Car sharing firm Socar Malaysia has just launched its peer-to-peer service, Trevo in Malaysia today, which enables drivers and car owners to book vehicles for hire as guests, or to hire them out as hosts.

Here, the aim is to offer its users (guests, in Socar terms) a wider range of mobility choices, while offering car owners – termed hosts by Socar – the opportunity to earn income in order to offset the cost of vehicle ownership, the company says. Trevo is a fully-owned subsidiary of Socar Malaysia, while Socar itself is 60% owned by SK Holdings and 40% by Socar Korea.

Vehicle ownership in Malaysia is among the highest in the region with 93% of households owning at least one car, says CEO of Socar Malaysia Leon Foong. “For Trevo guests, we hope to be able to curate the best-in-class vehicles in terms of selection and quality at very attractive prices,” Foong said.

Sample revenue estimates.

For guests, vehicles can be loaned for as little as RM55 per day for a Perodua Myvi, or at the other end of the scale, a Rolls-Royce can be booked, too (though pricing for this has yet to be be listed), says Trevo. A variety of vehicles is available, ranging from economical hatchbacks, crossovers and sedans, up to large SUVs and limousines.

Meanwhile, hosts, or vehicle owners can earn up to RM1,370 a month for a 2019 Perodua Myvi or up to RM4,120 a month for a 2019 Ford Ranger; sample estimates are based on vehicles booked for 10 days in a month, according to Trevo. Prospective hosts can find out how much their vehicle can potentially earn on the Trevo website under the Host tab.

How does it work? For guests, download the mobile app and sign up, and account verification typically takes a maximum of 24 hours, says Trevo. Guests a required to have a valid Malaysian Competent Driving License (CDL) or for non-Malaysians, a valid international driving permit. Once a vehicle has been chosen and booked, guests will either collect the vehicle at the agreed hand-over location from the host, or from a member of the Trevo team.

Sample revenue estimates.

Meanwhile for hosts, a similar registration process is involved; download the app and sign up, and account verification typically takes 24 hours. Hosts are required to upload the vehicle’s information and customise its availability, delivery options and other details. Trevo Shield covers hosted vehicles in liability protection up to RM3 million against damage to the vehicle, other damage and injury, as well as fire and theft.

Any vehicle that is no more than 10 years of age can be shared on Trevo with no fee charged, the firm says. If anyone wants to host with their older classic model, separate enquiries can be made. As for hosts’ concerns about how hosted vehicles might be driven when they are loaned out, they will be fitted with mobile tracking devices for the Trevo team to monitor, says Trevo general manager Susan Teoh.

Prior to its launch today, Trevo has been in operation from October 2019, and it is currently the sole peer-to-peer vehicle sharing programme in Malaysia, according to the firm. There are currently more than 300 cars available to book, and most vehicle hosts are located in the Klang Valley, although the coverage is expected to grow as more people learn about peer-to-peer vehicle sharing, says Trevo.

There are currently over 20,000 registered guests, according to Trevo, with more than 1,000 bookings made since going live last October. A key difference between Trevo and Socar is that while Trevo users have typically made bookings for 2.5 days on average, Socar users have been found to make bookings of four to five hours on average, therefore the two schemes attract different usage patterns, says CEO Leon Foong.