General Motors has launched a new peer-to-peer car-sharing service to take on Turo.
Currently available in Ann Arbor, Chicago and Detroit, the service is being offered through Maven and will allow GM owners to rent out their vehicles when they’re not needed. In order to qualify for the service, owners need to have a 2015 model year or newer Chevrolet, Buick, GMC or Cadillac vehicle.
Owners with a qualifying model can sign up through Maven’s website and then list their vehicle for rent on the Maven app. Enrolling is free and owners will receive 60% of the earning from each rental.
Unlike Turo, the Maven service is high-tech and doesn’t require owners to meet renters or even hand over a physical key. Instead, renters can unlock and start the vehicle from the Maven app.
In order to do this, vehicles listed through Maven will be automatically enrolled in the OnStar and given the Safety & Security Plan. If the vehicle is equipped with a 4G LTE Wi-Fi Hotspot, Maven will also activate it for free.
Once vehicles are enrolled in Maven, owners will be given suggested rental prices. However, owners are also welcome to set their own price. Owners will also be able to determine availability.
Depending on the model, GM estimates owners could make between $533 and $1,607 every month by renting out their vehicle for seven days. Over the course of a year, that’s $6,401 for renting out a Chevrolet Cruze and $19,278 for renting out a Chevrolet Camaro.
Since most people will be nervous about renting out their personal vehicle, renters will be “thoroughly vetted” and all models reserved using Maven will be covered by GM’s $1,000,000 insurance policy. Owners will also have 24/7 support from trained Maven and OnStar advisors.
While the service is only available in three cities, GM plans a larger roll out this fall. In preparation for this, the company is gathering feedback from the first three beta markets.