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9 surprising things you can rent privately online
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Aug 3, 2022
Online rental markets are places where people who own stuff they don't use rent it to those who will. Today you can rent ...
Problem
Demand for motorcycles has never been higher: U.S. market revenues are projected to hit $5.13B in 2022, and $6.42B by 2026. Yet despite high demand, the cost of motorcycle ownership and maintenance makes riding a largely inaccessible hobby:
- The average Harley costs $20K+ and is ridden under 2K miles/year
- Most motorcycles depreciate by 50% within 3-5 years
- 50% of motorcycle riders earn less than $75K/year
- Most rental shops charge $200+ per day for a bike
*Sources: 2021 Motorcycle Statistical Annual Report, Motorcycle Industry Council, US Bureau of Information Statistics, Riders Share internal data.
Solution
Most motorcycle rental companies charge high rental fees and are available only in limited locations. By leveraging the growing popularity of peer-to-peer exchange, Riders Share brings affordable rental opportunities to enthusiasts everywhere—matching vetted renters with motorcycle owners on an easy-to-use platform.
Product
Our motorcycle sharing platform is the largest of its kind—and the safest. Using proprietary machine learning AI, we perform identification and risk assessments on renters to ensure owners’ investments are as secure as possible. Once vetted, renters have their choice of available rides nearby, and owners profit from an otherwise depreciating and potentially unused asset. It’s a win-win!
Traction
Riders Share has experienced steady, scalable growth since our inception in 2018, and we’ve increased revenues by 82% year to date. Riders and owners have flocked to our platform, listing more than 3,600 bikes and booking more than 50,000 trips.
Our innovative business model and popularity has led to glowing features in Forbes, Travel + Leisure, and more—and culminated in seven-figure revenues for consecutive years with a huge market to grow into.
Customers
Motorcycle owners and riders alike love the Riders Share experience. By our calculation, more than 97% of our customer reviews are 5-star. And on Google—the source of much of our platform traffic—we have a 100% 5-star rating.
Business model
We boast the highest take rate in our segment of the share industry, and employ a 47-53 split with motorcycle owners. And, because we’ve invested heavily in SEO to cement our place at the top of Google search results, our growth requires less marketing spend. Now, we’re seeing a massive 10:1 LTV:CAC ratio.
Market
The global share economy is predicted to reach $335B by 2025. Companies like AirBnB, Uber, Turo, and RVShare have already proven the growing market demand for shared goods and services. We believe the key to consolidating this market lies in vetting and analytics—something we’ve figured out how to do successfully while our competitors are failing.
Competition
There are other P2P motorcycle share platforms, but none have experienced the same growth as Riders Share. The proof is in our numbers: we have 6.55X more trips and 4X more inventory than our leading competitor. And with our proprietary AI machine-learning risk assessments, leading affordability, and scalable business model, we’re well positioned to keep dominating this niche.
Vision and strategy
In the coming years, we intend to expand Riders Share globally, particularly into Europe where motorcycle culture is even more widespread. We also have plans to diversify our revenue streams, including experiences (classes, tours, rallies, group rides), and eventual insurance sales and a powersports marketplace.
Funding
Several of the nation’s most influential investors have already proven their confidence in Riders Share, with investments of $4.5 million+ to date. Over the course of several rounds since 2018, we’ve successfully secured funding from Techstars, LiveOak Ventures, Texas Halo Fund, and noteworthy Angel Investors—including former Turo executives.
Founders
Riders Share wasn’t born in a Silicon Valley think-tank. It began when Co-Founder Guillermo Cornejo experienced the need for it first-hand. Like many motorcyclists, Guillermo loves to ride, but he couldn’t afford ownership. At first, he looked for rental options, but (like thousands of riders before him), he discovered that existing solutions weren’t practical (30 miles away!) or affordable ($200+ per day). That’s when he started Riders Share.
Thanks to Guillermo’s background in risk management, he was able to succeed where others failed. He applied his expertise in analytics to reduce accident rates and manage insurance risk, and also to accept more customers.
Guillermo also began searching for a Co-Founder. After vetting several candidates, he met Brendon Lamb on Reddit/motorcycles. Brendon shares Guillermo’s love of two wheels and is an experienced developer. He earned his title as Co-Founder by building the Riders Share code-base from scratch, and matching larger platforms’ features for a fraction of the average capital cost.
Summary
Riders Share is cornering an exciting and underserved segment of the sharing economy: motorcycles. With a highly scalable business model and legions of fans in the motorcycle community, we’re well on our way to dominating this lucrative niche, and soon all of powersports.
Will you come along for the ride?
