What's the news?
Fleet, an Irish tech startup established by fitness and race horse entrepreneur Maurice Sheehy, is aiming to bring the AirBnB experience to car rental, by offering an app-based rental system which allows people to rent, or rent out, a car for as little as €50 a day. That's a number which significantly undercuts the average daily rental fee from a conventional car hire company.
Fleet has partnered with AXA Insurance to make certain that both renter and rentee are covered for each rental period, and the Fleet coverage supersedes anyone's personal insurance while they are using the service.
Theoretically, that means that any one of the 2.8-million cars currently registered in Ireland could be available for rent, although the ten-year age limit on cars will obviously reduce that number somewhat. There are few other limitations - renters must be aged 25 or over, have held a full driving licence for more than two years, and the car itself must be road legal and have a current NCT.
Fleet founder Maurice Sheehy said: "The announcement of this partnership with AXA is the final link in the chain needed for us to commence our business here and in Northern Ireland. This will enable people in every street and village to join our portal and also open up the country to tourists with cheaper car hire. AXA will be working with us as our trusted insurance partner with this new peer to peer business model which will benefit the economy and revolutionise the way people use car transportation. Tourists who rely on public transport can now hire a car in remote rural towns and villages and literally take it from there, via 'Fleet' to travel down any boreen they wish!
"We saw a gap for this type of service in the Irish market and this service can be of benefit to anyone who owns a car in this country and we urge them to sign up with us on jointhefleet.com. Many varieties of 'peer to peer' services have taken off in Ireland and worldwide especially after the success of Airbnb and we saw the opportunity to help make our customers cars work harder for them and earn them money. Ireland has a lucrative car rental market with a value that has been steadily increasing over the past few years up to over €320m. With an improved economy and increasing tourist numbers from the US and UK combined with inadequate public transport in some areas. Car dealerships and garages could also be in for a windfall renting out unused stock on their forecourts as well thus boosting their business all year round."
Antoinette McDonald, Direct, Partner and Customer Experience Director said: "Digital technology is transforming the insurance industry and AXA Insurance is one of the companies using new technology to protect our customers and enhance this service. AXA Insurance is delighted to partner with 'Fleet', providing insurance cover for car owners and renters on an app based platform for this new peer to peer car rental service. AXA Insurance is ranked as the number one global insurance brand and this partnership further demonstrates our commitment to innovative initiatives and we are delighted to support this."