HyreCar is a peer-to-peer marketplace where owners of cars can rent their idle vehicles to drivers that want to make an additional income via ride-sharing services like Uber, and Lyft. As a , HyreCar makes money by charging drivers for direct insurance and a 10% fee on the weekly rental expense. And by taking a 15% fee from owners weekly rental income. However, I argue, that the whole market opportunity has been created thanks to the rise of the like Uber and Lyft.That's why it is like HyreCar has seized the opportunity and has created a marketplace on top of the need generated by existing marketplaces.
For instance, as we'll see, when understanding its serviceable market HyreCar looked at local Google searches for terms like 'rent a car for Uber' which pointed a clear need and intent of people to start earning additional income by renting a car and submitting it to either Uber/Lyft.Car owners that want to amortize their cost of ownership can rent their car quite easily via HyreCar. Indeed, one of the main issues of car ownership is the fact that for most of the time it sits in one place (like the work parking lot, or home parking) without ever being used.One key long-term success factor for Uber/Lyft is to have a constant flow of drivers to make sure they can serve their users and offer competitive pricing compared to traditional mobility industries.Therefore, HyreCar grows on top of marketplaces like Uber and Lyft which needs a continuous stream of drivers to succeed.Indeed, one of the risks of failure for Uber and Lyft is the inability to keep drivers going back to the platform.That's also why Uber has used policies of dynamic pricing, like surge pricing, to adjust the demand and offer. Therefore, HyreCar taps into that need.
HyreCar is a peer-to-peer marketplace where owners of cars can rent their idle vehicles to drivers that want to make an additional income via ride-sharing services like Uber, and Lyft. As a , HyreCar makes money by charging drivers for direct insurance and a 10% fee on the weekly rental expense. And by taking a 15% fee from owners weekly rental income. However, I argue, that the whole market opportunity has been created thanks to the rise of the like Uber and Lyft.That's why it is like HyreCar has seized the opportunity and has created a marketplace on top of the need generated by existing marketplaces.
For instance, as we'll see, when understanding its serviceable market HyreCar looked at local Google searches for terms like 'rent a car for Uber' which pointed a clear need and intent of people to start earning additional income by renting a car and submitting it to either Uber/Lyft.Car owners that want to amortize their cost of ownership can rent their car quite easily via HyreCar. Indeed, one of the main issues of car ownership is the fact that for most of the time it sits in one place (like the work parking lot, or home parking) without ever being used.One key long-term success factor for Uber/Lyft is to have a constant flow of drivers to make sure they can serve their users and offer competitive pricing compared to traditional mobility industries.Therefore, HyreCar grows on top of marketplaces like Uber and Lyft which needs a continuous stream of drivers to succeed.Indeed, one of the risks of failure for Uber and Lyft is the inability to keep drivers going back to the platform.That's also why Uber has used policies of dynamic pricing, like surge pricing, to adjust the demand and offer. Therefore, HyreCar taps into that need.
HyreCar advertises itself for Uber and Lyft drivers, while with Turo, you might have more people vacationing that need a car for a few days. Of course, with HyreCar, you might have more consistent income since people will be using your car more long-term. On the other hand, Turo has clients that are less likely to steal your car from you. After all, people aren't depending on using your car for their livelihood.However, both have their risks regarding insurance coverage, so make sure you understand this before jumping into renting out your car. If you want to rent out your vehicle, you'll have to be willing to take significant possible losses if anything goes wrong.Now you know what you need to know about HyreCar to make the decision. While it is a passive way to make some good money, there are substantial risks involved. Now, it's up to you whether or not you want to take the risk.