Bolt launches app feature allowing users to rent out own cars

02 November 2022 - 08:01 By Reuters
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Bolt said with its "share your car" feature, users could earn money depending on their vehicle's make, model, mileage and length of the rental period. File photo.
Bolt said with its "share your car" feature, users could earn money depending on their vehicle's make, model, mileage and length of the rental period. File photo.
Image: simpson33 / 123rf

Bolt, a rival of Uber's ride-sharing and food delivery business, launched a pilot project on Wednesday for a new app feature that will allow users to rent out their own cars.

In an announcement made during Europe's largest tech conference, Lisbon's Web Summit, Bolt said with its "share your car" feature users could earn money depending on their vehicle's make, model, mileage and length of rental period.

"This has two main benefits — more money in people's pockets at a time when living costs are rising dramatically, and a better urban environment with fewer private cars on the street," said Bolt CEO Markus Villig.

Euro zone inflation surged past expectations again this month to hit a record high of 10.7% in the 19 countries that share the euro.

Estonia-based Bolt said users with smaller vehicles, such as a Toyota Yaris, could receive up to 112 (about R2,006) if they rent their car for an entire week. Those with bigger car models, such as a Volkswagen Passat, could earn up 161 (about R2,884).

"There are many people who use their cars once or twice a week," Villig said.

The pilot project was launched in Estonia's capital Tallinn, but Bolt said it hoped to introduce it to other markets next year. It will be available via Bolt Drive, the company's car sharing app.

Vehicles rented on Bolt Drive will receive full damage coverage for the entire period the car is rented and the company said it would issue warnings to users who exceed speed limits.

According to Bolt, cars will only be rented out to drivers aged over 25 years and to those who have held a driving licence for at least two years.


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