We take rides from people operating their own cars with Uber and Lyft. We stay in others’ personal apartments and houses through Airbnb. It makes sense that one day we might also rent commercial vehicles from one another too. In fact, this is a growing trend, as many business owners, fleet managers, drivers, and other industry professionals are beginning to engage in peer-to-peer rentals. Because hundreds of thousands of commercial vehicles are bought and sold on Commercial Truck Trader, we thought we’d dig deeper into this new vehicle acquisition trend, and find out What’s the Deal with Peer-to-Peer Commercial Vehicle Rentals!!
What are Peer-to-Peer Rentals? The concept for peer-to-peer (P2P) renting is relatively simple; industry professionals with idle commercial vehicles rent out those trucks and vans to other businesses. The P2P process cuts out traditional vehicle rental dealerships and keeps the renting transaction between a network of industry pros. This is also referred to as Commercial Vehicle Sharing.
What are the Benefits of Peer-to-Peer Rentals? Fleet managers with idle vehicles have an opportunity to generate additional income for their business by renting out those commercial trucks and vans when not in use. Such profits are purely supplemental, so any rental price above what the business values to be the cost of the wear and tear on the vehicle makes renting out the vehicle worth it. And because the operation is purely supplemental, P2P providers have the flexibility to offer lower prices than vehicle rental dealerships, helping the acquiring business save money.
Additionally, because it is a network of industry peers, fleet managers can have greater assurance that their trucks and vans are likely being operated by someone who knows how to properly use and maintain the vehicle. And with advanced telematics, P2P rental providers can track the location and use of their commercial vehicles, even when in the hands of another driver.
What are the Concerns with Vehicle Sharing? Here are a few questions you’ll want answered before diving into P2P rentals: Despite assurances, will you really know who you are renting to or from? Who is liable for damages to rented vehicles? Is commercial auto insurance expected to be obtained by the provider, the renter, or the service that set up the network/connection? If a renter does wreck the vehicle, can you really afford to be without the truck or van while it is being repaired or replaced? How expansive are these emerging networks? Are there hidden costs or other liabilities?
How Can I Participate in Peer-to-Peer Rentals? If you’re looking to acquire a commercial truck or van, you’re in luck, because Commercial Truck Trader is a leading online marketplace for buying and selling new and used commercial vehicles. But if you want to explore the new P2P trend, companies like Ryder and Fetch have launched vehicle sharing programs in the past few months.
P2P commercial vehicle rentals are a relatively new phenomenon with many advantages, but with some lingering questions. We’re interested to see how the niche commercial vehicle sharing segment develops. In the meantime, we’re also very proud that Commercial Truck Trader offers a leading online marketplace with great opportunities to buy and sell quality commercial vehicles.