If you happen to be an owner of a General Motors vehicle and are looking to earn some cash, then a new pilot program might be of interest. Bloomberg has learned from sources that GM is planning to launch a program where owners can rent out their vehicles when they aren't driving them - think AirBnb for cars. This will be launch through GM's Maven car-sharing service sometime this summer. A GM spokesman declined to comment.
This appears to be another part of GM's plan to transition from manufacturer to mobility provider. GM already has their car-sharing service Maven and invested $500 million into ride-hailing service Lyft.
This idea of allowing owners to rent out their vehicles isn't new. Companies like Turo and Getaround have been doing the same thing for a number of years. But Alexandre Marian, a director in the automotive and industrial practice at consultant AlixPartners LLP said GM could have one big advantage, having a huge network of vehicle owners that could be part of the service.
But there is a big risk for owners who decide to offer their vehicles up for rent, what happens if they get into an accident? Maven provides liability coverage for its renters. If you offer your vehicle through Turo have the choice of adding commercial coverage through their own insurance or one of the insurance companies that have partnered with the service. We're expecting GM to have some solution in place if they decide to go forward with this program.