Riders Share, a peer-to-peer motorcycle rental company, is looking for a partnership with a retail powersports lender, Co-Founder Guillermo Cornejo told Powersports Finance.
By partnering with a lender, Los Angeles-based Riders Share will be able to promote its rental services to the lender’s borrowers. In exchange, consumers who rent their motorcycles to others would generate extra income that could presumably be spent on their monthly payment, potentially lowering the chance a borrower becomes delinquent, he said. Additionally, Riders Share would recommend its partner lender for users looking to spend their extra income to finance new motorcycles.
“What’s happening is that a lot of people are making extra money on Riders Share and, as a result, they’re buying more motorcycles they previously could not afford,” Cornejo explained. “For example, [one user] started with one Ducati Monster, and now he owns 12 different bikes. So, guys like him need lenders to grow their inventory. In return, a lot of users that have probably never heard of Riders Share could be generating more money and using that money to pay off loans to buy more motorcycles, and so on.”
Generally, motorcycles on Riders Share are listed for more than $100 per day to rent, and 4,000 bikes have been listed on the platform since the company was founded in 2018. About 30 motorcycles are added to the platform per day, Cornejo added. All bikes listed on the platform are covered by Riders Share’s insurance policy, protecting the consumer in the event of an accident.
During its first 12 months of business, Riders Share received 1.2 million booking requests. Riders Share is on track to generate $200,000 worth of transactions in June, Cornejo said.