REDWOOD CITY, Calif. – Another entrepreneur has launched an online peer-to-peer rental marketplace for powersports vehicles including ATVs, UTVs, Fifth Wheel trailers, personal watercraft, motorcycles, mopeds, golf carts and more.
PhoRent has launched the public beta stage of its operation and is also rolling out a rental category for non-motorized vehicles and gear like bicycles, tents and other items.
The new service is the second to market following the rollout of San Jose, Calif.-based Fun2Rent last year. A number of peer-to-peer car and bicycle rental businesses have sprung up around the country, finding a niche in a soft economy and with Millennials who, according to studies, may be more inclined to rent than own.
“PhoRent is committed to providing a secure, hassle-free rental experience where the average income recreation enthusiast can ‘live large’ by getting the best value on rentals,” said founder Josh Jermaine. “Everything we do at PhoRent, from our rental protection program to the rental transaction itself, has been designed with this in mind.”
PhoRent secured $250,000 from angel investors led by venture capitalist Mark Wan. The funds will be used to develop PhoRent partnerships and to drive market awareness. The company won second place at the 2013 National Startup Conference earlier this year.
Services like Fun2Rent and PhoRent help private vehicle owners defray their cost of ownership or just make some extra cash by renting out their equipment when not in use. PhoRent boasts that owners are “100 percent protected under PhoRent’s Rental Protection Program.”
The Rental Protection Program included in every rental covers liability and damages via what the company calls “a direct and vertically integrated Fortune 500 insurance carrier.” Both renters and owners are automatically insured for damage and liability and do not require any offline certification process to be completed before a vehicle or boat can be rented.
“PhoRent does peer-to-peer renting very differently with their ability to go beyond just one or two categories, and the game-changing insurance partnership that protects every renter is unlike anything the industry has seen,” said Mark Wan, PhoRent investor and founding Partner of Three Arch Partners. “I am involved with this company because I believe the execution and ability to scale in any direction is what will set PhoRent apart from the competition.”
To help populate the site, PhoRent is sponsoring a Baja Adventure contest for the next 90 days. During that time, for each listing posted to the website, owners will have their name entered into a drawing for a chance to win a one-day off-road driving experience for two behind the wheel of a $100K Baja Challenge Race Car at the Reno-Tahoe Motorplex, Owners get an additional chance to win each time they post a new listing.
Listing and entry details are on the PhoRent website. The code to enter the contest is “ATVVEGAS”.
Posted by Holly Wagner