iCarsclub, a new peer-to-peer car sharing service, will launch in November in Singapore to ease the cost of owning a car for residents, according to a company announcement on Oct. 2.

Cofounders Jamie Wang and Eddy Zhang designed iCarsclub as an online marketplace for car owners to rent their cars out.

Based on a survey of 92 car owners, Wang and Zhang found that 19% of car owners are willing to rent out their cars when not in use.

iCarsclub is scheduled to launch with at least 20 cars and 100 car renters onboard.