The new startup makes use of underused resources by letting users rent their neighbor’s cars.
It’s not often that Chris Sacca, founder of Lowercase Capital has such a public aha moment on stage, but new startup GetAround elicited just this reaction from him after delivering a highly successful presentation at TechCrunch Disrupt’s second day in New York City. GetAround lets you rent your neighbor’s car and solves several gaps in the market:
- On average, cars are driven only 8% of the time. GetAround now lets car owners earn money safely during the downtimes.
- Cars on the road typically have open inventory i.e. empty seats, which is not only an inefficient use of resources but is also detrimental to the environment. A P2P car-sharing network reduces a car owner’s carbon footprint by 40%.
- Renting a car can be time consuming and painful. But not any more if you’re a smartphone owner and decide to take GetAround’s app for a drive.
GetAround rentals include insurance for liability, collision, property damage, and uninsured motorists. It also gets around the tricky question of driving ability by pre-screening drivers and allowing both the renter and the buyer to rate each other after each transaction. For those VCs like Chris Sacca who passed on investing in Airbnb, a YCombinator breakout P2P network for vacation rentals, this could be another chance to invest in a new crop of P2P startups. While the GetAround app clearly needs some more work and can be unstable, it is a great idea and sure to get interest from investors.
Originally published on Seedwalker