Why GM thinks car sharing is good business
It’s a busy week for General Motors. The automaker reported quarterly earnings this morning, with a profit of $2.38 billion ($1.66 a share).
GM has also announced its foray into car-sharing. Think Airbnb, but for your Chevy, Buick, GMC or Cadillac.
Several apps already exist for people to rent out their cars. GM has its own app, called Maven, for its customers. The company can also install technology in its cars so that drivers don’t have to exchange car keys.
Analysts say car-sharing could be a lucrative side business, both for consumers who take on big car payments and for automakers like GM as they plan for the future, unsure if the next generation of drivers will still value a shiny new car.
Click the audio player above to hear the full story.
Stories You Might Like
Marketplace is on a mission.
We believe Main Street matters as much as Wall Street, economic news is made relevant and real through human stories, and a touch of humor helps enliven topics you might typically find…well, dull.
Through the signature style that only Marketplace can deliver, we’re on a mission to raise the economic intelligence of the country—but we don’t do it alone. We count on listeners and readers like you to keep this public service free and accessible to all. Will you become a partner in our mission today?
