ekar launched peer-to-peer car sharing in Saudi Arabia. When their personal vehicles are not in use, Saudi “hosts” can now earn money by renting them on the ekar platform. Vehicles previously inspected and installed with a telematics unit or “health tracker” by the company’s operations team can be instantly activated on its app. ekar’s 270,000 members can then seamlessly book, unlock and pay for personal vehicle rentals through the app.
ekar’s peer-to-peer is completely contactless. The company’s peer-to-peer digital solution removes the need for host and renter to meet in person for “key handover.” Car keys are securely locked in an otherwise immobilized vehicle, accessible only through the app’s direct integration with the vehicle’s on-board computer, allowing the hosted car to be unlocked and driven. Without app authentication, cars are locked, totally immobilized and won’t start, preventing unauthorized access or theft. ekar’s proprietary AI continuously tracks and analyzes a wealth of data including location, time, driver information, driver behavior and rating, and vehicle identification. Cars are also fully insured against damage during or between rentals.
Vilhelm Hedbergfounder of ekar, said: “Ridesharing companies have done a great job of introducing labor economics to car owners, allowing them to become drivers and earn extra income. ekar, on the other hand , allows car owners to inject their cars into their rig from the comfort of their couch, and we take care of the rest.A car owner can now spend their valuable time on other activities, rather than the driver, and enjoy high-yielding passive income on assets they already own.
According to industry specialists, peer-to-peer car sharing is poised for explosive growth, gaining popularity in both developed and developing countries and supported by the rise of smartphone and social media technology. According to a report by Accenture, the number of peer-to-peer car-sharing vehicles worldwide has grown from around 200,000 in 2015 to over 440,000 in 2021. This figure is expected to more than double by 2025, to reach approximately 990,000 vehicles.
Hedberg added: “In the current environment, with new car production approaching an all-time low and fuel prices approaching an all-time high, peer-to-peer carsharing is an ideal solution that benefits both to the entrepreneurial-minded host and the cost-conscious renter.
ekar’s peer-to-peer service targets the more than two million Saudi-owned cars that fall under peer-to-peer regulations in the Kingdom, namely vehicles less than five years old, wholly owned and fully insured. This massive addressable market of cars will enrich the range of vehicle choices, and ekar carshare members can now access an almost endless fleet of vehicles, from economy to luxury.
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