Turning idle cars into ATMs – this is the entrepreneurial desire of all car rental platforms.
Including PP car rental. “We are a car rental platform that helps owners of vehicles to make money with confidence and help those who do not have the car to use the car at a low cost, 30%-50% cheaper than traditional rental. By technical support can let tenants Use the mobile phone to open and close the door, change the car voluntarily, do not need to refuel." PP Car Rental CEO Zhang Bingjun said.
In his vision, PP Car Rental allows users to rent different vehicles according to their needs. “The whole family can rent a spacious and comfortable MPV. You can rent a stylish romantic convertible with your girlfriend on a date, and you can negotiate with the customer to rent a stable business car.†Zhang Bingjun said that when the car sharing, the Chinese market has become very popular. From.
The 21st Century Business Herald reported previously that Yi Duo Share, established in 2009 and established in 2010, had been operating in Beijing and Hangzhou respectively by integrating small and medium car rental companies and self-purchasing vehicles. Reported in July 2013, "The Confusion of Car Sharing in China "The Disciples"); the Easy Access Vehicle established in 2010 is even more regarded as "Uber in China" (see the newspaper "Easy to use car: Internet in July 2014" Believers' Car Route").
Unlike the above-mentioned enterprises, the main mode of PP car rental is to serve individual users by integrating the vehicles of individual owners; in the future, their tentacles will further extend to cooperation with the traditional car rental industry.
As the earliest start-up company involved in the sharing of private cars, PP Car Rental was soon followed by capital attention and support. In November 2014, PP Car Rental completed a round of $60 million in round B financing and was jointly invested by IDG Capital and Morningside Ventures. How does PP car rental get the favor of capital? Can it handle the balance between speed and stability? How will it perfect its business model?
2C: Hit the User's Pain Point
"An hour to go to the store, offline processing procedures for 15 minutes, run out of money to return the car but also add oil." Zhang Bingjun with less than 5 seconds time stamp users to use traditional car rental service pain points.
In the P2P car rental platform, tenants can find vehicles in nearby communities or even in this community; under the authorization of the owner, they can open the car door through the mobile phone; if the car is parked in the designated parking space, the system can be based on driving Mileage calculation fuel consumption. At the same time, the P2P car rental platform is about 30% cheaper than the traditional car rental company.
Everything will also start from 2012.
In 2012, the predecessor of the PP car rental company, iCarsClub, was launched in Singapore and became the largest car rental platform in Singapore within six months. On this platform, owners can easily rent out their own idle vehicles and earn additional income each month. Tenants can use the mobile phone App to find nearby vehicles that can be used without having to buy their own vehicle to achieve a convenient trip.
According to the laws of Singapore, only the owner of the weekend can rent a car to others. As a result, iCarsClub began to seek a broader market.
In April 2013, the iCarsClub team returned to China and started preparations for Chinese companies under the name "PP Rental Car." At the beginning of the recall, Zhang Bingjun described it as "running back" in China.
After six months of preparation, PP Car Rental and China People's Insurance jointly developed the first P2P car rental liability insurance in China; during the same period, the successful research and development of the smart hardware of the PP Car Rental support mobile phone switch door.
On October 10, 2013, as the first P2P car rental company in China, PP Car Rental was formally launched. Six months later, in Beijing alone, there were more than 30,000 car owners joining the platform of the PP car rental.
“We are not just a cold platform. On top of this, we are also a community. There are many interesting things in this community.†Wang Jiaming, a car rental car CMO, said at a strategic cooperation conference that the PP car rental platform will host owners. Contact with the tenant. If both parties of a certain transaction are in the same community, after a simple exchange, the owner and the car can become friends.
“Our community is in contact with owners and tenants. Through our community, people who we didn’t know already become aware of it. People who are not familiar with it become familiar, and people who did not trust have become trusting each other.†Wang Jiaming Further introduction.
In order to eliminate vehicle owners’ concerns about vehicle safety, PP Car Rental and PICC PICC cooperated to provide car owners with one million yuan of car rental insurance; docking backstage with the public security system to ensure the true and effective tenant information, every tenant who joins PP car rental needs to go through Detailed audits; smart devices are also installed for each vehicle to ensure that each vehicle can be tracked in real time.
Even so, it is hard to be foolproof. A few days ago, an article “I rented a car through a PP rental car and then was mortgaged!†sparked heated discussions at Lei Feng.
2B: Advantages of Information Management
With China's two largest car rental companies - China Car Rental Co., Ltd. and Car Rental Co., Ltd. having landed in the U.S. capital market successively, car rental giants with more capital are bound to invest funds in building IT systems, building mobile terminals, and improving user experience. China has a large number of Where can small and medium-sized car rental companies go? "Welcome they put the car on our platform." Zhang Bingjun said.
Zhang Bingjun believes that the advantages of traditional leasing industry lie in asset management. The advantage of PP leasing is information management. The two advantages can complement each other well. Therefore, PP leasing can promote the industrial upgrading of the traditional leasing industry in the best position.
For the PP rental car, as long as the leasing company can provide differentiated supply for the renters of the PP rental car and meet the needs of the tenants, the PP car rental will share the order with the leasing company and help it to increase the revenue.
In addition to the user's diversion, PP Car Rental also intends to transfer the technology to traditional car rental companies. For example, through the installation of hardware, car rental companies can help tenants to self-service car rental. In this way, the labor cost of the leasing company can be greatly reduced, and the cost of the store will also be reduced.
“We are also very willing to help the entire traditional industry as tenant information management and control.†Zhang Bingjun said that because the tenant information of traditional car rental companies is not open, it is inevitable that substandard tenants who are blacklisted by a car rental company will still Other leasing companies rent vehicles and cause more losses. PP car rental companies hope to help car rental companies reduce their risks through the use of tenant information management.
“Automobiles are idle for 92% of the world's time, which means that we actually use less than 10% of the time. This is the deficiency of the traditional consumer model.†Wang Jiaming believes that after the demand for cars is fully satisfied, The demand for car purchases in the market can be reduced. “At the city level, we have reduced the vehicle ownership of the entire city. On this basis, we have further reduced the city’s carbon emissions, car congestion and other issues.â€
Wang Jiaming used several “firsts†to introduce the development history of the PP rental car: the first company to formulate the P2P business model in Asia, and the first company to work with insurance companies to formulate a company specifically targeting P2P car rental insurance. The first platform to provide a keyless door system, the first platform to develop the entire P2P car rental process, the first company to interpret the status of P2P domestic laws.
As of November 2014, the number of vehicles on the entire platform of the PP rental car has exceeded 180,000. "From the perspective of the transaction volume, PP car rental accounted for 95% of the P2P car rental market share." Zhang Bingjun revealed.
Today, this innovator is looking to the industry giant. “We believe that the number of transactions for the PP rental car will exceed that of the Shenzhou Car Rental in one year. The Shenzhou Car Rental is a goal that has been accomplished by financing billions of dollars in the past seven years. We can achieve this within a year. This is our goal.†For the future, Wang Jiaming Say so.
Capital path
Since the establishment of PP Car Rental, it has received the attention and support of the capital.
According to the information of the startup company database CrunchBase: In March 2013, iCarsClub (the company name of the PP rental car in Singapore) received a seed investment of $482,000 from Red Dot Ventures; in June 2014, the PP rental car completed A round of US$10 million financing. , The two institutional investors of Sequoia Capital and Qingliu Capital and Mingming Capital Huang Mingming, the CEO Zhuang Chenchao, and the founder of US Mission Network Wang Xing jointly funded the investment; in November 2014, the PP Car Rental completed B round 6000 Million dollar financing was jointly invested by IDG Capital and Morningside Ventures.
Wang Mengqiu recalled: "Although this direction was very advanced in China last year, but in the long run this model represents the P2P rental car, which is the sharing and reuse of automotive resources. This is the future direction."
The capital's help further accelerates the development of the PP rental car.
After Round A financing, PP Car Rental will focus more on improving user experience and urban expansion: In June, PP Car Rental announced the completion of Series A financing, and at the same time launched the expansion of Shanghai, Guangzhou and Shenzhen; September 9th It further initiated the expansion of eight cities including Nanjing, Hangzhou, Suzhou, Wuhan, Changsha, Chengdu, Sanya and Haikou.
In terms of improving user experience, the service chain of the PP rental car is relatively long: how to find the car owner who has the willingness to rent a car, how to provide positioning for the consumer groups, how to provide better products to meet different users, and how to install smart boxes under the line, How to solve the problems that arise in the car and how to cooperate with the insurance company to resolve claims issues, etc. Management of these processes poses a challenge to the operation of the PP rental car.
For the use of B-round financing, Zhang Bingjun introduced that in terms of platform size, PP Car Rental hopes to complete the coverage of major first- and second-tier cities by the end of 2015 with a transaction volume that exceeds that of Shenzhou Car Rental; in terms of user experience, it polishes the details of each user for rent. The customer provides a more extreme car experience, allowing owners to earn more money and enjoy safer service guarantees; in terms of teamwork, more people are invited to join PP car rentals in an open format.
In addition to private car owners and car rental companies, PP Car Rental is also seeking cooperation in more areas.
In July of this year, PP Car Rental announced a multi-disciplinary strategic cooperation with China People's Insurance Company, Car Home, where to go, Gaode Maps and Home Inns.
Gao Jian, the vice president of Gao De, said: “We are optimistic about the car rental market and we are optimistic about this model of PP rental. We are willing to work with them to make this market bigger. This is good for everyone.†For example, the cooperation of the map, the high German map can be implanted in the PP car rental client for the user to use the navigation module; users can not find the transfer point, you can pass through the PP car rental client Gaode as a navigation tool .
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