CarShareNova was launched with a simple proposition \u2013 to enable everyday car owners to earn income from vehicles they already own, without the company itself holding any cars on its balance sheet.<\/p>\n
Founded by engineer Themba Mgimeti, the platform positions itself as a peer-to-peer alternative to traditional car rental companies, by applying what he describes as a \u201ctwo-sided\u201d marketplace model familiar to South Africans through services such as e-hailing and short-term accommodation platforms like Airbnb.<\/p>\n
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Unlike conventional car rental companies that operate from depots or airports, CarShareNova does not \u201cstore the cars\u201d in any single location, says Mgimeti.<\/p>\n
In practice, this means cars are available in residential neighbourhoods across Johannesburg, Cape Town, and KwaZulu-Natal, with a limited presence in smaller centres such as Polokwane.<\/p>\n
\u201cFor example, we had one rental last week where the client said he knew the renter personally \u2013 he lived only two houses away from the client,\u201d he adds.<\/p>\n
\u2018Uber Black\u2019-style wheels<\/strong><\/p>\n The platform focuses on premium vehicles rather than economy rentals. Mgimeti says this was a deliberate choice after analysing how legacy rental companies operate.<\/p>\n \u201cWhen you look at economy rentals, that\u2019s where the big players are very strong \u2026 We looked at that and said, this is not the place to enter the market,\u201d he says.<\/p>\n<\/blockquote>\n \u201cBut when you look at premium rentals, the big car rental companies\u2019 model changes because they can\u2019t buy those cars in bulk \u2013 and it costs more to store them.\u201d<\/p>\n CarShareNova defines \u201cpremium\u201d as the more luxurious vehicles typically found when ordering an \u201cUber Black\u201d from e-hailer Uber. This is an area where Mgimeti believes traditional players lack volume. The premium vehicles include models, such as Mercedes Benz, BMW, Audi, Volvo and Lexus.<\/p>\n ADVERTISEMENT<\/p>\n CONTINUE READING BELOW<\/p>\n<\/div>\n<\/div>\n CarShareNova is a premium rental platform, similar to the vehicles found when ordering Uber Black. Image: Supplied<\/p>\n<\/div>\n Cracking the cover conundrum\u00a0<\/strong><\/p>\n Insurance emerged as one of the biggest early obstacles. When the business started, rentals were limited to Mgimeti\u2019s own vehicles and those of friends, with no formal cover in place.<\/p>\n \u201cWe launched with just our cars,\u201d he says. Attempts to secure blanket insurance proved very expensive, with one quote coming in at R18 000 a month for a single vehicle previously insured for R3 000.<\/p>\n A breakthrough came through a partnership with Old Mutual, enabled by CarShareNova\u2019s technology platform and the background of co-founder Lebogang Mabala, who was Naked Insurance\u2019s first software developer.<\/p>\n Together, they built a digital handover and return process that documents vehicle condition and verifies renters through licence scans, facial verification, and photographic records.<\/p>\n Read: Five myths about car insurance busted<\/p>\n \u201cThrough that, Old Mutual agreed to give us daily commercial insurance,\u201d Mgimeti says, describing cover that activates only for the duration of a rental and switches off when the car is returned.<\/p>\n This structure also allows CarShareNova to avoid large refundable deposits, an old sticking point in the car rental market.<\/p>\n More recently, the company introduced deposit-waiver options through a fintech partnership with Eunifin \u2013 \u201ca financial services provider focusing on the gig economy\u201d, Mgimeti says.<\/p>\n Under this model, renters pay 15% of the deposit upfront, which is non-refundable. \u201cIf something happens, only then will the liability kick in.\u201d<\/p>\n An \u2018Airbnb\u2019 for cars<\/strong><\/p>\n ADVERTISEMENT:<\/p>\n CONTINUE READING BELOW<\/p>\n<\/div>\n<\/div>\n Mgimeti\u2019s path to founding CarShareNova is informed by experience across e-hailing and hosting short-term accommodation.<\/p>\n Read: Airbnb revamps app with luxury services, curated tours in push beyond stays<\/p>\n Raised in Tzaneen, he studied civil engineering and later completed a master\u2019s degree focused on supply and demand before joining the e-hailing company Bolt.<\/p>\n \u201cWhen I was working at Bolt, I was also hosting an Airbnb,\u201d he says.<\/p>\n \u201cIt became clear to me that the way Airbnb functions for property \u2026 there should be something similar for cars.\u201d<\/p>\n<\/blockquote>\n The platform currently lists close to 300 vehicles. The next phase involves raising funding to expand into more regions and build brand recognition. \u201cWe\u2019re looking to raise money so we could enter more markets, get a billboard, and become a household name,\u201d he adds.<\/p>\n \u2018Sweat your asset\u2019\u00a0<\/strong><\/p>\n CarShareNova operates via a mobile app on iOS and Android, as well as a web platform, which Mgimeti says plays an important role in helping users discover rental options online. The name itself is intentional. \u201cIt\u2019s a play on the word Casanova \u2013 and \u2018carshare\u2019, which is what we do.\u201d<\/p>\n Listen: Bolt vs Uber: Zoning in on e-hailing car standards<\/p>\n Mgimeti says a big challenge is convincing people that cars are not assets that should be \u201chogged\u201d. \u201cThere are better things to commit to. Car ownership should be about sweating your asset.\u201d<\/p>\n Follow Moneyweb\u2019s in-depth finance and business news on WhatsApp here.<\/em><\/p>\n<\/p><\/div>\n\n
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