A brief history of peer to peer car rental in the UK

A brief history of peer to peer car rental in the UK

There have been peer to peer car hire rental companies operating in the UK for over 10 years. Entering this market is difficult as the insurance regulations in the UK are much tougher than in most other countries. The combination of car and driver must be insured at all times and most UK insurers are slow to innovate meaning there are few policies available that are fit for purpose for peer to peer car rental in the UK.

Below is a rough timeline of the rise and fall of peer to peer car rental in the UK

2009
2010
2011

2012

2013
2014
2015
2016
  • 馃搩 Car & Away incorporated

    Companies House

  • 馃挵 Hiyacar raises 拢200k through crowdfunding

    Seedrs

  • 鈾伙笍 DriveJoy rebrands as RideLink

    TweetArchived tweet

  • 馃嚞馃嚙 Turo enters the UK market

    Article

    No peer-to-peer insurance policy initially, only aggregated existing self-drive hire fleets.
    Previously raised over $100m

2017
2018
2019
  • 馃嚞馃嚙 GetAround enters UK market by acquiring Drivy for $300m

    Article

    GetAround had previously raised over $100m, and raised the $300m for this acquisition.

  • 馃挵 Turo raises $250m

    Crunchbase

  • 鈾伙笍 Drivy rebrands as GetAround

    Article

2020
  • 馃挵 Turo raises $30m

    Crunchbase

  • 馃殌 Car & Away launches KarShare

    Article

  • 馃挵 KarShare raises 拢1.4m through crowdfunding

    Seedrs

  • 馃挵 GetAround raises $150m (+$25m of debt financing)

    Crunchbase

Thoughts on the fallen

WhipCar was arguably the world鈥檚 first peer-to-peer car hire company and survived four years on a mere 拢1m in funding, in a time when the sharing economy and peer-to-peer services were not widely known or understood by the general public.

Despite being backed by web heavyweight Rocket Internet, RideLink shutdown a mere six months after raising 拢1.1m of funding causing some upset among their investors.聽

easyCar Club also ran for four years. It鈥檚 funding was primarily through it鈥檚 parent company the easyGroup so it is difficult to determine how much they raised and spent. Ultimately they failed because they could not secure a peer to peer car rental insurance policy to continue trading.

The future

Hiyacar is currently the longest trading UK peer to peer car sharing company. Hiyacar was not the first, and still more will inevitably join us in this market. We are in it for the long-term, building a sustainable business. Having learnt from the mistakes of the fallen, we鈥檝e built a platform that is safe, secure & trusted and we鈥檝e partnered with other like-minded companies with fit for purpose products to help us achieve our purpose of connecting drivers to a car when and where they want one.

Marc Roberts

Marc Roberts

Chief Technology Officer at hiyacar

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