This transcript is automatically generated
Got a car that you never used now you can make money off let's head back -- -- she is live it's -- just -- three days in the valley how does -- -- The list yeah the.
Well -- I know you don't have a car being a new Yorker or at least just yet but I have one I driving to work it's sitting their for nine hours.
Ten hours eleven hours and -- you know what I have been making money not that according to the founders of a new company called get around.
Here in Silicon Valley and San Francisco this place is full of ideas let's get the big idea from the two co founders Sam -- and Jessica scorpio it.
This is peer to peer social car Sherry who even knew but here comes the idea which it is absolutely fascinating Sam how does that work.
-- -- really addressing the problem.
We like to call -- populists or here in United States we have almost sort of fifty million cars and twenty jurors that they were not using them.
To get around is really -- its people the community sure cars are already out as a renter you can go to the -- website or use your Smartphone.
Deterrent to any -- from a Prius to a BMW Stephen -- Tesla Roadster.
Look at the big question -- Jessica how it -- -- yes.
How -- -- note that somebody crazy isn't gonna do get my car -- up get some type of accident what is the process of get around that.
So let's get around you can actually sign up and start sharing and instantly I tell the I clapper go to the website.
We actually -- rigorous drivers bringing on anyone before they're able to rent that includes a driver records -- to this ATM fees as well as identity verification.
And social verification and also you build up credibility on get around owners rate renters -- -- the outer space experience.
And we provided up to million dollars of insurance coverage so Berkshire -- OK and if somebody gets in an accident in my car that doesn't affect my insurance correct correct right you guys are very architect he went to separate that out and make sure there was a blog about dot.
To make sure so that it would.
Sort of eliminate a barrier but is it true that you what trouble in the start -- it was wanna -- -- regulated industries is the auto industry.
And that nobody would ensure you except one company.
Yeah I mean insurance is not the fastest moving industry so early Unger try to explain this concept of pure pure social -- If people thought that you know okay it's interest thing but no -- this really works it's not proven.
Source data we're that we can't -- -- data so we measure it out 'cause -- brand now out.
So we talked also hundred different insurance companies and -- -- more innovative ones that went Berkshire and he said yeah we can see others might -- is certainly a lot of excess capacity and so.
We managed to convince them that you -- put us in.
It sure so Buffett Berkshire Hathaway came through what he's not for taking risks Jessica.
How much body cannot make up my cart let's just say I have a little Lexus SUV that.
The average data makes 300 and if you don't mind on get around a lot tougher they're complete -- costs we have people making over a thousand dollars a month and your Lexus dot -- very popular the luxury vehicles in W Lexus -- -- are all on the site yeah how people rent out their test plus out -- make out.
About fifty to 75 dollars an hour and 500000.
Dead by the white we have a lot bus could be co-founder and CEO of Tesla -- -- operated about it just kind of plug that are adequate but yeah.
What is recommended if what is considering that's certain amount of mileage how -- which -- the car being.
-- -- -- but Peter can you apply.
So in general we look for nicer newer cars are in the reliable and a great experience for the -- Through.
Insurance we have some restriction of the car needs to be 1995 renew our with -- 150000 miles -- five years or newer.
Are preferable but you tend you can sign up and and you can set your price based on the -- that what's the toughest thing about starting the new business hit a lot of would be start -- parent company entrepreneurs watching right now.
The toughest thing.
I think every sort of this goes through ups and downs and the deathly persevere through the downs and you know what people get to -- down and think oh maybe this is not gonna work but.
You know you set up total conviction and trample through -- and talking about getting insurance for -- -- Like -- -- at Sam's name to add Jessica scorpio they're making it happened they were persistent through that -- -- that bad it's great to see both thank you so much.
Up folks that website is get around dot com I mean you could if you're caught -- an extended vacation rent out the car why not right.