GM Launches Monthly Service as Carshare Gains Popularity | Auto Finance News | Auto Finance News

GM Launches Monthly Service as Carshare Gains Popularity

GM Maven

Carsharing, while still in its infancy, could become as common as leasing, said Bob Tiderington, senior manager for vehicle sharing at MavenGeneral Motors Co.’s mobility brand.

To that end, Maven expanded its offerings on March 3 to include a new monthly service, called Maven Reserve.

Through the program, members pay a monthly fee to reserve a new GM vehicle hourly, weekly, or for as long as 28 days. Maven Reserve includes insurance, a dedicated parking space for the duration of the reservation, a personalized walk-through of the vehicle, and $100 worth of gas.

The program is currently offered in San Francisco and Los Angeles and costs $1,100 for a 28-day reservation of the Chevy Volt or $1,500 for the Chevy Tahoe.

Monthly carshare models will continue to transform auto finance, but to what extent is “to be determined,” Tiderington said. “Some of it depends on policy, some of it depends on regulation, and some of it depends on the [consumer] need that goes along with it.”

When leasing was first introduced into the market, for example, there was speculation about who would actually want to lease a car, Tiderington explained.

Leasing accounted for 28.9% of the auto finance market in the fourth quarter, according to Experian.

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