The share economy makes its way into the auto industry. 

Late last week, the Ford Motor Co. launched it’s own car sharing program, Peer-2-Peer Car Sharing, in six American cities and London.

Called Peer-2-Peer Car Sharing, the company is rolling out the program through its Ford Credit Company, starting with 14,000 customers. The program aims to help new car owners of Ford vehicles, offset monthly payments, while helping others get around town for short periods of time.

Bill Ford, Ford Executive Chairman, said in a statement:

“My great-grandfather helped put the world on wheels so everyone could enjoy the benefits of mobility… Our vision today is to expand that same thinking using advanced technology and new business models, and addressing the mobility challenges people face around the world.”

According to details released by the company at the launch, Ford decided to launch the program based in part on findings from independent research company Penn Schoen Berland:

  • “One third of Millennials in the United States are interested in renting out their own belongings as a way to supplement their income
  • Young Americans rank car rides second only to book lending as things they are most open to sharing
  • More than half of Millennials report being open to sharing rides with others
  • Half of Millennial and Generation Z consumers point to money savings as the top advantage to sharing goods and services. For 40 percent, it’s the opportunity to try new products, while for 33 percent, it’s having access to more options”

Peer-2-Peer Car Sharing is part of Ford’s Smart Mobility plan to harness the future of transportation as it relates to connectivity, mobility, big data and autonomous driving.

Ford Smart Mobility was launched in January along with 25 experiments aimed at better understanding consumer’s mobility needs around the world, the company said.

The program is being offered to select Ford Credit customers in Berkeley, Oakland, San Francisco, Portland, OR., Chicago and Washington, D.C..

Between Uber, Lyft, Sidecar, ZipCar and Car2Go there’s no shortage of ride-sharing and car-sharing services out there, and Ford’s new program could be an interesting next step in the evolution of the share economy. 

What do you think about Ford’s new program? Would you use it? How could see this program being used? Leave a comment below or shoot me a tweet and lets chat about it!

—Jack DeManche

Sources 1|Source 2|Source 3

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