Riders Share, a peer-to-peer motorcycle rental company, in trying to help consumers offset their monthly loan or lease payments — and subsequently lower the company’s delinquency rates, Co-Founder Guillermo Cornejo told Powersports Finance.
Based in Orange County, Calif., the service offers a listing of individually-owned bikes for rent, and a way for consumers to post their motorcycle for daily or weekly rental. The service is available to consumers 25 years or older, and riders must have at least three years’ driving experience and a verified motorcycle license.
Riders Share currently operates a consumer-to-consumer model, but the company plans to shift into a business-to-consumer model by yearend, Guillermo said, meaning Riders Share is looking to build up its dealer and lender relations.
“In the car-sharing world, some of the car-share companies are known to have captive finance lenders to sign up customers to help them make their loan payments,” which is what Riders Share hopes to set up, Guillermo said.
“We can potentially help people make payments on their loans,” he said. For example, if a motorcycle is rented out for two to three days, that could pay for one monthly loan payment. “If lenders are willing to push customers our way, it’s a way for them to lower their delinquencies. It’s a win-win,” he added.
The motorcycle owner sets the daily rental price for their listing, and Riders Share takes a 30% cut, and charges a $20 transaction fee, Guillermo explained.
The motorcycle rental company works with three Southern California-based dealerships, including Indian Motorcycle of Orange County, Guillermo said. “Our goal is that whenever dealer’s list motorcycles online for sales they are automatically listed on Riders Share for rent,” he added.
The company has a website to facilitate the renting and listing of local motorcycles, but hopes to launch an app to offer its consumers a more mobile-friendly experience.
Riders Share has facilitated 20 rentals via its website since launching in August 2016, he said, and 80 motorcycles are currently signed up on the platform to be rented. It plans to grow its online inventory to 200 motorcycles by yearend, or potentially thousands pending dealer and lender partners.
Join Powersports Finance today, Friday, Feb. 17, at 2 p.m. EST for our live Twitter chat. This month’s theme is dealer training. Join the discussion and ask questions using #AskPSF.