CAR-sharing network Car Next Door is set to benefit from a $300,000 boost after appearing on Network Ten’s Shark Tank.
It has been less than a month since the peer-to-peer car-sharing franchise launched in Newcastle, having already established a fleet of more than 400 cars in Sydney and Melbourne.
On Sunday’s episode of Shark Tank, Car Next Door co-founders Will Davies and Dave Trumbull pitched their business to the show’s “sharks” as an easy way for Australians to offset the costs of owning a car by renting it out when it is not in use.
They said it would also help to reduce the numbers of personal cars needed in Australian cities.
The Car Next Door concept won the support of investor and entrepreneur Steve Baxter, who has committed to investing $300,000 to fund its expansion.
“The way we travel is changing fast and peer-to-peer car sharing is on the cusp of exponential growth – that’s something I want to be part of,” Mr Baxter said.
There are now two cars available in Newcastle via the Car Next Door platform, with two more vehicles due to “go live” within the next two weeks. Another 75 car owners have registered interest in joining the network to share their vehicle.
Will Davies told the Newcastle Herald that any car could become a share car. But vans and utes had proven particularly popular in Sydney and Melbourne.
Car Next Door has strict membership criteria, insurance, and an online booking and payment system.