The program, which is slated to start in early summer, will allow GM vehicle owners to rent out their vehicles on Maven's platform.
We anticipate more details about GM's pilot program this summer as the trend of P2P auto sharing continues to increase. Another advantage that GM has is the wide owner base it can use to lure customers into the program.
Up to this point, GM has owned those cars. Turo and Getaround are two bigger names in the space, though GM dwarfs both upstarts with its market value of $53 billion. As Bloomberg notes, the number of cars listed on Turo have tripled to 200,000 in the past two years while the service now boasts around five million users.More news: Former President Obama picks Michigan State, UConn in NCAAs
The firm raised US$92 million in a funding round in September a year ago led by Germany's Daimler AG and South Korea's SK Holdings Co, which valued Turo at about US$700 million. Getaround raised $45 million last April, with Toyota Motor Corp. among the companies buying in. Owners will then share the revenue with the automaker. As Alexandre Marian, a director in the automotive and industrial practice at consultant AlixPartners LLP, articulated, "Carmakers are preparing for disruption, so they are experimenting with different models". Tesla CEO Elon Musk has also expressed interest in the idea which he believes will "dramatically [lower] the true cost of ownership to the point where nearly anyone could own a Tesla".
The peer-to-peer sharing model does have its challenges. Cities like San Francisco are also pursuing legal action to regulate such companies.
GM has already charted the ride share waters, ever since it initiated the Maven program back in January 2016.
If GM does make a successful play into the peer-to-peer vehicle sharing market, they could be looking at millions of potential customers; Turo recently claimed to have around 5 million users and 200,000 cars available to rent.