Ridesharing is the new way of life. Cars are a crucial part of the peer-to-peer ride-sharing world. You can join the newly introduced and flourishing gig economy by either being the driver or the car owner.
When you become the driver, you can offer people rides at a fee. However, as the car owner, you can choose to rent out your car or drive it yourself. The best part is the freedom to register on different ride-sharing platforms for a bigger client base.
HyreCar is the service that now connects car owners with established ride-sharing platforms like Uber, Lyft, and Bolt. It could be a single sedan or a fleet of vehicles you are looking to include in your gig economy rental business.
So, what is HyreCar, and what can you learn about the company.
What is Hyre Car?
HyreCar is a peer-to-peer car-sharing company. The company works by connecting car-less drivers with car owners looking to make some money renting their vehicles.
To paint a better picture, Lyft has over 1.4 million drivers in the US and Toronto alone. On the other hand, Uber has 1 million drivers in the US alone. Among these drivers, some drive their vehicles while others rent.
Using HyreCar, you can access drivers who want to participate in ride-sharing but do not have the car to realize their dream. Car sharing is the affordable solution to the problem, and HyreCar has been on the rise to compete against Turo in that market.
The biggest advantage of HyreCar is its convenience. Although you can consider HyreCar the Lyft to Turo’s Uber, it has an exciting growth pattern, especially in the stock market.
In the early days of June 2021, HyreCar announced that it would join Russell 3000 Index by the 28th of the same month. After the news, stock prices increased by nearly 10%. Shares traded exceeded 1 million shares and reached their all-time, closing at $19.42 per share.
The stocks continued with the same growth curve until the 11th of August, when the company lost $0.45 per share, unlike the anticipated amount of $0.12 per share. This profit-loss scenario mainly resulted from increased insurance claims, which saw the company lose its stocks by 46%.
However, that was not enough to tank the company. Today, it is trading at 3 times higher than last year’s trading rate. Therefore, all factors considered, HyreCar might just be the opportunity you were waiting for.
Hyre Car services
When some people compare HyreCar to Turo, they conclude that the companies work similarly. However, HyreCar stands out from Turo by providing all the paperwork a driver would need to drive with Uber or Lyft.
This is a crucial market gap that Turo overlooks, and it has seen HyreCar grow in the industry year after year.
How does Hyre Car work?
When you visit hyrecar.com, you can learn about how the company works. To break it down, HyreCar has a system that allows delivery and rideshare drivers to get in touch with car owners and form beneficial relationships.
Step 1: Sign up
By signing up to the platform, you create an account. It could be on the HyreCar Driver app for android or HyreCar for iOS. Sign up with your email online and get started.
Step 2: Find your car
When you sign up as a driver, you will be looking for a car owner in your location. Here, you also get access to a large pool of vehicles you can select for your business.
Step 3: Apply
The next step is to apply for the vehicles that appeal to you. You do so by booking your desired car and waiting for approval.
An important tip to follow is to book several vehicles, at least 6, to increase your chances of hitting the road with a car that you like. Do not worry; you only have to pay for the first approved vehicle.
Step 4: Pass the background check
Drivers applying for vehicles from HyreCar must pass a quick background check conducted by the company upon receiving approval from the owner. The background check traces any behavior of reckless driving, DUI, or other minor violations.
This process only takes a few hours, meaning you can apply and get your car on the same day.
Step 5: Document exchange
Once a car owner approves your request to rent their car, you will receive all the documents you need to create a ride-sharing account. You get a copy of the insurance, the vehicle registration, and a 19-point inspection certificate.
For this, you need to settle an upfront payment and ensure you clear your dues before getting on the road.
Drivers in Arizona, California, and Nevada also pay an extra $99 deposit to cover any issues on the road.
Step 6: Meet the car owner
Once you register on a ride-sharing platform, you can schedule a meeting with the car owner to pick up your tool of work. Sometimes, car owners offer to deliver the vehicle at a specific location and time.
Step 7: Start making money
As soon as you receive your registration documents, you should proceed and upload them to your ride-sharing account. You can already have clients lined up for you as soon as you receive the car.
Remember, you can always extend your rental period by visiting the HyreCar Driver App.
Step 8: Returning the car
When the rental period expires, you should fill the tank with gas equivalent to what you received before meeting up with the owner to drop off the car.
HyreCar experts will conduct a quick inspection of the vehicle to assess its condition and rule out any damages before handing over the car to the owner.
Hyre Car for Car Owners
The process is also relatively simple when you want to list your car on HyreCar.
Step 1: Sign up
Sign up by creating a free account on HyreCar. This will take a few minutes, after which you can proceed to describe your vehicle.
At this point, you also attach photos of your vehicle alongside the registration and inspection documents.
Step 2: Respond to applications
Many drivers may request to rent your vehicle. However, it is essential to remember that they also apply for other vehicles and will probably hit the road with the first vehicle they get.
Therefore, you must respond to these requests as soon as possible. Make an effort to reply to the driver requests in less than 24 hours since that is when the application expires.
Step 3: Verify your documents
You have been on the road, and you know the criticality it holds. Therefore, to be safe and ensure that you have provided the proper documents to your driver, take a minute to confirm the accuracy of the documents posted for the vehicle.
Ensure that your registration and inspection documents are up-to-date.
Confirm that you have the correct insurance document on your dashboard for safety.
Step 4: Handoff the keys
The driver will contact you. You can plan the location and time of the exchange. Before handing over your keys, make sure your vehicle is good.
You can confirm by walking around your vehicle and checking the mileage and fuel levels.
Step 5: Receive payment
Once you are the first to approve a driver’s request, HyreCar charges them the amount for renting your car. So, when they pick up the vehicle, you have a guarantee that you will receive your payment
Step 6: Pick up your car
The driver will return your car to you when the rental period expires. Before receiving the key, take a once over your vehicle to verify it is in the right condition.
For both driver and car owners, you can rate each other to help other drivers and car owners and make the marketplace more reliable.
Requirements-Driver and Vehicle
To rent a car from HyreCar, drivers must meet the following conditions:
- Must be 21 years or older
- Must have a valid state driving license
- Must have held the driver’s license for at least 1 year in the state you are applying
- Must own a mobile phone capable of communication via text messages
- Must have an existing Lyft/Uber account
- Must pass the background check
Hyre Car Protection Plans
You can never be too safe renting your vehicle. Hence the protection plans offered by HyreCar. These covers give you the convenience and flexibility to protect your car correctly.
Usually, the HyreCar protection plans include a liability cover, ticket monitoring, and physical damage coverage.
The plans come in 4 different classes:
- Basic
- Standard
- Premium
- Premium plus
These protection plans cover costs like:
- Ticket & Toll management
This cover is available to select plans. It puts the responsibility of paying for toll fees and any violations on the driver. However, the car owner must install transponders and create accounts with toll agencies when needed.
- Cleaning
Drivers should return clean vehicles to their owners. However, if that does not happen, vehicle owners can claim a reimbursement, depending on their protection plan.
The basic plan returns $30, while the premium plus reimburses $75.
- Gas
Drivers must return a rented car with a tank full of gas. In cases where that does not happen, a HyreCar protection plan provides reimbursement, per their Gas Policy.
The basic protection plan members receive a 65% reimbursement, while premium plus offers 100% reimbursement.
- Mileage
Vehicle owners can limit the mileage/day drivers can use while remaining with the regular rental rate. Therefore, if the renter drives more miles than stipulated, HyreCar may reimburse the car owner for the extra miles.
Basic plans receive a 65% reimbursement, while premium plus get 100%, as per their mileage policy
- Impound Policy
Should your vehicle end up in an impound lot, HyreCar may reimburse you if you are under the premium or premium plus protection plan.
You can learn more about the HyreCar protection plans by visiting HyreCar.com today
How much can you make with Hyre Car?
The amount you earn for renting your vehicle will depend on your protection plan. Under the basic protection plan, an owner makes 85% of their rental approval fee.
On the other hand, a premium account holder gets 75% of their rental approval fee, while the standard coverage earns 80%.
Members of the premium plus protection plan coverage earn 70% but enjoy more reimbursements and better protection. For instance, car owners can get up to $300 when a driver loses the car keys while enjoying a 100% top-up on gas, mileage, and impound fees.
Consider renting your car for $45/day. You get a driver who takes it for 2 days. As a basic plan holder, you earn 85% of .
As a car owner, what fees do you pay?
Car owners only need to pay fees for renting their vehicle on HyreCar, as stated in their protection plan.
Therefore, car owners pay a 15% commission on their listed vehicles under the basic protection plan. On the other hand, the standard protection plan requires a 20% commission.
A premium account holder must pay a 25% commission on their listed vehicles.
The wear and tear on your vehicle may not be a fee, but it is still your burden. More so, your vehicle depreciation accelerates, owing to the mileage covered.
Finally, you cater to your vehicle’s insurance, inspection, and maintenance without reimbursement from HyreCar.
Hyre Car Rewards
HyreCar encourages more drivers to hire from them through their Driver Reward Program. All drivers stand a chance to win and only need to reach their weekly or monthly goals to receive a reward.
For instance, when you sign up for the first time with HyreCar, you receive a $75 gift card when you rent a vehicle for 3 days. However, you need to pay the rental vehicle upfront to qualify for the gift card.
When your rental period is 7-21 days, you get a $25 gift card. Renters who hire vehicles for 30 days get $50, while those who rent for 720 days get $150 every 60 days.
These rewards come as a Tango Reward program gift card, and there are restrictions.
- You must be in ‘Active’ and not ‘Late’ status
- You can only redeem your promotion once per term, and you need to contact the Hyre Car personnel to redeem your gift card.
Learn more about the conditions of the HyreCar reward program by visiting their website.
Pros and Cons of working for Hyre Car
There are ups and downs in car sharing, and HyreCar is no different.
Pros
- High-income potential-If you have a spare car sitting at home, you can rent it on HyreCar and receive up to $1,200 per month
- Quick listing process– Drivers can list their available vehicles in less than 10 minutes
- You set your prices– Car owners get the chance to dictate how much they want for their rental services
- Flexible rental periods– If you want to rent the car for longer, you can extend the rental period on the Drivers App
- Better deals for electric vehicles– if you drive Tesla or another electric car, you receive a $125 bonus for listing your vehicle
- Get rideshare insurance– Drivers who hire vehicles from HyreCar also get a rideshare insurance protection in their name
- You can drive for any platform-Although, the requirement is to have an Uber/Lyft account, drivers who hire from HyreCar can subscribe to any ride-sharing platform. You can even hold accounts on different ride-sharing platforms at the same time
- Excellent customer support– drivers and renters can easily access high-standard customer support to address their grievances.
Cons
- Payment processing periods are too long– Car owners sometimes have to wait even 7 days after handing over their vehicle to receive payment
- Short driver request lifespan– the rental requests only last 24 hours, which is a relatively short period
- High competition– the platform is very competitive. Therefore, drivers need to put extra effort into their profile to attract attention to their vehicles
- Pick up, and drop-offs are hectic– Organizing locations and times to pick up or drop off cars between drivers and car owners is inconvenient. Both parties have to be around at all times
What are some alternatives for Hyre Car?
The market may be young, but the competition is fierce. There are some viable alternatives to HyreCar, some of which are pioneers in the car-sharing business.
These include:
- Turo
Turo and Hyre Car offer the same type of service. However, Turo provides greater protection to car owners, offering up to $125,000.
However, the platform users have to waive 40% off their earnings for rental commissions.
Another difference between Turo and Hyre Car is their focus. While Turo has no limitations to what drivers can do with your car, HyreCar lends your vehicle to drivers looking to earn a living.
- Fair
Fair, a newer member of the market. Currently, it is in a few select cities in the US and typically offers long-term rentals.
Although you can rent your car with Fair as a private owner, the market pool is not as widespread as Hyre Car offers.
Hyre Car may be second in market shares in the peer-to-peer car-sharing industry, but it competes against giants like Turo. The platform connects drivers looking to earn money in the gig economy with drivers looking for an alternative source of income.
Drivers must adhere to a few requirements, but they also get better offers. On the other hand, car owners receive liability protection and can earn up to 85% of the listed rental amount.
Since the company has been growing every year, it is safe to say that working with Hyre Car will not disappoint. However, it is not a smooth ride, and you have to be ready for the experience. Be sure to also check other good business opportunities and get strated.
