Thursday, March 21, 2013

Cheapest car rental rates in Singapore by iCarClub


iCarClub is Asia's first peer to peer Singapore car sharing market which let's private car owners to rent out their cars to others. Peer-to-peer car sharing thus lets a car owner to make money by renting his car, a big big liability in Singapore, while he/she is not using it. "Renters can get access to nearby and affordable vehicles and pay only for the time they need to use them" says Red Dot Ventures managing director Leslie Loh. Singapore based technology incubator has just invested $589,000 in iCarClub.

The Singapore-based startup has just started operations in Singapore in December 2012 and currently has more than 400 cars for rent and 3,000 members. iCarsClub doesn’t own or provide the cars. Cars are rented out by car owners. Hourly charges are around $5 for a Hyundai Getz to $200 for a BMW 520i.

A car owner who wants to rent out his car needs to sign-up with iCarClub first. The company then installs the iCarBox, a device which enables keyless entry and allows driver to track his/her car while it is being rented. The device is free of charge and allows the renter to unlock the doors with a phone app. The cars are connected to a central server which sends the locking command.

iCarClub allows car owners in Singapore to rent out their cars
while car renters to enjoy some of the cheapest car rental rates
in Singapore.
So what happens if dispute arises between car owners and renters? To minimize the disputes, iCarClub has a peer-rating system to identify errant members. And if a dispute arises, iCarClub step in to resolve the issues.

Great idea indeed. CarSharing can take 9-13 cars off the road and also help car owners to earn extra money    during the time they do not need their cars. The company claims that the car owners can make up to 1,000 SGD per month extra income by the service. Besides the car owners have full control over when and to whom you wish to rent their car. 

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