Richard Laughton is the CEO of easyCar, UK’s largest peer-to-peer marketplace for cars available to rent by a community of pre-vetted members. In this interview, Richard reveals the secret sauce of easyCar’s success in the UK market and his favourite club member story so far.
1. How can someone rent a car through easyCar Club?
Members simply search our site for local cars and can see pricing and availability listed alongside profiles of their owners. Driver members can make a request to a car owner to rent their car, and if agreed, the booking is confirmed. All of our driver members are pre-vetted by our insurance company and we check their documents when they join so there’s no need for further paperwork when picking up the car. The driver just meets the owner at the appointed time (or picks up the keys from a lock box if the owner prefers) and they’re good to go.
2. easyGroup is a very well-known brand across the UK and Europe – why was peer-to-peer carsharing an interesting opportunity?
easyGroup has been disrupting markets for nearly 20 years by taking a new spin on an old problem. P2P carsharing addresses the cost of rental while at the same time helping owners with the cost of running a car so it seems pretty clear it’s a win/win. We are also lucky to have backers like PROFounders Capital who were early believers in the potential of collaborative consumption.
3. Other p2p car rental businesses in the UK have struggled to reach scale – what is EasyCar Club’s secret sauce?
easyCar has been operating as a broker of traditional car rentals for ten years, and we continue to offer that service alongside our P2P business. So we benefit from established profitable operations, a significant existing customer database and a steady stream of people who come to us for great value car hire. On top of that we have the recognition and trust that comes with the easy brand. There are undoubtedly some special features to the UK market, but our experience suggests that people here are happy to share their cars. We spent a year testing and refining our processes in London before taking the concept national, and we have been delighted with the response – from the Scottish highlands to the Welsh valleys to the Cornish coast.
4. How is easyCar Club dealing with difficult areas such as regulation and insurance?
We spent a long time getting a water-tight insurance package in place with one of the UK’s leading insurance providers. This is probably one of the trickiest areas in the UK market for any new entrant. As for regulation, on the whole we have been impressed by the regulatory environment in the UK, and – touch wood – have not yet encountered any significant barriers. The Government has openly acknowledged its desire to be a leader in the sharing economy, and we have Government representatives actively engaging with us to see how they can help bring this about.
5. What’s your favourite easyCar Club member story so far?
One of our members got married in the car they’d rented through the Club, and it delighted the owner to hear that. On a day-to-day level, the stories that I like best are when we hear that two members have sorted out an issue between themselves without speaking to us – it demonstrates the growth of trust and community within the Club in a way that numbers can’t convey.
6. You are starting with peer-to-peer carsharing – could you see the easy brand entering other collaborative consumption verticals?
We’re fully focused on delivering a great experience for our easyCar Club members for now, but there’s no reason why easyGroup wouldn’t look to build on the experience and success here to bring a similar service in other areas – as you know, there are huge numbers of under-used assets that could be put to better use for borrowers and lenders alike.
Read more about easyCar’s launch in the UK here.
Not yet in the states yet though right?