Why Ford Credit Is Piloting a P2P Car-Sharing Program [VIDEO] | Auto Finance News | Auto Finance News

Why Ford Credit Is Piloting a P2P Car-Sharing Program [VIDEO]

canstockphoto22190597Ford Motor Credit Co. is the latest auto finance company to take a run at the peer-to-peer car sharing model, often abbreviated “P2P,” through a new partnership with Getaround, a company that allows members to offer their cars for rent by the hour, day or week when not in use.

Through the partnership, 14,000 select Ford Credit customers are invited to offer their existing Ford vehicles through the Getaround platform in San Francisco, Oakland, Berkeley, Portland, Washington DC, and Chicago, according to a recent Ford press release.

“My great-grandfather helped put the world on wheels so everyone could enjoy the benefits of mobility,” Bill Ford, the company’s executive chairman said in the release. “Our vision today is to expand that same thinking using advanced technology and new business models, and addressing the mobility challenges people face around the world.”

The carsharing company is powered by Getaround Connect software, which allows members to rent, locate, and unlock a car from a smartphone app. Ford Credit customers that offer their vehicles for rent will have the ability to earn as much as $10,000 a year, according to Getaround.

“If you can earn $10,000 each year by sharing your car on Getaround, it means your car can literally pay for itself, the company said on its blog. “It means our friends, family, and neighbors can afford higher quality, next-generation, fuel efficient vehicles.”

The partnership is part of Ford’s larger Smart Mobility strategy, which combines its efforts in more than two dozen experimental projects including connected cars, self-driving vehicles and new kinds of transportation like electric bikes along with the car-sharing platform, according to a published report.

 

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