17:18 | 31/07/2018 Society
Detroit-based vehicle manufacturer, General Motors (GM), is set to become the first major automaker to venture into the peer-to-peer car sharing space, CNBC reports.
The company confirmed on Tuesday (24 July) that it will be launching a scheme to enable customers to make money off their cars.
An app, called the Maven sharing app, will enable customers who own a 2015 or newer GM car to offer their vehicle out for rent.
The new software will then allow pre-approved car-share users to loan the vehicle for a period of time with car owners subsequently receiving 60 pct of the total revenue in return.
GM anticipates customers could trade up to more expensive vehicles as they will be able to earn money from the vehicle whilst not using it.
Julia Steyn, Vice President of General Motors urban mobility and Maven, said: “If you want to have access to a car, you have access to a car.
“So, I believe this is just expanding our opportunity to provide consumers what they want.”
It has been found that the biggest car-sharing companies in the US are currently Turo and Getaround, however, GM will become the first automaker to embrace the peer-to-peer car sharing market.