Car-Sharing Company RelayRides Open for Business in San Francisco

Before you go, we thought you'd like these...
Before you go close icon
Watch out ZipCar, the car pool is back.

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.

Sponsored Links
"Your car, which is usually a burden, is an asset and something that can actually generate money," said RelayRides Chief Executive Officer Shelby Clark. "Significant money is being put in people's pockets."

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.

Read Full Story

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners