Peer-to-peer RV rental company Mighway has grown its user base to over 1,000 in California, Dave Simmons, chief executive, told Powersports Finance.
Originally launching in New Zealand in 2015, Mighway made its U.S. debut in California almost a year ago. Earlier this month, Mighway’s parent company Tourism Holding Ltd. formed a 50/50 joint-venture partnership with RV manufacturer Thor Industries. The venture — called TH2 — will allow Mighway to further grow its users as it expands nationwide.
“We’re looking at signing up literally hundreds [of users] a week,” Simmons said. “We’re getting that momentum built out and getting the plans in place with Thor to start looking at how we can really ramp it up.”
Approximately 8.9 million households own an RV, according to the Recreation Vehicle Industry Association. About 20% of that number would be open to making their RVs available to rent, according to Simmons, based on a study conducted by Mighway.
Through the Mighway website, RV owners can list their RVs for rent. Customers can list their own rate for their vehicle or they can use Mighway’s managed pricing model to help determine the proper value of the RV.
“It’s interesting because owners all have their own prices that they want to set and manage themselves,” Simmons said. “There’s a new challenge within the peer-to-peer asset-sharing environment in ensuring that there’s sufficient engagement by the owners” to make sure that the prices are in line with standards so that customers aren’t over- or under-charging for their RV, he added.