Fox Business
Expand
Browse All Video
Watch Live

You're watching...

Could You Be Making $1,000 a Month Renting Your Car?

Details

  • Description

    RelayRides CEO Andre Haddad on his company’s expansion to all 50 states.

  • Duration 3:22
  • Date

Clips

Also in this playlist...

Latest Video

Auto-advance: ON

Auto-advance
View All

Transcript

This transcript is automatically generated

Out lecture rooms are there are.

That's the idea behind it -- rides which just spread you -- states after launching a year ago under that god is the CEO of relay rides and he joins us now.

I'm I love this notion because I -- Manhattan every day my car sits in the parking garage that I paid exorbitant sum of money for.

And then I digging up some and in theory could be used -- all of that right.

Yeah you're the perfect candidate in fact you know we built our marketplace enable people just like Q.

To rent out their cars to neighbors are travelers and their cities and.

OK so let's talk about how this works clearly you get -- you get a piece of this right so.

Who makes the love connection do you find me someone who wants to rent my car.

Yeah I think about it as eBay but for a car rental that's so we've built a marketplace that connects buyer who's renter who wants to drive the car.

-- is sort of the Sadr or the owner of the vehicle and we make that connection and our marketplace and our mobile apps on the lab.

We also pre screen all the driver is to make sure that they have great driving history handwriting records so that.

You can safely rent out your car to it -- -- driver.

We also provide the insurance that covers both the -- and the owner for that -- And so we really enable all that to happen our marketplace and we take our cut from the transaction.

So because insurance is being issued -- you're taking care of the insurance government anything happens how to lineup that that yeah that's not gonna get a car and -- now.

-- a whopper smoke a cigarette -- my -- -- my crap on the way home.

Well yeah that's a great question that we have feedback system in our marketplace he can actually check everybody's feedback you see the commentary from.

From the owners from the renters and its function is very much like an eBay marketplace or an -- -- -- Based on the fact that feedback and the transactions you can trust the other person.

-- -- not your kind of I would think in the market to take on zip car Hertz Avis and mean is that the idea -- to exit.

Making Europe's placement that's what the optimal choice.

What we're trying to build -- -- should and destructive new business and I think the opportunity is huge opportunities to provide.

Mobility with car rental to people around the country around the world.

And we like to think about our market as a really huge market that can disrupt a lot of the players that you mentioned Heidi come up with a thousand dollars a month.

So we've seen a lot of our owners -- kind of power owners and these these are owners have again as someone like Q was started.

I renting their car only when they're using it to infrequently.

And then they realize that they have been actually very valuable car very valuable location in the city.

And they've decided to make their car more and more available.

And so if you make it available.

You know every day you can make up to thousand dollars and then some owners are buying.

Second or third cars and becoming small fleet managers and they're making up.

8000 dollars as.

And you -- I think it's team is I do an CEO shopping dot com C had clearly have.

Some background and buying things off the web under -- had that thank you -- taking -- -- -- -- with us.

Thank you very much -- great idea what.

Load More