Rent a car, drive for Uber. Here's how
by Heather Kelly @heatherkelly June 2, 2015: 12:15 PM ET
An Uber car on the road in San Francisco.
Want to make extra cash driving for Lyft or Uber but don't have a nice enough car? Have a sweet ride you're not using and want to earn extra money? If only you hustlers could find each other.
HyreCar is a startup that mashes up the sharing economy and on-demand economy. It lets individuals rent out their personal cars to anyone who wants to work as a driver for Uber, Lyft or any other ride-sharing service.
Yes, it's an Airbnb for Uber cars.
Co-founder Andy Bansal came up with the idea after he tried to sign on as an Uber driver only to discover his car didn't qualify.
Car-sharing companies have rules for what types of cars can be used. For example, if a driver wanted to become an UberBlack driver in New York, he or she would need an all-black car that was less than five years old, and it would have to be one of the 83 approved models.
Instead of buying a new car, Bansal decided to make a matchmaking site for car owners and wannabe drivers.
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The setup is similar to RelayRides, which lets regular people rent out their cars when they're not using them. However, that startup is targeted more toward leisurely drivers -- people who want to run errands or take short trips.
The HyreCar owners tend to rent out cars for longer periods of time, like weeks or months. One driver has rented the same car for more than three months.
"We focus on helping unemployed/underemployed and lower income people obtain work," said HyreCar co-founder James Ruhle.
Ruhle says in San Francisco, an Uber driver can take home around $200 for a full 8 to 10 hour workday, after gas and commission. He or she can probably find a suitable vehicle for around $40 a day on HyreCar, where owners set the prices (which range from $15 to $200 a day).
"Using HyreCar gives a flexibility to meet people's financial position. If they can't afford a subprime lease, don't want the contractual obligations or don't want mileage caps ... HyreCar provides a solution," said Ruhle.
Since it launched in December, the company has signed on 700 cars, primarily in San Francisco, Los Angeles, New York and Dallas. The rental cost through HyreCar includes liability, collision and comprehensive insurance. The company is currently working on getting an additional $5 million policy for catastrophic events.
CNNMoney (San Francisco) First published May 26, 2015: 7:33 PM ET