Carmakers Launch Peer-to-Peer Lending
In each case, the manufacturer provides the platform for managing the peer-to-peer lending and takes a portion of the fee – partly to cover insurance costs.
Tina Müller, chief marketing officer for Opel, General Motors' European brand, said: "In the future, it will be increasingly important to develop from a product manufacturer to a mobility service provider." She couched the move as a step towards "digitalising the Opel brand".
BMW board member Peter Schwarzenbauer said that BMW's scheme, which uses its existing car-sharing service DriveNow, shows that society and the automotive industry are undergoing "radical change" as consumers shift towards a sharing economy.
A major influence on the automakers' strategy is the tastes of millennials (aged 21 to 34) and their attachment to peer-to-peer lending and sharing services. It's also an opportunity to attract these younger consumers, who may not yet be able to afford a car, to build brand loyalty for future purchases.