A London-based car sharing start-up has raised £5m from Japanese conglomerate Itochu to encourage thousands of Brits to loan out their cars to strangers.
A London-based car sharing start-up has raised £5m from Japanese conglomerate Itochu to encourage thousands of Brits to loan out their cars to strangers.
Founded in 2013, Hiyacar allows car owners to lend their vehicles for days or months at a time. The start-up has been dubbed the “Airbnb for cars”.
Average British cars are driven for less than 5pc of their lifetime and spend much of the time sitting idle.
Hiyacar says its website allows people to make money by making more use of their vehicle.
The start-up uses a keyless smartphone app to give drivers access to lent cars and claims drivers can make up to £1,000 per month through its service.
The deal with Itochu will give Hiyacar the chance to work with repair company Kwik Fit, which was bought by the Japanese firm in 2011 for £637m.
