1 00:00:00,400 --> 00:00:01,640 Speaker 1: For the Money show, the. 2 00:00:01,720 --> 00:00:05,040 Speaker 2: Friday File, the Friday File, don't forget after the Friday 3 00:00:05,120 --> 00:00:07,720 Speaker 2: File comes the Friday Bus Blitz. You might just want 4 00:00:07,760 --> 00:00:10,240 Speaker 2: to start warming things up a little bit for that. Well, 5 00:00:10,360 --> 00:00:12,119 Speaker 2: when you plan your weekend, I mean, you might have 6 00:00:12,160 --> 00:00:14,160 Speaker 2: an event you like to go to. There might be 7 00:00:14,240 --> 00:00:17,360 Speaker 2: a bride somewhere, maybe your daughter's got a metric dance. 8 00:00:17,960 --> 00:00:19,960 Speaker 2: Maybe there's a place you'd like to make an impression. 9 00:00:20,000 --> 00:00:24,360 Speaker 2: Maybe you're just going out with your partner and all 10 00:00:24,400 --> 00:00:27,240 Speaker 2: you want to do is on the way they go 11 00:00:27,320 --> 00:00:31,120 Speaker 2: in a particularly nice carriage, on the way back, come 12 00:00:31,160 --> 00:00:34,080 Speaker 2: back in a nice car. Well, someone is making a 13 00:00:34,120 --> 00:00:38,199 Speaker 2: good living providing just that. The car's card Karshenova. It's 14 00:00:38,280 --> 00:00:41,159 Speaker 2: run by Temper m Gamerti. He's in the studio now. 15 00:00:41,200 --> 00:00:42,839 Speaker 2: Timber is great to meet you. Thanks so much for 16 00:00:42,880 --> 00:00:43,239 Speaker 2: coming in. 17 00:00:43,360 --> 00:00:45,080 Speaker 1: Oh, it's great to be here. I'm such a fan 18 00:00:45,240 --> 00:00:46,960 Speaker 1: and really I need to be here. 19 00:00:47,040 --> 00:00:50,400 Speaker 2: Well, it's very kind. So you don't own the cars, 20 00:00:50,960 --> 00:00:54,480 Speaker 2: You arrange the rentals. How does it work? 21 00:00:54,960 --> 00:00:59,080 Speaker 1: Oh? Yes, So we are a car sharing platform, hence 22 00:00:59,160 --> 00:01:01,640 Speaker 1: the name cars share nov. It's actually a blend of 23 00:01:01,680 --> 00:01:05,880 Speaker 1: the word car share and casanova, which is the famous adventurer. 24 00:01:06,280 --> 00:01:10,320 Speaker 1: But our whole thing is to break the commitment to cars, 25 00:01:10,480 --> 00:01:13,720 Speaker 1: meaning bringing everyday cars into the shared economy. So if 26 00:01:13,760 --> 00:01:16,520 Speaker 1: you look at platforms like Airbnb, that's where our model 27 00:01:16,560 --> 00:01:19,800 Speaker 1: sort of comes from. And we basically operate similar to 28 00:01:19,880 --> 00:01:23,399 Speaker 1: a Corsododa or an auto trader, but not for sale, 29 00:01:23,680 --> 00:01:27,160 Speaker 1: rather for access, So basically a car sharing platform that 30 00:01:27,280 --> 00:01:32,000 Speaker 1: allows everyday individuals emerging CURRENTAL operators and OEMs to rent 31 00:01:32,040 --> 00:01:37,360 Speaker 1: out cars to veted renters, which can be individuals, corporates, 32 00:01:37,480 --> 00:01:38,319 Speaker 1: or even the government. 33 00:01:38,760 --> 00:01:42,319 Speaker 2: So it's it's a bit like what all of these 34 00:01:42,360 --> 00:01:44,800 Speaker 2: things do is they kind of democratize something that was 35 00:01:44,800 --> 00:01:46,920 Speaker 2: happening and then the process that make it much cheaper 36 00:01:47,040 --> 00:01:47,880 Speaker 2: one percent. 37 00:01:48,080 --> 00:01:51,320 Speaker 1: So if you look at the currental industry, it's over 38 00:01:51,400 --> 00:01:55,320 Speaker 1: a billion dollar market in South Africa loan and it's 39 00:01:55,480 --> 00:02:00,240 Speaker 1: only been operated by about five or six companies which 40 00:02:00,240 --> 00:02:02,840 Speaker 1: we all know. And right now what we are doing 41 00:02:02,960 --> 00:02:06,040 Speaker 1: is basically enabling everyone to enter that market and get 42 00:02:06,040 --> 00:02:07,640 Speaker 1: a share of it. Like I said, it's been done 43 00:02:07,680 --> 00:02:11,720 Speaker 1: in property before and right now we're doing it for vehicles. 44 00:02:11,840 --> 00:02:14,320 Speaker 1: And we do that through just an amazing text deck 45 00:02:14,800 --> 00:02:17,440 Speaker 1: that takes everything that happens at the rental counter and 46 00:02:17,480 --> 00:02:19,680 Speaker 1: the back office of these rental companies, and we put 47 00:02:19,680 --> 00:02:22,800 Speaker 1: it on a simple phone and allow you to access 48 00:02:22,840 --> 00:02:24,040 Speaker 1: those cars. 49 00:02:23,840 --> 00:02:27,160 Speaker 2: You mentioned Casanova. We're not talking about Corollas and swifts yet. 50 00:02:28,040 --> 00:02:31,880 Speaker 1: So initially, initially, that's how we started. We started in 51 00:02:31,880 --> 00:02:35,160 Speaker 1: the premium sector and that was only to de risk. 52 00:02:35,639 --> 00:02:38,040 Speaker 1: The margins are higher if you look at history, all 53 00:02:38,040 --> 00:02:40,880 Speaker 1: great technology sort of start at the high end for 54 00:02:40,919 --> 00:02:45,359 Speaker 1: affordability and basically you have a small team that has 55 00:02:45,400 --> 00:02:47,800 Speaker 1: to manage a few rentals and understand how it works. 56 00:02:48,160 --> 00:02:52,280 Speaker 1: Right now, we are expanding into the premium category. The 57 00:02:52,400 --> 00:02:55,000 Speaker 1: idea was always to allow every day South Africans to 58 00:02:55,040 --> 00:02:57,640 Speaker 1: earn from the platform, similar to what the likes of 59 00:02:57,720 --> 00:03:01,119 Speaker 1: Uber have done, allow everyday people to put their vehicles 60 00:03:01,160 --> 00:03:04,280 Speaker 1: on the market, drivers to come in and earn. So 61 00:03:04,320 --> 00:03:07,600 Speaker 1: that's our vision. The question I always get when I 62 00:03:07,639 --> 00:03:09,959 Speaker 1: come to these interviews is what do arrive in today? 63 00:03:10,000 --> 00:03:14,079 Speaker 1: I arrived in a Corolla, in my dad's Corolla, which 64 00:03:14,120 --> 00:03:15,880 Speaker 1: has allowed me to take over and put on the 65 00:03:15,880 --> 00:03:19,760 Speaker 1: platform as one of our trials for the economy. Yeah, 66 00:03:20,040 --> 00:03:21,360 Speaker 1: economy segment. 67 00:03:21,200 --> 00:03:24,880 Speaker 2: Yeah, you have an understanding, Dad, But it's also incredibly 68 00:03:24,919 --> 00:03:27,840 Speaker 2: sensible because it's the kind of car that just you know, 69 00:03:27,960 --> 00:03:32,120 Speaker 2: goes and goes and goes. So a couple of questions. Mean, firstly, 70 00:03:32,639 --> 00:03:34,800 Speaker 2: so I have a car, I'm thinking, okay, I'm going 71 00:03:34,880 --> 00:03:38,640 Speaker 2: to rent it out. How do I know for certain temperates? 72 00:03:38,680 --> 00:03:39,400 Speaker 2: Coming back to me? 73 00:03:40,280 --> 00:03:45,160 Speaker 1: Great question? So what the differentiator is? So my background, 74 00:03:45,160 --> 00:03:48,160 Speaker 1: I'm an engineer by qualification, I did a similatory degree 75 00:03:48,160 --> 00:03:52,640 Speaker 1: advert where I met the co founder Le Mabala, who 76 00:03:52,760 --> 00:03:56,920 Speaker 1: was studying the software engineering. He went on with his career. 77 00:03:56,960 --> 00:03:59,600 Speaker 1: He worked for Naked Insurance. He was the first day 78 00:03:59,600 --> 00:04:02,240 Speaker 1: of high there. So you built the decision trees that 79 00:04:02,280 --> 00:04:06,000 Speaker 1: allow them to do insurance in ninety seconds together. We 80 00:04:06,080 --> 00:04:08,320 Speaker 1: then met after I'd moved on worked at Bolt, and 81 00:04:08,320 --> 00:04:12,200 Speaker 1: we brought those two expertise together. So currently we confidently 82 00:04:12,240 --> 00:04:15,160 Speaker 1: say that our voting system is way stronger than what 83 00:04:15,200 --> 00:04:17,400 Speaker 1: you do when you hire a car from the competitors, 84 00:04:17,760 --> 00:04:20,560 Speaker 1: because our vating system is built off the ehaling background, 85 00:04:20,560 --> 00:04:23,120 Speaker 1: which is two strangers getting into a car together. So 86 00:04:23,600 --> 00:04:27,279 Speaker 1: naturally the level of security is way higher. So this 87 00:04:27,440 --> 00:04:32,080 Speaker 1: involves your ID running your idea against the government database, 88 00:04:32,160 --> 00:04:36,440 Speaker 1: running bimetric selfiees against that ID, checking your credit score, 89 00:04:36,920 --> 00:04:39,640 Speaker 1: checking your affordability that if something does happen, you can 90 00:04:39,680 --> 00:04:44,159 Speaker 1: afford to bring back that car. And so luckily or unluckily, 91 00:04:44,600 --> 00:04:49,200 Speaker 1: our issues have not really been around the identity verification aspect. 92 00:04:49,320 --> 00:04:52,119 Speaker 1: They've been more around people keeping cars longer than they should, 93 00:04:52,480 --> 00:04:57,280 Speaker 1: bring the cars back without fuel when they should. And yeah, 94 00:04:57,440 --> 00:05:02,120 Speaker 1: mainly it's those type of issues which we've also de risked. 95 00:05:01,720 --> 00:05:06,960 Speaker 1: The traditional market has deists, that's through just Plaine deposits. 96 00:05:07,360 --> 00:05:10,640 Speaker 1: We've seen that deposits are even another barrier to entry 97 00:05:10,640 --> 00:05:14,080 Speaker 1: in the market, and we've innovated through the deposits as well, 98 00:05:14,480 --> 00:05:18,160 Speaker 1: created something called deposit waivers where you can so if 99 00:05:18,160 --> 00:05:19,880 Speaker 1: you're going to Cape Town and you want to hire 100 00:05:20,120 --> 00:05:23,400 Speaker 1: our more high end vehicles like an R eight, you 101 00:05:23,480 --> 00:05:25,680 Speaker 1: might find a deposit is thirty six thousand Rand, but 102 00:05:25,720 --> 00:05:28,039 Speaker 1: you want to spend that with your family. So with 103 00:05:28,080 --> 00:05:32,520 Speaker 1: the deposit waiver, we we do a fifteen percent of 104 00:05:32,560 --> 00:05:35,200 Speaker 1: the deposit non refundable, so the thirty six thousand round 105 00:05:35,200 --> 00:05:38,200 Speaker 1: would be refundable. Fifteen percent is non refundable, which allows 106 00:05:38,240 --> 00:05:40,440 Speaker 1: you to keep more cash flow for your trip, but 107 00:05:40,520 --> 00:05:43,479 Speaker 1: you don't forgot the responsibility if something does happen, our 108 00:05:43,560 --> 00:05:45,920 Speaker 1: partner does. The waivers will then collect from you, but 109 00:05:46,000 --> 00:05:47,880 Speaker 1: they pay us out the full amount. So it's sort 110 00:05:47,880 --> 00:05:50,640 Speaker 1: of those innovations that differentiate us from what's been happening 111 00:05:50,720 --> 00:05:53,280 Speaker 1: in the industry before. And it's all like I said, 112 00:05:53,279 --> 00:05:54,280 Speaker 1: it's all taken labeled. 113 00:05:55,240 --> 00:05:57,920 Speaker 2: It must be so interesting to have people who say, well, 114 00:05:57,920 --> 00:06:01,160 Speaker 2: actually I'm going to rent an RS eight or I mean, 115 00:06:01,200 --> 00:06:02,560 Speaker 2: I don't know if you have a Bentley on your 116 00:06:02,560 --> 00:06:05,520 Speaker 2: books or something. I mean, I've been in the back 117 00:06:05,560 --> 00:06:07,720 Speaker 2: of a Bentley once someone else was driving and I 118 00:06:07,920 --> 00:06:12,200 Speaker 2: was scared. I mean, I mean it must feel for 119 00:06:12,720 --> 00:06:15,640 Speaker 2: the people who renting it. There's an incredible sense of 120 00:06:16,560 --> 00:06:18,840 Speaker 2: I don't know, I've made it all. It's a special 121 00:06:18,880 --> 00:06:19,960 Speaker 2: moment that you put it like that. 122 00:06:21,360 --> 00:06:24,520 Speaker 1: Yes, we do, especially you know, with a metric foril market, 123 00:06:24,560 --> 00:06:26,279 Speaker 1: it's a big market for us. So you find a 124 00:06:26,360 --> 00:06:28,800 Speaker 1: father that rents a car, drives it himself. It's not 125 00:06:28,839 --> 00:06:31,680 Speaker 1: his usual car. Is making it special for his son 126 00:06:31,800 --> 00:06:34,719 Speaker 1: or daughter. But a bulk of our market is people 127 00:06:34,760 --> 00:06:38,479 Speaker 1: that maintain their lifestyle. So we have people that used 128 00:06:38,560 --> 00:06:41,559 Speaker 1: to ship their cars to Cape Town on holiday because 129 00:06:41,880 --> 00:06:44,120 Speaker 1: the retel companies they would tell them, we'll ever mess 130 00:06:44,240 --> 00:06:46,159 Speaker 1: these for you. Then you get there, they're like, we 131 00:06:46,200 --> 00:06:48,280 Speaker 1: don't have it anymore, so they keep their own cars. 132 00:06:48,760 --> 00:06:51,039 Speaker 1: But now you can actually rent the exact car you 133 00:06:51,080 --> 00:06:53,600 Speaker 1: want and know you'll find the car there. Last week 134 00:06:53,640 --> 00:06:55,599 Speaker 1: where the guy who rented an empty in Cape Town 135 00:06:55,800 --> 00:06:57,600 Speaker 1: and he came back and he listed his MP to 136 00:06:57,720 --> 00:07:00,159 Speaker 1: enjoy work and said, I just wanted my car in 137 00:07:00,200 --> 00:07:02,720 Speaker 1: Cape Town. I saw it works, I'm going to list 138 00:07:02,760 --> 00:07:06,080 Speaker 1: my car. So it's something that we see is sort 139 00:07:06,120 --> 00:07:09,440 Speaker 1: of changing the landscape of mobility access. Right now, we're 140 00:07:09,440 --> 00:07:14,280 Speaker 1: in advanced conversations with bid to do extended test drives 141 00:07:14,280 --> 00:07:16,000 Speaker 1: for them. So you know how you usually buy a car, 142 00:07:16,120 --> 00:07:19,080 Speaker 1: you go to the get everyone electric. Hey, with the 143 00:07:19,160 --> 00:07:22,960 Speaker 1: fuel prices, people are actually much more looking at that 144 00:07:23,040 --> 00:07:26,240 Speaker 1: as an option. But what we see together with bid 145 00:07:26,320 --> 00:07:28,880 Speaker 1: in there's conversations is that, hey, when people are thinking 146 00:07:28,880 --> 00:07:31,480 Speaker 1: of getting a car, ten minutes around the corner is 147 00:07:31,520 --> 00:07:33,600 Speaker 1: usually not enough to convince them they want to take 148 00:07:33,600 --> 00:07:36,840 Speaker 1: it home, spend time with their family, and specifically with 149 00:07:36,960 --> 00:07:42,080 Speaker 1: the EV and the new electric new energy vehicles, what 150 00:07:42,120 --> 00:07:44,320 Speaker 1: people really want to know is will their range get 151 00:07:44,360 --> 00:07:46,960 Speaker 1: me to work back? So we've come up with this 152 00:07:47,040 --> 00:07:49,600 Speaker 1: thing where you can do a paid extended test drive. 153 00:07:49,680 --> 00:07:51,760 Speaker 1: So render car for a weekend, take it out with friends, 154 00:07:51,800 --> 00:07:55,000 Speaker 1: and decide if you actually want it. And we believe 155 00:07:55,000 --> 00:07:59,160 Speaker 1: that's actually the future of like vehicle access the six 156 00:07:59,240 --> 00:08:00,840 Speaker 1: year excess over guys. 157 00:08:01,720 --> 00:08:05,400 Speaker 2: So I mean years ago, I remember articles in places 158 00:08:05,400 --> 00:08:09,480 Speaker 2: like the Economists saying and the idea of having a 159 00:08:09,520 --> 00:08:12,880 Speaker 2: car and using one car so I have a relatively 160 00:08:12,880 --> 00:08:15,480 Speaker 2: big car because we go camping, but it's stupid. It's 161 00:08:15,520 --> 00:08:17,800 Speaker 2: silly that that's also the car that takes that I 162 00:08:17,920 --> 00:08:19,320 Speaker 2: drive to and from work. But I'm not going to 163 00:08:19,320 --> 00:08:22,680 Speaker 2: buy another car. So I mean, this gets people around that, 164 00:08:22,760 --> 00:08:24,960 Speaker 2: and you're looking at a situation where people might not 165 00:08:25,120 --> 00:08:26,480 Speaker 2: ever own a car. 166 00:08:26,480 --> 00:08:29,880 Speaker 1: A hundred percent. That is the future and not theoretically. 167 00:08:29,920 --> 00:08:32,319 Speaker 1: So what we think about every day is what does 168 00:08:32,320 --> 00:08:35,480 Speaker 1: the future look like. Who's investing in that future? The 169 00:08:35,640 --> 00:08:38,360 Speaker 1: future looks like self driving cars, and that's where the 170 00:08:38,440 --> 00:08:41,840 Speaker 1: investment is going in AI because people have seen with 171 00:08:41,920 --> 00:08:46,000 Speaker 1: the rise of Uber that the mobility market is so lucrative. 172 00:08:46,360 --> 00:08:50,079 Speaker 1: But the problem is the driver takes up the bub 173 00:08:50,120 --> 00:08:52,200 Speaker 1: of the cost. So they're trying to get the driver out. 174 00:08:52,400 --> 00:08:54,360 Speaker 1: And when we look at it. People are going to 175 00:08:54,400 --> 00:08:57,200 Speaker 1: own cars and put them into the monetization system, which 176 00:08:57,240 --> 00:09:00,160 Speaker 1: is what we are building towards, and people are We're 177 00:09:00,160 --> 00:09:02,600 Speaker 1: going to catch on as like we say, they break 178 00:09:02,640 --> 00:09:04,040 Speaker 1: the commitment to their cars. 179 00:09:04,360 --> 00:09:06,600 Speaker 2: Temper has been great to meet you. Thank you so much. 180 00:09:06,880 --> 00:09:10,080 Speaker 2: Temper and Gamerti. The car the service. The car the 181 00:09:10,120 --> 00:09:13,120 Speaker 2: service is called car scher Nova. He is the co 182 00:09:13,240 --> 00:09:14,640 Speaker 2: founder Temper. Thanks for coming in.