November 15, 2018 • 12 mins
Make some extra money with your car by letting others rent it out by the hour when you're not using it. GM-owned car sharing company Maven is opening its Peer-to-Peer service in Los Angeles. It's also available or coming soon to Ann Arbor, Baltimore, Boston, Chicago, D.C., Denver, Detroit, Jersey City and San Francisco. An interview with Akshay Jaising, Maven’s West Coast Regional Manager, to explain how it all works.Maven Peer:https://www.maven.com/us/en/owners.htmlTry a Maven rental with a $15 discount with code RICHARD0122http://m.onelink.me/6395f8e9Follow Rich on Social Media:Facebook: http://facebook.com/RichOnTechTwitter: http://twitter.com/richdemuroInstagram: http://instagram.com/richontech Easy ways to listen on your phone or smart speaker:"Hey Google, Play the Rich on Tech Podcast""Hey Siri, Play the Rich on Tech Podcast""Alexa, Enable the Rich on Tech Flash Briefing"
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:04):
The new service from General Motors that lets you rent
out your own car to other people. Think Airbnb, but
for your car.
Speaker 2 (00:11):
What's going on. I'm Rich Dmiro.
Speaker 1 (00:13):
This is Rich on Tech and joining me today is
Akshay Jay Singh. He is Maven's West Coast regional manager,
to talk about a new way to make some extra money.
Speaker 2 (00:24):
Akhay, welcome to the show.
Speaker 3 (00:25):
Thank you, Rich.
Speaker 1 (00:26):
So tell me about Maven. This is under GM's Maven brand.
I've done stories with them before. This is sort of
started out as kind of Maven's by the hour car
sharing rental service, but now it's expanding to peer to
peer and it's going to be coming to the city
of Los Angeles by the end of the year. Tell
me first off, what Maven's all about.
Speaker 3 (00:47):
Sure, you know, we are seeing a pretty strong growth
in demand for access to cars, like through car sharing.
We're also seeing a change in consumer behavior with the
growth and right sharing, and one of them the key
drivers is, you know, urban population growth is on the rise.
Right especially millennials value the access to a car versus ownership,
(01:09):
and that's really where Maeven comes in. We are a
mobility as a service brand and in the last two
years that we've been in LA. We have a Maven
car sharing offering where we offer hourly rentals, you know,
very teamless. You don't need to have the access to
the keys. All you do is you download the Maven apps,
(01:31):
sign up with us one time, and then you can
see what cars are in your vicinity, walk up to
the car the phone, access the key fob, and you
get teamless access to a car loaded with technology. It's
across our portfolio for Chevrolet, Buegg, GMC and Cadillac products,
and that program is called as Navan Car Sharing, which
has been doing great over the last two years. We
(01:54):
also have a Maven Gig offering where we offer weekly
rentals to write share and deliveried drivers, which has also
been growing exponentially. So, you know, with all this experience,
and you know, over three hundred and thirty million miles
driven on the Mavan platform, close to two hundred thousand reservations,
we've learnt a lot about customer preferences, and now what
(02:17):
we're launching is called as Navan Peer and maybe in
Peer allows any GM owner with a twenty fifteen model
layer or newer car to place their own car on
the Maven platform. To leverage a member base and to
make some money on their personal asset.
Speaker 2 (02:34):
Okay, So and let me explain.
Speaker 1 (02:36):
So I know there's some people listening that are thinking, Okay, rich,
this sounds crazy. Number One, I'm not going to rent
out my own car. I don't want other people in it.
Speaker 2 (02:43):
Okay. So that's one concern.
Speaker 3 (02:45):
You know. The interesting aspect is ninety five percent of
the time our cars are sitting idle. Right, Like, you
use your car, and you obviously want it when you
need it, like early in the morning. You know you've
got to do school drop offs, you've got to go
to work, pick up your kids, but there's that window
of opportunity where your car is sitting idle. So the
(03:05):
whole premise is that you know, as you think about it,
and with the right technology and the member base that
goes with it, you could potentially monetize your asset while
you're not using it. You could still make sure that
you block off the times when you need your own car,
and then the car would not be available to a
(03:25):
third party or to you know, another member to rent,
but you could make it available depending on your schedule.
So I would say it wouldn't work for everyone and
every instance, like you mentioned the example in New Jersey,
New York. You know, it potentially makes a lot of
sense because you have public transit, you still want access
to a car or a larger car on certain occasions.
(03:48):
You know, if you're living somewhere in LA and you
have one car and you know it's pretty highly utilized
between your family, you could still look at certain windows
of opportunity. So it's pretty as a platform that gives
you that ability. Also, you know, we're trying to take
out the risk from you as the owner because we
offer or Maven offers the insurance for the duration of
(04:11):
the rental up to a million dollars including collision damage
as well as liability insurance. So you know, it's pretty
much making it easier for you to put your car
on the platform and try it out at a lower risk.
Speaker 1 (04:27):
Okay, So the cars that are eligible right now, you've
got GM's for brands, so that's what you've got, Chevy,
you've got Cadillac.
Speaker 2 (04:37):
What's the other two?
Speaker 3 (04:38):
Do it can GMC?
Speaker 1 (04:39):
Okay, So if you have one of those cars has
to be a twenty fifteen or newer. Obviously, no manual transmission.
I assume your car has to have on Star for
this to work as well.
Speaker 3 (04:49):
Absolutely, and we actually offer on staff. So even if
you had your own on Star account associated to your car,
if you plan to list it on Mave and Peer,
what were do is we would actually this enroll the
car from your personal account and add it onto the
Mavene account because on Star is a key enabler for
this technology.
Speaker 1 (05:09):
To work, right, because that gives you the cellular connection
which allows people to find your car the GPS tracking
also unlock it and then also when they're in your car,
they get use of your your hot spot as well.
Speaker 3 (05:21):
Huh correct, So that's one of the other reasons that
we enroll the car onto the maven account because we
do offer pogsd Wi Fi as standard across you know,
every maven car on the platform.
Speaker 1 (05:33):
So is there anything I need to install in my car?
If let's say I have, you know, a twenty sixteen
Chevy Cruise with on Start, Do I need anything extra
to install on there?
Speaker 3 (05:46):
Yes?
Speaker 1 (05:46):
You do.
Speaker 3 (05:47):
So the way the process works is, you know, any
member who's interested in listing their car on Mave and
Peel would go to our website. They'll fill out a
quick form, you know, just informing us pretty much what
you said, like, Hey, this is the modelayer, this is
the wind details. We'll do a quick check on our
end to ensure that the product is compatible, and then
(06:07):
a mave an onboarding mentor actually calls the interested person
and explains the program a little bit more in detail,
and then we schedule an appointment with a technician from
our team who will come down pick up the car,
and we install a specific gadget to the vehicle that
allows this keyless access to your car. There are certain
(06:29):
models that are not compatible with keyless access, but we
do have a solution for that as well.
Speaker 2 (06:35):
And does that cost me anything.
Speaker 3 (06:37):
Currently nothing, So it's it's pretty low risk. You know,
we are bearing the initial upfront costs for the technology
that enables the seamless access.
Speaker 1 (06:47):
Okay, so if I live in apartment building in let's
say Santa Monica West, Los Angeles, one of these crowded areas,
and I can get to work let's say, on a
I don't know, on a scooter and my car sits
at my place a day. I mean, it's really kind
of worth it to try this out, if you don't
mind the idea of being part of the sharing economy.
Speaker 3 (07:06):
Absolutely, yep, that would be a great use case. Right,
you still want your car for weekend trips or you
know what have you, you know, the occasional running of errands,
but your car sitting idle for most of the time,
then that would be a perfect candidate, you know, to
try it out. Like I mentioned, you know, we install
the technology, we enroll your carn on Star. You can
(07:26):
decide what time of day you want to make the
car available for public use and try it out.
Speaker 1 (07:33):
So I get to set my own rate, but obviously
you're going to help me with some suggested rates. So
if it's a sort of a compact or standard car
like a Chevy Cruz seven twenty five an hour, eighty
dollars a day, a pickup truck fourteen to fifteen hour,
one hundred and forty five a day, a Camaro which
is sort of a high end car nice car twenty
two to fifteen hour or two twenty five a day,
(07:55):
how much can I make renting my car? And what's
kind of the profit split here between me and Maven?
Speaker 3 (08:00):
Right, so the owner makes a majority of the revenue,
Maven still keeps us small percentage just because you know,
we offer the insurance, the technology, and the service. It's
a sixty forty split, so the owner keeps sixty percent
of all revenue and Mayven takes forty percent. And in
terms of, you know, just the overall experience, you know,
(08:22):
we install the tech and ensure that you know, the
car is good to go, we'll test it with you
before it's on the platform.
Speaker 1 (08:29):
And what's been the response to this and the other cities.
Have people been signing up to use it? And do
people like it on both ends?
Speaker 3 (08:36):
You know? And we launched a data in Detroit initially
and the response was overwhelmingly positive. In fact, we're pleasantly
surprised by the number of hand raisers we got so early.
It's still early days, but we are very encouraged by
the success of the program so far. Like you mentioned,
you know, there's a lot of people who own you know,
(08:58):
the premium cars like a a Carvette, like a Camaro,
and they really value that possession, but they also realize that, hey,
it's sitting idle for more than ninety five percent of
the time. Could I rent it out and make some money?
And so we do have some exciting you know products
getting added to the platform, and also, you know, kind
(09:18):
of expanding our geographical footprint from just the downtown core
to some of the surrounding neighborhoods in Detroit, and I
see a similar I hope to see a similar pattern
in LA as well.
Speaker 1 (09:31):
Are we seeing a paradigm shift when it comes to
car ownership. I mean, you know, we've seen obviously these
ride sharing services you know, take effect. We've seen the scooters,
We've seen the last mile issue being tackled in a
lot of major cities public transportation, people living closer to
where they work sometimes. So are we in the middle
of a paradigm shift now that people are comfortable with
(09:53):
the idea of renting out their own car to other folks.
Speaker 3 (09:56):
Yeah, definitely, I think you know, there's it's obviously, and
it depends on every you know, region. We see it
more in the dense urban areas where you have a
lot of options, like if you have public transit, you know,
you have ride sharing, you have the scooters. People are rethinking,
you know, car ownership, right, They're they're thinking about should
(10:17):
I really be paying you know, the lease for the
car plus four hundred dollars to park it in a
downtown garage, you know, because you just add up that
and it's about eight nine hundred dollars a month, even
if you never drive the car. Right, So, where in
areas where you have a lot of different options, people
are beginning to think about do I really need to
(10:37):
own a car or can I get access to it?
Now if you live in a suburban area, you know,
the dynamics are different. But I think people are still
rethinking can they move from a two car household to
maybe a one car household. So it's a slow shift
and it's going to take some time, but you know,
it's definitely trending in a direction which will which I
believe will help us all because you know, congestion is
(10:59):
a huge issue, right, so as we have more shared
assets and you know shared shared cause we know that
from cars sharing, one check car on the road takes
ten cars off the road. So that's really something that
we're trying to address and also reduce congestion with this program.
Speaker 1 (11:14):
Yeah, I had some family in town and it was
a weekend. We wanted to go up to Wine Country
and all I wanted was a Chevy Tahoe in the
fastest possible way. I could acquire one, and it was
amazing to me. I knew about Maven, and you know,
I live kind of in the suburban area, and so
I was just literally looking at every app, every you know,
even the major rental car companies, to try to find
(11:36):
one of these things closest to me on demand. And
even though I live in a neighborhood, let's say my
neighbor decides to rent out their car. I mean in
the future, that's not unforeseen, so I may be able
to walk five houses down and get the rental car
I need thanks to a program like this. It really
is interesting when you think about the potential of this
(11:56):
sort of program. If people are comfortable with it and
they get on board, it does have the ability to
change kind of the dynamics of things.
Speaker 3 (12:03):
Absolutely.
Speaker 1 (12:04):
Akshay Jay Singh, Maven's West Coast regional manager, thanks for
joining me today on the podcast.
Speaker 2 (12:09):
I appreciate it.
Speaker 3 (12:10):
Thanks.
Speaker 2 (12:10):
There you have it.
Speaker 1 (12:11):
If you need more information on Maven, you can go
to their website it's maven dot com, or check the
show notes, or you can always go to my website
for the link. It's rich on tech dot TV. Thanks
so much for listening to the podcast. I'm Richdmiro.
Speaker 2 (12:23):
I'll talk to you real soon.
The new service from General Motors that lets you rent
out your own car to other people. Think Airbnb, but
for your car.
Speaker 2 (00:11):
What's going on. I'm Rich Dmiro.
Speaker 1 (00:13):
This is Rich on Tech and joining me today is
Akshay Jay Singh. He is Maven's West Coast regional manager,
to talk about a new way to make some extra money.
Speaker 2 (00:24):
Akhay, welcome to the show.
Speaker 3 (00:25):
Thank you, Rich.
Speaker 1 (00:26):
So tell me about Maven. This is under GM's Maven brand.
I've done stories with them before. This is sort of
started out as kind of Maven's by the hour car
sharing rental service, but now it's expanding to peer to
peer and it's going to be coming to the city
of Los Angeles by the end of the year. Tell
me first off, what Maven's all about.
Speaker 3 (00:47):
Sure, you know, we are seeing a pretty strong growth
in demand for access to cars, like through car sharing.
We're also seeing a change in consumer behavior with the
growth and right sharing, and one of them the key
drivers is, you know, urban population growth is on the rise.
Right especially millennials value the access to a car versus ownership,
(01:09):
and that's really where Maeven comes in. We are a
mobility as a service brand and in the last two
years that we've been in LA. We have a Maven
car sharing offering where we offer hourly rentals, you know,
very teamless. You don't need to have the access to
the keys. All you do is you download the Maven apps,
(01:31):
sign up with us one time, and then you can
see what cars are in your vicinity, walk up to
the car the phone, access the key fob, and you
get teamless access to a car loaded with technology. It's
across our portfolio for Chevrolet, Buegg, GMC and Cadillac products,
and that program is called as Navan Car Sharing, which
has been doing great over the last two years. We
(01:54):
also have a Maven Gig offering where we offer weekly
rentals to write share and deliveried drivers, which has also
been growing exponentially. So, you know, with all this experience,
and you know, over three hundred and thirty million miles
driven on the Mavan platform, close to two hundred thousand reservations,
we've learnt a lot about customer preferences, and now what
(02:17):
we're launching is called as Navan Peer and maybe in
Peer allows any GM owner with a twenty fifteen model
layer or newer car to place their own car on
the Maven platform. To leverage a member base and to
make some money on their personal asset.
Speaker 2 (02:34):
Okay, So and let me explain.
Speaker 1 (02:36):
So I know there's some people listening that are thinking, Okay, rich,
this sounds crazy. Number One, I'm not going to rent
out my own car. I don't want other people in it.
Speaker 2 (02:43):
Okay. So that's one concern.
Speaker 3 (02:45):
You know. The interesting aspect is ninety five percent of
the time our cars are sitting idle. Right, Like, you
use your car, and you obviously want it when you
need it, like early in the morning. You know you've
got to do school drop offs, you've got to go
to work, pick up your kids, but there's that window
of opportunity where your car is sitting idle. So the
(03:05):
whole premise is that you know, as you think about it,
and with the right technology and the member base that
goes with it, you could potentially monetize your asset while
you're not using it. You could still make sure that
you block off the times when you need your own car,
and then the car would not be available to a
(03:25):
third party or to you know, another member to rent,
but you could make it available depending on your schedule.
So I would say it wouldn't work for everyone and
every instance, like you mentioned the example in New Jersey,
New York. You know, it potentially makes a lot of
sense because you have public transit, you still want access
to a car or a larger car on certain occasions.
(03:48):
You know, if you're living somewhere in LA and you
have one car and you know it's pretty highly utilized
between your family, you could still look at certain windows
of opportunity. So it's pretty as a platform that gives
you that ability. Also, you know, we're trying to take
out the risk from you as the owner because we
offer or Maven offers the insurance for the duration of
(04:11):
the rental up to a million dollars including collision damage
as well as liability insurance. So you know, it's pretty
much making it easier for you to put your car
on the platform and try it out at a lower risk.
Speaker 1 (04:27):
Okay, So the cars that are eligible right now, you've
got GM's for brands, so that's what you've got, Chevy,
you've got Cadillac.
Speaker 2 (04:37):
What's the other two?
Speaker 3 (04:38):
Do it can GMC?
Speaker 1 (04:39):
Okay, So if you have one of those cars has
to be a twenty fifteen or newer. Obviously, no manual transmission.
I assume your car has to have on Star for
this to work as well.
Speaker 3 (04:49):
Absolutely, and we actually offer on staff. So even if
you had your own on Star account associated to your car,
if you plan to list it on Mave and Peer,
what were do is we would actually this enroll the
car from your personal account and add it onto the
Mavene account because on Star is a key enabler for
this technology.
Speaker 1 (05:09):
To work, right, because that gives you the cellular connection
which allows people to find your car the GPS tracking
also unlock it and then also when they're in your car,
they get use of your your hot spot as well.
Speaker 3 (05:21):
Huh correct, So that's one of the other reasons that
we enroll the car onto the maven account because we
do offer pogsd Wi Fi as standard across you know,
every maven car on the platform.
Speaker 1 (05:33):
So is there anything I need to install in my car?
If let's say I have, you know, a twenty sixteen
Chevy Cruise with on Start, Do I need anything extra
to install on there?
Speaker 3 (05:46):
Yes?
Speaker 1 (05:46):
You do.
Speaker 3 (05:47):
So the way the process works is, you know, any
member who's interested in listing their car on Mave and
Peel would go to our website. They'll fill out a
quick form, you know, just informing us pretty much what
you said, like, Hey, this is the modelayer, this is
the wind details. We'll do a quick check on our
end to ensure that the product is compatible, and then
(06:07):
a mave an onboarding mentor actually calls the interested person
and explains the program a little bit more in detail,
and then we schedule an appointment with a technician from
our team who will come down pick up the car,
and we install a specific gadget to the vehicle that
allows this keyless access to your car. There are certain
(06:29):
models that are not compatible with keyless access, but we
do have a solution for that as well.
Speaker 2 (06:35):
And does that cost me anything.
Speaker 3 (06:37):
Currently nothing, So it's it's pretty low risk. You know,
we are bearing the initial upfront costs for the technology
that enables the seamless access.
Speaker 1 (06:47):
Okay, so if I live in apartment building in let's
say Santa Monica West, Los Angeles, one of these crowded areas,
and I can get to work let's say, on a
I don't know, on a scooter and my car sits
at my place a day. I mean, it's really kind
of worth it to try this out, if you don't
mind the idea of being part of the sharing economy.
Speaker 3 (07:06):
Absolutely, yep, that would be a great use case. Right,
you still want your car for weekend trips or you
know what have you, you know, the occasional running of errands,
but your car sitting idle for most of the time,
then that would be a perfect candidate, you know, to
try it out. Like I mentioned, you know, we install
the technology, we enroll your carn on Star. You can
(07:26):
decide what time of day you want to make the
car available for public use and try it out.
Speaker 1 (07:33):
So I get to set my own rate, but obviously
you're going to help me with some suggested rates. So
if it's a sort of a compact or standard car
like a Chevy Cruz seven twenty five an hour, eighty
dollars a day, a pickup truck fourteen to fifteen hour,
one hundred and forty five a day, a Camaro which
is sort of a high end car nice car twenty
two to fifteen hour or two twenty five a day,
(07:55):
how much can I make renting my car? And what's
kind of the profit split here between me and Maven?
Speaker 3 (08:00):
Right, so the owner makes a majority of the revenue,
Maven still keeps us small percentage just because you know,
we offer the insurance, the technology, and the service. It's
a sixty forty split, so the owner keeps sixty percent
of all revenue and Mayven takes forty percent. And in
terms of, you know, just the overall experience, you know,
(08:22):
we install the tech and ensure that you know, the
car is good to go, we'll test it with you
before it's on the platform.
Speaker 1 (08:29):
And what's been the response to this and the other cities.
Have people been signing up to use it? And do
people like it on both ends?
Speaker 3 (08:36):
You know? And we launched a data in Detroit initially
and the response was overwhelmingly positive. In fact, we're pleasantly
surprised by the number of hand raisers we got so early.
It's still early days, but we are very encouraged by
the success of the program so far. Like you mentioned,
you know, there's a lot of people who own you know,
(08:58):
the premium cars like a a Carvette, like a Camaro,
and they really value that possession, but they also realize that, hey,
it's sitting idle for more than ninety five percent of
the time. Could I rent it out and make some money?
And so we do have some exciting you know products
getting added to the platform, and also, you know, kind
(09:18):
of expanding our geographical footprint from just the downtown core
to some of the surrounding neighborhoods in Detroit, and I
see a similar I hope to see a similar pattern
in LA as well.
Speaker 1 (09:31):
Are we seeing a paradigm shift when it comes to
car ownership. I mean, you know, we've seen obviously these
ride sharing services you know, take effect. We've seen the scooters,
We've seen the last mile issue being tackled in a
lot of major cities public transportation, people living closer to
where they work sometimes. So are we in the middle
of a paradigm shift now that people are comfortable with
(09:53):
the idea of renting out their own car to other folks.
Speaker 3 (09:56):
Yeah, definitely, I think you know, there's it's obviously, and
it depends on every you know, region. We see it
more in the dense urban areas where you have a
lot of options, like if you have public transit, you know,
you have ride sharing, you have the scooters. People are rethinking,
you know, car ownership, right, They're they're thinking about should
(10:17):
I really be paying you know, the lease for the
car plus four hundred dollars to park it in a
downtown garage, you know, because you just add up that
and it's about eight nine hundred dollars a month, even
if you never drive the car. Right, So, where in
areas where you have a lot of different options, people
are beginning to think about do I really need to
(10:37):
own a car or can I get access to it?
Now if you live in a suburban area, you know,
the dynamics are different. But I think people are still
rethinking can they move from a two car household to
maybe a one car household. So it's a slow shift
and it's going to take some time, but you know,
it's definitely trending in a direction which will which I
believe will help us all because you know, congestion is
(10:59):
a huge issue, right, so as we have more shared
assets and you know shared shared cause we know that
from cars sharing, one check car on the road takes
ten cars off the road. So that's really something that
we're trying to address and also reduce congestion with this program.
Speaker 1 (11:14):
Yeah, I had some family in town and it was
a weekend. We wanted to go up to Wine Country
and all I wanted was a Chevy Tahoe in the
fastest possible way. I could acquire one, and it was
amazing to me. I knew about Maven, and you know,
I live kind of in the suburban area, and so
I was just literally looking at every app, every you know,
even the major rental car companies, to try to find
(11:36):
one of these things closest to me on demand. And
even though I live in a neighborhood, let's say my
neighbor decides to rent out their car. I mean in
the future, that's not unforeseen, so I may be able
to walk five houses down and get the rental car
I need thanks to a program like this. It really
is interesting when you think about the potential of this
(11:56):
sort of program. If people are comfortable with it and
they get on board, it does have the ability to
change kind of the dynamics of things.
Speaker 3 (12:03):
Absolutely.
Speaker 1 (12:04):
Akshay Jay Singh, Maven's West Coast regional manager, thanks for
joining me today on the podcast.
Speaker 2 (12:09):
I appreciate it.
Speaker 3 (12:10):
Thanks.
Speaker 2 (12:10):
There you have it.
Speaker 1 (12:11):
If you need more information on Maven, you can go
to their website it's maven dot com, or check the
show notes, or you can always go to my website
for the link. It's rich on tech dot TV. Thanks
so much for listening to the podcast. I'm Richdmiro.
Speaker 2 (12:23):
I'll talk to you real soon.
Host
Rich DeMuro
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