelayRides will then install a car-sharing system that immobilizes the engine until it's accessed by the reservation holder.

"Your car, which is usually a burden, is an asset and something that can actually generate money," said RelayRides Chief Executive Officer Shelby Clark. "Significant money is being put in people's pockets."

Borrowers register online and give their credit card details. Rates start at $6 an hour, all in. The owner keeps 65% of the revenue, 20% goes to insurance and 15% to RelayRides.

The venture is the latest that aims to let consumers make money out of their possessions. Getaround Inc also lets users share their cars while SnapGoods allows users to borrow almost anything by the day.


Increase your money and finance knowledge from home

Basics Of The Stock Market

Stock Market 101 - everything you need to know but were afraid to ask!

View Course »

Small Cap Investing

Learn now to invest in small companies the right way.

View Course »

Add a Comment

*0 / 3000 Character Maximum