Caribbean's First Peer-to-Peer Car Rental Platform, Rent Yuh Ride™, Launched
Black Women Led; 22+ Million Travelers; Strong Market Growth Projected
Feb 27, 2020, 09:45 ET
KINGSTON, Jamaica, Feb. 27, 2020 /PRNewswire-HISPANIC PR WIRE/ -- The emerging peer-to-peer car rental sector is projected to grow at 10% annually, but despite the Caribbean being one of the world's most attractive travel destinations; it has yet to be touched by this sector – until now. The Caribbean's first peer-to-peer car rental platform, Rent Yuh Ride™ (RYR), launched this week and will connect thousands of travelers to private car owners to facilitate car renting in a way that "is efficient, affordable and safe." RYR promises a platform that will enable seamless transactions while also rewarding users with travel credits and incentivized bonuses.
Uniquely led by a team of black women, RYR's operations will be out of Kingston, Jamaica. Eventually, operations will expand across the Caribbean – frequented by over 22M travelers annually. Further boosting its new platform, RYR will partner with the Insurance Company of The West Indies (ICWI), a leader in motor insurance across the Caribbean to provide private rental insurance to car owners at a discounted rate. In addition, RYR will use Jumio, a leader in online identity verification, to definitively authenticate users on the platform.
Rent Yuh Ride™: The What
The Rent Yuh Ride™ platform will be accessible online from anywhere, at any time. It's a marketplace where car owners can sign up, upload their vehicle info (and documents) to be approved and listed on the site for free. Simultaneously, travelers can sign up, search through available vehicles in their desired destination, choose a pickup location, then book.
Once the vehicle has been picked up, the owner gets paid electronically. When it is returned, this will complete the transaction, and both parties are then able to leave each other a review. Everything is done online safely, affordably, efficiently.
Rent Yuh Ride™: The Why
Problems with Current Car Renting Process:
- Car owner reputation is unknown; current web listings have very limited information -- only thing you see is the car you're renting.
- 58% of cars in Jamaica are uninsured -- lack of protection creates lack of trust.
- Traditional car renting is costly; advanced booking doesn't minimize wait time at pickup -- "The deposit fees are astronomical."
The Ideal Solution is a "Win-Win Situation":
- Traveler Benefits: 20%-50% cheaper than traditional renting; know the owner right away; book on-demand; pickup when & where you want; more variety of vehicles to choose from.
- Car Owner Benefits: earn money hosting; free to list and no monthly fees; list once, market to many travelers.
"Travelers deserve a better way to rent cars, they need options and what's available just doesn't cut it," explains RYR Founder & CEO Cherie Williams. "With the Rent Yuh Ride™ platform, you can choose from a wide range of vehicles that fit your style, a wide range of prices that fit your budget, and there's absolutely no negotiating back and forth. Moreover, car owners have underutilized vehicles for months at a time and Rent Yuh Ride™ will provide new opportunities for them to earn additional income," says a frequent traveler to the island.
"It's a win-win situation on both sides: one person will make money and the other person will save money."
Funding
Investment opportunity available on Series One platform.
About Rent Yuh Ride™
Rent Yuh Ride™ is the first peer-to-peer digital car rental platform in Jamaica with future expansion across the Caribbean. RYR will directly connect thousands of travelers to private car owners across the islands to facilitate car renting, in a way that's efficient, affordable and safe.
Photo - https://mma.prnewswire.com/media/1095519/Rent_Yuh_Ride_Launched.jpg
SOURCE Rent Yuh Ride
