RidersShare Launched Peer-To-Peer Motorcycle Rentals in Los Angeles
Motorcycle riding is a combination of exhilaration, fear, relaxation, and pleasure that changes you forever. It’s physical & emotional pleasure, with a layer of anxiety & adrenaline.
The sense of freedom feels complete on two wheels, and riding doesn’t transport you to a destination; it is the destination.
Motorcyclists often feel like they belong to a big community, and that sensation gives them something in common; a shared bond that sets them apart from the rest of the motoring world.
What better way to escape than on a motorcycle?
But, so few motorcycles are on the road and even fewer riders. Why is this?
Motorcycles are ridden less than 2,000 miles per year, compared to 12,000 for cars. At the same time, there are about 30 million licensed riders and just under 9 million registered motorcycles in the United States. There are millions who would occasionally ride motorcycles if it wasn’t for the steep prices of motorcycle rentals.
We interviewed Guillermo Cornejo, Founder | CEO Riders-Share on how he created a platform that brings the motorcycle community together in a peer-to-peer motorcycle rental marketplace. The marketplace connects motorcycle owners who want to rent their bikes with motorcycle riders.
The mission is simple; put unused motorcycles to good use; connect them to people who want to ride and make money for the motorcycle owners.
What Are They Trying To Solve?
Guillermo grew up surfing most of his life and when he moved to Texas, that was not an easy sport to keep up, so he turned to ride motorcycles for the adrenaline rush. However, he didn’t want to bear the cost of owning a motorcycle, as he knew he would only use it occasionally. As he began his search to rent a motorcycle for short term use, he realized it was difficult, bike options were limited, expensive and an overall cumbersome process.
So he wondered if people would be willing to share their motorcycles and make money while doing it, like Airbnb or Turo. So, by “sharing”, Riders Share enables you to start a motorcycle rental business – all you need is a motorcycle. Those unused motorcycles are put to good use; by connecting them to people who want to ride but can’t afford it.
By getting rid of brick-and-mortar costs, Riders Share’s goal is to make motorcycle riding more affordable. This will enable more motorcyclists to get back on the road; increase motorcycle awareness and maybe even spark a comeback for motorcycles among young people.
How Did They Achieve This?
Riders Share connects motorcycle riders and owners for a better rental experience. Easy, safe & secure. Owners can earn extra cash by renting their bike to riders that are vetted and insured, while renters have access to the largest selection at a much lower price than a typical rental agency.
The process is simple, list your motorcycles for free and earn up to $150 per booking. All listings are protected by an “A” rated insurance provider. By creating a platform that is data-driven, key components such as insurance, the safety of the driver and other factors are all part of the rental experience.
Impact on Community
Fostering a marketplace that brings the motorcycle community together in one place where riders and owners can share their passion for motorcycles is the key mission of Riders Share.
Further, the use of data analytics and the stream-lined process built at the core of Riders Share’s foundation separates it from the competition. They are the first & only community with motorcycle insurance for both renters & owners, who are vetted, 21 or older renters.
As a result of the data-driven approach, prices are sometimes 70% lower than alternatives. Customers also find a wider variety of bikes and locations to choose from: from luxurious Ducati sportbikes to Vespa scooters and Harley Davidson touring bikes, it’s all there. Soon, motorcycles will be delivered to renters – improving the experience even more.
Why UCLA Anderson Venture Accelerator?
Over the course of his career at various large automotive companies in the financial analytics segment, Guillermo knew he wanted to do more. His entrepreneurial aspirations led him to UCLA’s Anderson School of Management. The resources, mentors and valuable connections, available were instrumental in the foundation of Riders Share. UCLA Anderson’s Business Creation Option program required that Guillermo and his team of MBAs interview over 30 executives from the sharing economy or companies similar to Riders Share.
In doing so, Guillermo was able to determine and focus on key areas of the business that have now allowed him to make motorcycle rentals more inclusive while also cutting prices. UCLA Anderson also gave them the opportunity to win the Pritzker Group Venture Fellows award, which inserted Riders Share into the Los Angeles tech ecosystem. Partly thanks to a recommendation from Pritzker, Riders Share went on to attend Techstars Los Angeles. A year later, their first big term sheet came from a contact made during Anderson’s BCO program.
Exciting Upcoming Features
Riders Share is just starting its growth momentum by increasing awareness of bike-sharing in the United States. The service is offered in Los Angeles, San Francisco, Houston, Denver and Washington, DC and 50 other cities.
They plan on adding motorcycle deliveries to the platform soon, as well as mobile apps. In January, they are piloting a partnership with a motorcycle OEM to put idle motorcycles from riding schools to work. They are also considering their next moves: subscriptions, tours, or maybe expand into snowmobiles and other power sports.
LAStartups.com is a digital lifestyle publication that covers the culture of startups and technology companies in Los Angeles. It is the go-to site for people who want to keep up with what matters in Los Angeles’ tech and startups from those who know the city best.
