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.
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.