WEBVTT - Rent Out Your Car When You're Not Using It 0:00:04.480 --> 0:00:07.560 The new service from General Motors that lets you rent 0:00:07.600 --> 0:00:10.760 out your own car to other people. Think Airbnb, but 0:00:10.840 --> 0:00:11.639 for your car. 0:00:11.880 --> 0:00:13.280 What's going on. I'm Rich Dmiro. 0:00:13.480 --> 0:00:16.480 This is Rich on Tech and joining me today is 0:00:16.560 --> 0:00:20.680 Akshay Jay Singh. He is Maven's West Coast regional manager, 0:00:20.720 --> 0:00:24.079 to talk about a new way to make some extra money. 0:00:24.400 --> 0:00:25.640 Akhay, welcome to the show. 0:00:25.840 --> 0:00:26.480 Thank you, Rich. 0:00:26.680 --> 0:00:30.120 So tell me about Maven. This is under GM's Maven brand. 0:00:30.440 --> 0:00:33.239 I've done stories with them before. This is sort of 0:00:33.280 --> 0:00:37.240 started out as kind of Maven's by the hour car 0:00:37.320 --> 0:00:39.960 sharing rental service, but now it's expanding to peer to 0:00:40.040 --> 0:00:41.960 peer and it's going to be coming to the city 0:00:41.960 --> 0:00:44.720 of Los Angeles by the end of the year. Tell 0:00:44.720 --> 0:00:46.920 me first off, what Maven's all about. 0:00:47.360 --> 0:00:50.519 Sure, you know, we are seeing a pretty strong growth 0:00:50.640 --> 0:00:54.440 in demand for access to cars, like through car sharing. 0:00:54.840 --> 0:00:57.600 We're also seeing a change in consumer behavior with the 0:00:57.680 --> 0:01:00.360 growth and right sharing, and one of them the key 0:01:00.440 --> 0:01:03.520 drivers is, you know, urban population growth is on the rise. 0:01:03.680 --> 0:01:09.440 Right especially millennials value the access to a car versus ownership, 0:01:09.800 --> 0:01:13.040 and that's really where Maeven comes in. We are a 0:01:13.080 --> 0:01:16.320 mobility as a service brand and in the last two 0:01:16.440 --> 0:01:20.160 years that we've been in LA. We have a Maven 0:01:20.240 --> 0:01:25.240 car sharing offering where we offer hourly rentals, you know, 0:01:25.520 --> 0:01:29.200 very teamless. You don't need to have the access to 0:01:29.240 --> 0:01:31.600 the keys. All you do is you download the Maven apps, 0:01:31.680 --> 0:01:34.399 sign up with us one time, and then you can 0:01:34.440 --> 0:01:36.760 see what cars are in your vicinity, walk up to 0:01:36.840 --> 0:01:39.440 the car the phone, access the key fob, and you 0:01:39.520 --> 0:01:43.240 get teamless access to a car loaded with technology. It's 0:01:43.280 --> 0:01:48.040 across our portfolio for Chevrolet, Buegg, GMC and Cadillac products, 0:01:48.560 --> 0:01:51.400 and that program is called as Navan Car Sharing, which 0:01:51.440 --> 0:01:54.480 has been doing great over the last two years. We 0:01:54.520 --> 0:01:57.480 also have a Maven Gig offering where we offer weekly 0:01:57.520 --> 0:02:01.400 rentals to write share and deliveried drivers, which has also 0:02:01.480 --> 0:02:05.560 been growing exponentially. So, you know, with all this experience, 0:02:05.680 --> 0:02:08.320 and you know, over three hundred and thirty million miles 0:02:08.400 --> 0:02:13.239 driven on the Mavan platform, close to two hundred thousand reservations, 0:02:13.800 --> 0:02:17.240 we've learnt a lot about customer preferences, and now what 0:02:17.280 --> 0:02:21.120 we're launching is called as Navan Peer and maybe in 0:02:21.160 --> 0:02:25.400 Peer allows any GM owner with a twenty fifteen model 0:02:25.440 --> 0:02:28.960 layer or newer car to place their own car on 0:02:29.000 --> 0:02:32.120 the Maven platform. To leverage a member base and to 0:02:32.320 --> 0:02:34.680 make some money on their personal asset. 0:02:34.919 --> 0:02:36.560 Okay, So and let me explain. 0:02:36.639 --> 0:02:39.919 So I know there's some people listening that are thinking, Okay, rich, 0:02:40.000 --> 0:02:42.080 this sounds crazy. Number One, I'm not going to rent 0:02:42.080 --> 0:02:43.760 out my own car. I don't want other people in it. 0:02:43.840 --> 0:02:45.400 Okay. So that's one concern. 0:02:45.600 --> 0:02:48.960 You know. The interesting aspect is ninety five percent of 0:02:49.000 --> 0:02:51.720 the time our cars are sitting idle. Right, Like, you 0:02:51.880 --> 0:02:54.280 use your car, and you obviously want it when you 0:02:54.360 --> 0:02:56.640 need it, like early in the morning. You know you've 0:02:56.639 --> 0:02:58.760 got to do school drop offs, you've got to go 0:02:58.800 --> 0:03:02.200 to work, pick up your kids, but there's that window 0:03:02.400 --> 0:03:05.480 of opportunity where your car is sitting idle. So the 0:03:05.760 --> 0:03:08.600 whole premise is that you know, as you think about it, 0:03:08.680 --> 0:03:12.280 and with the right technology and the member base that 0:03:12.919 --> 0:03:17.000 goes with it, you could potentially monetize your asset while 0:03:17.000 --> 0:03:19.720 you're not using it. You could still make sure that 0:03:19.800 --> 0:03:22.480 you block off the times when you need your own car, 0:03:23.280 --> 0:03:25.800 and then the car would not be available to a 0:03:25.840 --> 0:03:29.000 third party or to you know, another member to rent, 0:03:29.960 --> 0:03:33.600 but you could make it available depending on your schedule. 0:03:33.680 --> 0:03:37.160 So I would say it wouldn't work for everyone and 0:03:37.240 --> 0:03:39.800 every instance, like you mentioned the example in New Jersey, 0:03:39.960 --> 0:03:42.200 New York. You know, it potentially makes a lot of 0:03:42.200 --> 0:03:45.040 sense because you have public transit, you still want access 0:03:45.080 --> 0:03:47.760 to a car or a larger car on certain occasions. 0:03:48.440 --> 0:03:50.840 You know, if you're living somewhere in LA and you 0:03:50.920 --> 0:03:54.160 have one car and you know it's pretty highly utilized 0:03:54.200 --> 0:03:57.880 between your family, you could still look at certain windows 0:03:57.880 --> 0:04:01.680 of opportunity. So it's pretty as a platform that gives 0:04:01.720 --> 0:04:04.560 you that ability. Also, you know, we're trying to take 0:04:04.600 --> 0:04:08.280 out the risk from you as the owner because we 0:04:08.360 --> 0:04:11.920 offer or Maven offers the insurance for the duration of 0:04:11.960 --> 0:04:16.240 the rental up to a million dollars including collision damage 0:04:16.320 --> 0:04:20.440 as well as liability insurance. So you know, it's pretty 0:04:20.480 --> 0:04:24.080 much making it easier for you to put your car 0:04:24.120 --> 0:04:26.560 on the platform and try it out at a lower risk. 0:04:27.000 --> 0:04:29.360 Okay, So the cars that are eligible right now, you've 0:04:29.360 --> 0:04:34.359 got GM's for brands, so that's what you've got, Chevy, 0:04:34.839 --> 0:04:35.880 you've got Cadillac. 0:04:37.160 --> 0:04:38.159 What's the other two? 0:04:38.440 --> 0:04:39.520 Do it can GMC? 0:04:39.960 --> 0:04:41.760 Okay, So if you have one of those cars has 0:04:41.800 --> 0:04:45.680 to be a twenty fifteen or newer. Obviously, no manual transmission. 0:04:46.000 --> 0:04:48.200 I assume your car has to have on Star for 0:04:48.240 --> 0:04:49.200 this to work as well. 0:04:49.560 --> 0:04:53.280 Absolutely, and we actually offer on staff. So even if 0:04:53.320 --> 0:04:56.479 you had your own on Star account associated to your car, 0:04:56.920 --> 0:04:58.960 if you plan to list it on Mave and Peer, 0:04:59.480 --> 0:05:02.800 what were do is we would actually this enroll the 0:05:02.880 --> 0:05:05.320 car from your personal account and add it onto the 0:05:05.360 --> 0:05:08.640 Mavene account because on Star is a key enabler for 0:05:08.880 --> 0:05:10.279 this technology. 0:05:09.720 --> 0:05:12.279 To work, right, because that gives you the cellular connection 0:05:12.360 --> 0:05:15.120 which allows people to find your car the GPS tracking 0:05:15.200 --> 0:05:18.400 also unlock it and then also when they're in your car, 0:05:18.440 --> 0:05:21.599 they get use of your your hot spot as well. 0:05:21.680 --> 0:05:24.400 Huh correct, So that's one of the other reasons that 0:05:24.480 --> 0:05:27.039 we enroll the car onto the maven account because we 0:05:27.160 --> 0:05:31.680 do offer pogsd Wi Fi as standard across you know, 0:05:31.720 --> 0:05:33.360 every maven car on the platform. 0:05:33.720 --> 0:05:36.360 So is there anything I need to install in my car? 0:05:36.520 --> 0:05:39.880 If let's say I have, you know, a twenty sixteen 0:05:40.440 --> 0:05:44.960 Chevy Cruise with on Start, Do I need anything extra 0:05:45.080 --> 0:05:45.880 to install on there? 0:05:46.440 --> 0:05:46.680 Yes? 0:05:46.800 --> 0:05:47.159 You do. 0:05:47.320 --> 0:05:49.680 So the way the process works is, you know, any 0:05:49.720 --> 0:05:53.160 member who's interested in listing their car on Mave and 0:05:53.240 --> 0:05:55.479 Peel would go to our website. They'll fill out a 0:05:55.520 --> 0:05:58.160 quick form, you know, just informing us pretty much what 0:05:58.200 --> 0:06:00.600 you said, like, Hey, this is the modelayer, this is 0:06:00.640 --> 0:06:03.200 the wind details. We'll do a quick check on our 0:06:03.279 --> 0:06:06.640 end to ensure that the product is compatible, and then 0:06:07.400 --> 0:06:11.359 a mave an onboarding mentor actually calls the interested person 0:06:11.839 --> 0:06:14.800 and explains the program a little bit more in detail, 0:06:15.600 --> 0:06:19.400 and then we schedule an appointment with a technician from 0:06:19.400 --> 0:06:21.880 our team who will come down pick up the car, 0:06:22.279 --> 0:06:25.640 and we install a specific gadget to the vehicle that 0:06:25.800 --> 0:06:29.680 allows this keyless access to your car. There are certain 0:06:29.760 --> 0:06:33.160 models that are not compatible with keyless access, but we 0:06:33.240 --> 0:06:35.120 do have a solution for that as well. 0:06:35.480 --> 0:06:37.200 And does that cost me anything. 0:06:37.360 --> 0:06:40.560 Currently nothing, So it's it's pretty low risk. You know, 0:06:40.600 --> 0:06:44.440 we are bearing the initial upfront costs for the technology 0:06:45.120 --> 0:06:46.960 that enables the seamless access. 0:06:47.360 --> 0:06:50.720 Okay, so if I live in apartment building in let's 0:06:50.760 --> 0:06:54.400 say Santa Monica West, Los Angeles, one of these crowded areas, 0:06:54.440 --> 0:06:56.600 and I can get to work let's say, on a 0:06:56.680 --> 0:06:59.120 I don't know, on a scooter and my car sits 0:06:59.160 --> 0:07:01.800 at my place a day. I mean, it's really kind 0:07:01.800 --> 0:07:03.720 of worth it to try this out, if you don't 0:07:03.720 --> 0:07:05.960 mind the idea of being part of the sharing economy. 0:07:06.400 --> 0:07:10.040 Absolutely, yep, that would be a great use case. Right, 0:07:10.120 --> 0:07:12.960 you still want your car for weekend trips or you 0:07:13.000 --> 0:07:16.440 know what have you, you know, the occasional running of errands, 0:07:16.440 --> 0:07:19.040 but your car sitting idle for most of the time, 0:07:19.120 --> 0:07:21.520 then that would be a perfect candidate, you know, to 0:07:21.560 --> 0:07:23.920 try it out. Like I mentioned, you know, we install 0:07:23.960 --> 0:07:26.880 the technology, we enroll your carn on Star. You can 0:07:26.960 --> 0:07:29.520 decide what time of day you want to make the 0:07:29.600 --> 0:07:32.840 car available for public use and try it out. 0:07:33.080 --> 0:07:35.000 So I get to set my own rate, but obviously 0:07:35.040 --> 0:07:37.520 you're going to help me with some suggested rates. So 0:07:37.600 --> 0:07:40.320 if it's a sort of a compact or standard car 0:07:40.400 --> 0:07:43.280 like a Chevy Cruz seven twenty five an hour, eighty 0:07:43.320 --> 0:07:46.440 dollars a day, a pickup truck fourteen to fifteen hour, 0:07:46.480 --> 0:07:49.160 one hundred and forty five a day, a Camaro which 0:07:49.200 --> 0:07:51.840 is sort of a high end car nice car twenty 0:07:51.880 --> 0:07:54.200 two to fifteen hour or two twenty five a day, 0:07:55.160 --> 0:07:57.280 how much can I make renting my car? And what's 0:07:57.360 --> 0:07:59.960 kind of the profit split here between me and Maven? 0:08:00.360 --> 0:08:03.560 Right, so the owner makes a majority of the revenue, 0:08:04.160 --> 0:08:07.120 Maven still keeps us small percentage just because you know, 0:08:07.160 --> 0:08:10.960 we offer the insurance, the technology, and the service. It's 0:08:10.960 --> 0:08:14.240 a sixty forty split, so the owner keeps sixty percent 0:08:14.280 --> 0:08:19.000 of all revenue and Mayven takes forty percent. And in 0:08:19.120 --> 0:08:22.120 terms of, you know, just the overall experience, you know, 0:08:22.200 --> 0:08:25.360 we install the tech and ensure that you know, the 0:08:25.440 --> 0:08:27.400 car is good to go, we'll test it with you 0:08:27.520 --> 0:08:28.800 before it's on the platform. 0:08:29.200 --> 0:08:32.040 And what's been the response to this and the other cities. 0:08:32.720 --> 0:08:34.720 Have people been signing up to use it? And do 0:08:34.760 --> 0:08:36.640 people like it on both ends? 0:08:36.920 --> 0:08:40.240 You know? And we launched a data in Detroit initially 0:08:40.360 --> 0:08:44.880 and the response was overwhelmingly positive. In fact, we're pleasantly 0:08:44.920 --> 0:08:48.959 surprised by the number of hand raisers we got so early. 0:08:49.240 --> 0:08:52.079 It's still early days, but we are very encouraged by 0:08:52.200 --> 0:08:55.800 the success of the program so far. Like you mentioned, 0:08:55.800 --> 0:08:58.480 you know, there's a lot of people who own you know, 0:08:58.520 --> 0:09:02.400 the premium cars like a a Carvette, like a Camaro, 0:09:03.280 --> 0:09:07.720 and they really value that possession, but they also realize that, hey, 0:09:07.840 --> 0:09:10.720 it's sitting idle for more than ninety five percent of 0:09:10.760 --> 0:09:13.199 the time. Could I rent it out and make some money? 0:09:13.240 --> 0:09:15.800 And so we do have some exciting you know products 0:09:15.840 --> 0:09:18.960 getting added to the platform, and also, you know, kind 0:09:18.960 --> 0:09:22.640 of expanding our geographical footprint from just the downtown core 0:09:22.760 --> 0:09:26.000 to some of the surrounding neighborhoods in Detroit, and I 0:09:26.040 --> 0:09:29.600 see a similar I hope to see a similar pattern 0:09:29.760 --> 0:09:31.000 in LA as well. 0:09:31.640 --> 0:09:33.680 Are we seeing a paradigm shift when it comes to 0:09:33.760 --> 0:09:37.079 car ownership. I mean, you know, we've seen obviously these 0:09:37.160 --> 0:09:41.000 ride sharing services you know, take effect. We've seen the scooters, 0:09:41.000 --> 0:09:44.120 We've seen the last mile issue being tackled in a 0:09:44.120 --> 0:09:47.960 lot of major cities public transportation, people living closer to 0:09:47.960 --> 0:09:51.199 where they work sometimes. So are we in the middle 0:09:51.240 --> 0:09:53.680 of a paradigm shift now that people are comfortable with 0:09:53.720 --> 0:09:56.199 the idea of renting out their own car to other folks. 0:09:56.800 --> 0:10:00.240 Yeah, definitely, I think you know, there's it's obviously, and 0:10:00.320 --> 0:10:03.400 it depends on every you know, region. We see it 0:10:03.480 --> 0:10:06.120 more in the dense urban areas where you have a 0:10:06.120 --> 0:10:09.240 lot of options, like if you have public transit, you know, 0:10:09.280 --> 0:10:13.920 you have ride sharing, you have the scooters. People are rethinking, 0:10:14.080 --> 0:10:17.240 you know, car ownership, right, They're they're thinking about should 0:10:17.280 --> 0:10:19.680 I really be paying you know, the lease for the 0:10:19.760 --> 0:10:22.240 car plus four hundred dollars to park it in a 0:10:22.320 --> 0:10:26.120 downtown garage, you know, because you just add up that 0:10:26.240 --> 0:10:28.760 and it's about eight nine hundred dollars a month, even 0:10:28.800 --> 0:10:31.360 if you never drive the car. Right, So, where in 0:10:31.640 --> 0:10:34.800 areas where you have a lot of different options, people 0:10:34.880 --> 0:10:37.480 are beginning to think about do I really need to 0:10:37.559 --> 0:10:39.400 own a car or can I get access to it? 0:10:39.720 --> 0:10:42.480 Now if you live in a suburban area, you know, 0:10:42.520 --> 0:10:44.839 the dynamics are different. But I think people are still 0:10:44.880 --> 0:10:47.920 rethinking can they move from a two car household to 0:10:48.000 --> 0:10:51.000 maybe a one car household. So it's a slow shift 0:10:51.040 --> 0:10:53.200 and it's going to take some time, but you know, 0:10:53.240 --> 0:10:56.400 it's definitely trending in a direction which will which I 0:10:56.440 --> 0:10:59.000 believe will help us all because you know, congestion is 0:10:59.000 --> 0:11:01.800 a huge issue, right, so as we have more shared 0:11:01.840 --> 0:11:04.800 assets and you know shared shared cause we know that 0:11:04.880 --> 0:11:08.120 from cars sharing, one check car on the road takes 0:11:08.120 --> 0:11:11.000 ten cars off the road. So that's really something that 0:11:11.040 --> 0:11:14.599 we're trying to address and also reduce congestion with this program. 0:11:14.840 --> 0:11:17.120 Yeah, I had some family in town and it was 0:11:17.160 --> 0:11:19.360 a weekend. We wanted to go up to Wine Country 0:11:19.520 --> 0:11:22.120 and all I wanted was a Chevy Tahoe in the 0:11:22.280 --> 0:11:25.800 fastest possible way. I could acquire one, and it was 0:11:25.840 --> 0:11:28.040 amazing to me. I knew about Maven, and you know, 0:11:28.120 --> 0:11:30.640 I live kind of in the suburban area, and so 0:11:30.880 --> 0:11:33.720 I was just literally looking at every app, every you know, 0:11:33.800 --> 0:11:36.040 even the major rental car companies, to try to find 0:11:36.080 --> 0:11:39.360 one of these things closest to me on demand. And 0:11:39.480 --> 0:11:41.760 even though I live in a neighborhood, let's say my 0:11:41.840 --> 0:11:44.360 neighbor decides to rent out their car. I mean in 0:11:44.400 --> 0:11:47.680 the future, that's not unforeseen, so I may be able 0:11:47.720 --> 0:11:50.200 to walk five houses down and get the rental car 0:11:50.240 --> 0:11:52.640 I need thanks to a program like this. It really 0:11:52.679 --> 0:11:56.199 is interesting when you think about the potential of this 0:11:56.240 --> 0:11:58.600 sort of program. If people are comfortable with it and 0:11:58.600 --> 0:12:01.240 they get on board, it does have the ability to 0:12:01.320 --> 0:12:03.240 change kind of the dynamics of things. 0:12:03.440 --> 0:12:04.080 Absolutely. 0:12:04.440 --> 0:12:08.240 Akshay Jay Singh, Maven's West Coast regional manager, thanks for 0:12:08.320 --> 0:12:09.440 joining me today on the podcast. 0:12:09.520 --> 0:12:10.200 I appreciate it. 0:12:10.200 --> 0:12:10.440 Thanks. 0:12:10.720 --> 0:12:11.240 There you have it. 0:12:11.280 --> 0:12:13.200 If you need more information on Maven, you can go 0:12:13.240 --> 0:12:15.599 to their website it's maven dot com, or check the 0:12:15.640 --> 0:12:17.720 show notes, or you can always go to my website 0:12:17.720 --> 0:12:21.160 for the link. It's rich on tech dot TV. Thanks 0:12:21.160 --> 0:12:23.200 so much for listening to the podcast. I'm Richdmiro. 0:12:23.320 --> 0:12:24.600 I'll talk to you real soon.