Rent Centric, a provider of car rental management systems, has revamped and relaunched its peer-to-peer carsharing product.
P2P, or peer-to-peer carsharing, was initially launched by Rent Centric in 2013 and was one of the first peer-to-peer carsharing programs available to rental agencies at the time.
Since then, Rent Centric has refined its product and is now relaunching it to provide further function and flexibility for its clients, according to the company.
The peer-to-peer carsharing business model is similar to Zipcar’s carsharing model, but it replaces the standard fleet of vehicles with a fleet of vehicles owned by contributing users. With this business model, car owners can make extra cash by renting out their vehicle when they aren’t in use and the rental agency can cut the costs of fleet ownership and maintenance.
“Rent Centric prides itself on providing the best rental management automation technology around,” said Alex Aryafar, chief technology officer at Rent Centric. “We are pleased to reintroduce P2P Car Sharing into our lineup of proven rental management automation technology. This will allow even more businesses to compete in their specific regions and offer more competitive mobility choices for travelers.”
The sharing economy has continued to expand in 2016. Carsharing’s annual growth rate is approximately 2% and it’s expected to be worth approximately $335 billion by 2025, according to pwc.