Socar Malaysia launches P2P car-sharing marketplace Trevo
By Digital News Asia February 27, 2020
- Commitment to multiflex ecosystem with new segment of users making money
- Car owners can set pricing provided within pricing band algorithm provides
“It’s a well-known fact that car ownership in Malaysia is amongst the highest in the region with 93% of households owning at least one car. However, with real wage growth slowing down over the past few years, we acknowledge the financial burden that comes with owning a car,” says Socar Mobility Malaysia chief executive officer Leon Foong.
The recently launched Trevo is meant to address this. The app-based P2P car-sharing marketplace, officially announced by Socar on Tuesday but already in operations since Oct 2019, allows users to easily seek out and rent nearby cars that fit their preferences.
And if there are any doubts about Malaysians willing to let strangers drive their cars, the app has already seen 1,000 bookings since last October. Users have 300 cars to choose from with over 20,000 registered guests. Unlike Socar, which can be rented by the hour, Trevo is for longer periods ie two to two-and-a-half days on average.
“With Trevo, we are showing our commitment to the multiflex ecosystem by allowing a new segment of users who want to make money from sharing their cars when they’re not using them to alleviate the financial burden of servicing a hefty monthly auto loan instalment. For the TREVO Guests, we hope to be able to curate best in class vehicles in terms of selection and quality at very attractive prices,” Foong adds, speaking during the launch.
With Trevo, users can loan a car from as low as US$13 (RM55) per day for a Perodua Myvi. Those seeking something more pampering can opt luxury experiences, including Rolls Royces. Socar says that users have choices ranging from compact cars to hatchbacks, sedans, coupes and even SUVs (great for moving days).
As for vehicle owners, which TREVO defines as “hosts”, they’re able to choose their own pricing provided it falls within the pricing band that the Trevo algorithm provides. Corporate hosts such as car rental companies can also list their fleet on Trevo.
However not all vehicles will be accepted. Your car has to be no more than 10 years of age and Trevo will not charge a fee. Separate enquiries can be made for those who wish to rent out their older models. As for concerns about how the vehicles will be driven when loaned out, Susan Teoh, Trevo general manager reassures that tracking devices will be fitted to monitor this.
It’s a theoretically win-win situation where users, or guests, get extra mobility choices when heading out into the harrowing Malaysian outdoors. At the same time, hosts get the opportunity to earn extra income to offset the cost of car ownership.
According to Teoh, the company will also conduct community workshops to help hosts optimise the value of car ownership.
“At the end of the day, we want to create a thriving Trevo community of like-minded people who share a goal to improve mobility and enable a better environment for humanity. We can’t wait for our first of its kind Trevo activation centre to be launched,” she says.
Trevo – incorporated as Future Mobility Solutions Sdn Bhd, is a fully-owned subsidiary of SOCAR Mobility Malaysia Sdn Bhd. SOCAR itself is 60%-owned by SK Holdings – part of South Korean conglomerate SK Group which counts telco and energy assets in it portfolio. The remaining 40% is owned by SOCAR Korea.