GM Preparing to Rent Your Car: Report
Only if you choose to, it seems. After launching its Maven ride-sharing service in numerous U.S. cities, as well as Canada’s largest population center, sources claim General Motors wants to expand the service to privately owned vehicles.
In other words, you’ll be able to make your own GM car available via the automaker’s app-based Maven service, generate income from short-term renters, while GM takes part of the cut. If the plan goes ahead, let’s hope your renters aren’t as slovenly as these ones.
Sources close to the matter tell Bloomberg (via Automotive News) the automaker plans to launch a pilot program early this summer. By expanding its Maven service, launched in 2016, GM stands to gain additional revenue through its retail sales, while still putting GM vehicles in the hands of prospective buyers. Right now, all Maven vehicles are GM-owned.
Talk about squeezing extra juice from the orange.
The appeal for GM goes beyond this. In some cases, new-car affordability might only be reached if the buyer knows they can turn their vehicle into an Airbnb on wheels. It’s not a new idea; upstart peer-to-peer car sharing services like Turo already exist in some markets. As the mobility realm grows (and the new car market cools), GM clearly wants to remain at the forefront. Maven gives it a good starting point to grow from.
Renting out your own car means taking on more risk, so there’s an insurance aspect to the deal. Maven provides liability coverage for its renters, whether they are short-term or longer-term drivers booking a car through Maven Gig. Owners renting out their personal car through Turo can choose to purchase a commercial insurance plan through the service’s partners or add the protection through their own provider (if offered).
How GM plans to tackle the insurance issue, should it move forward with the peer-to-peer Maven plan, isn’t yet known.
[Image: General Motors]
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The headline to this post is *HIGHLY* misleading. I initially thought GM was somehow forcing you to rent your own car. I sense a bit of shame from many posters here... I think there's a time in their past where they themselves abused rentals, which kind of explains the "oh I'd never rent my car out" type of statements. I share in a bit of this guilt myself. Also, I'll admit to not understanding this aspect of the gig economy. But for folks who are comfortable with it, more power to them...
Rent out your car, lose your house in the lawsuit. You need to be properly incorporated to protect your assets.