Imagine making $10,000 a year renting out your car when you’re not using it. Or avoiding an expensive traditional car rental service by engaging a nearby private vehicle for a few hours or days. Perhaps you would like to make money as a Lyft driver but have no vehicle. No problem. Call a carsharing company.
Carsharing services put idle vehicles to use, whether a privately owned car or an entire fleet, typically for short periods of time. Today’s carsharing services match drivers looking for a car with available vehicles. They are a fast-growing addition to a sharing economy that is expected to see continued double-digit growth for years to come.
That’s good news for carsharing leader HyreCar, which in the last two years has expanded into all 50 states. But with thousands of new users, the company decided it needed to move its processes for registering and confirming information about vehicles, owners, and drivers to an online channel.
Previously, HyreCar had an ID verification system for users and owners including manual processes which could take 2-4 business days to complete, says Megan Behrens, HyreCar Vice President of Operations. However, since introducing its new mobile app with Mitek's Mobile Verify, Behrens says HyreCar is getting drivers on the road faster, with more security and less hassle.
By partnering with Mitek, HyreCar is able to provide greater security for its users on two fronts:
Ensure that carshare drivers’ identities are verified and proper background checks and approved driving records are complete
Validate that vehicles in the HyreCar system meet all state regulations and have the correct paperwork, including an accurate incident history
The level of increased security that HyreCar can provide by using Mobile Verify protects everyone involved. HyreCar has a clear, accurate line of sight into transactions on its system, vehicle owners know drivers have been thoroughly vetted, and drivers know the vehicles they are renting are insured and meet safety and regulatory standards.
The results have been positive.
Before Mobile Verify, HyreCar typically had to ask 34% of system users for more or missing information. Now, its new system using Mobile Verify has lowered redundancies by more than 50%.
“We correlate our verification results directly with average rental days,” Behrens says. “In 2018, we saw 400,000 carshare days. For 2019, we are projecting 550,000 rental days. That directly correlates with the reduction in response time. We can get those drivers on the road and driving quicker.”
HyreCar anticipates continued rapid growth, fueled by its nationwide presence, the benefits of carsharing, and the peace of mind Mobile Verify offers.
“In this new sharing economy, everyone wants that extra layer of security,” Behrens says. “They need to know a user is who they say they are, but they also want the process of onboarding and using a platform to be as seamless as possible.”