Car rental service Socar is branching out into people-to-people (P2P) car sharing with its new Trevo service.
The app provides a sharing marketplace that enables drivers to book a vehicle from car owners who are signed up with the service.
Bookings can be made for as short a period as one day with no maximum duration, starting at a minimum of RM55 a day depending on the car model rented. Car owners can set their car’s pricing, as long as it falls within a pricing band approved by Trevo’s algorithm.
Trevo said there were more than 300 cars available on its marketplace, all located in the Klang Valley with plans to grow to other cities.
As of Feb 21, there were 20,000 users registered as guests (users that rent cars), with 1,000 bookings made since the service went on a limited release on October 14, last year.
A check on the app showed the availability of luxury cars like a Rolls-Royce Limousine (for RM2,000 a day) and Audi R8 (RM3,000 per day), and more affordable options like Perodua Alza, Proton Persona, and Kia Picanto, which are available for RM80, RM123 and RM160 per day respectively.
Socar Mobility Malaysia Sdn Bhd (Socar) CEO Leon Foong said car ownership in Malaysia was amongst the highest in the region, with 93% of households owning at least one car and 54% of households owning more than one car.
He added that stagnating wages were making car ownership a burden.
“Trevo allows customers who want to make money from sharing their cars when they’re not using them to alleviate the financial burden of servicing a hefty monthly auto loan instalment,” he said, in a press release.
Foong said trust and safety was also a priority for Trevo, thus the company was using technology and its operational expertise to ensure their customers’ vehicles were protected at all times without going into details.
Users can also contact Trevo for rebookings or refunds if there is any issue with the vehicle rented. In the event of an accident or breakdown, there is limited insurance, which may vary from vehicle to vehicle.
Drivers will need to get their driving license validated before they can book a car, then collect the car from the owner or Trevo staff, at an agreed handover location.
Car owners also need to get their account verified, starting by uploading their car’s information like its model, age, availability and delivery options. Trevo says it will release the payment to owners two weeks after the drivers return the vehicles.
There is a secure in-app messaging tool to facilitate any questions between drivers and car owners.
Trevo is incorporated as Future Mobility Solutions Sdn Bhd, a fully-owned subsidiary of Socar. Socar in turn is 60%-owned by SK Holdings Co Ltd, a subsidiary of South Korea’s SK Group and 40% owned by Socar Korea.
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