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Jucy buys stake in peer-to-peer renter

NZ Newswire logoNZ Newswire 29/10/2016
New Zealand currency © Brendon O'Hagan /Bloomberg News New Zealand currency

Jucy Rentals is linking up with YourDrive, a car version of Airbnb, to deal with a shortage of rental cars.

Chief executive Tim Alpe says Jucy is turning away 20 to 30 per cent of customer queries every day because it doesn't have a car or campervan in the right place at the right time.

The New Zealand vehicle market is highly seasonal and demand also varies greatly from place to place.

Jucy has purchased a 50 per cent stake in YourDrive, owner of a platform that connects private vehicle owners with renters, managing the financial transaction and insurance on their behalf online.

YourDrive works in a similar way to Airbnb's use of vacant rooms.

YourDrive is growing by about 20 per cent per month and is expected to be able to add 1,000 vehicles to Jucy's existing fleet of 4,000 over the coming year.

A minimum $1500 in rental returns for every six months will be offered for each car that is made permanently available.

"YourDrive will help fill a number of gaps in the market - particularly in the regional areas - effectively putting creating a virtual rental depot with multiple collection points in every neighbourhood," Mr Alpe says.

YourDrive can offer cars on a daily or even hourly rate.

"The next stage for the service will be the development of Jucy's managed service where for example you might drop your car off with YourDrive whilst you are overseas and instead of paying to store it, you would derive a rental while you were away," he says.

Founder of YourDrive Oscar Ellison says he is excited about the potential the new strategic partnership offers.

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