Google Inc. (NASDAQ:GOOG) subsidiary Google Ventures has invested in RelayRides, a car rental service. RelayRides is very similar to Zipcar. RelayRides is launching in San Francisco today. August Capital also participated in this round of funding.
Anyone can list their car for rental and the owner can set the price. The price is generally 10% less than other car-sharing services. The owner also lists what time someone can rent the car. The owner gets 65% of the total rental fee and RelayRides get 15%. The other 20% goes towards the insurance policy.
Borrowers have to pass a verification process and must have a clean driving record. After an owner lists their car on the website, RelayRides will install a device on the car to detect cards for activating the service.