Find out how this startup plans to beat Singapore’s skyrocketing car prices

It’s speeding up its Asian expansion.

While car retailers and buyers are raising their eyebrows at the sight of skyrocketing car prices in Singapore, some personal transport firms are basking in the boom of car sharing to benefit Singapore’s commuters.
iCarsclub, a peer to peer car sharing online marketplace based in Singapore, allows private car-owners to rent out their vehicles to earn extra income and helps car renters to rent a vehicle nearby at a low cost.

In an exclusive interview with the Singapore Business Review, Marvin Mohan, marketing manager at iCarsclub, said ‘'peer to peer car sharing reduces car ownership and car usage, which eases the traffic and saves the environment. It also brings people together as they enjoy the spiritual reward of sharing their property to help others.’’

Formed in 2012, iCarsclub aims to reduce the resource consumption on the environment. Mohan stressed that his company does not own the vehicles nor maintain them. Instead, it allows owners and renters to connect and generate income from idle cars on the backdrop of soaring car prices in Singapore.

‘In doing so and over time, our members have grown to become friends and through the spirit of sharing, the community grows stronger,’ he said.

From Singapore, iCarsclub plans to head on to other Asian cities to boost its potential.

'‘Our growth has been great over the last two years and we expanded to Beijing in October 2013--with great success. With our venture capital money we are looking into expanding to many other cities including Shanghai and Shenzhen in the short term future,’' Mohan shared.

The company is also engaging with the Singapore government to open up the PCRS (Private Car Rental Scheme) ruling to 7 days a week.

'‘We are growing fast and have stellar support from the government here in Singapore and in China. The company is financially very healthy with strong financial backing from various investors. We want to cement our position as the largest peer to peer car sharing marketplace in Asia,’' he added.

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COMPANY PROFILE:

Name of the company: iCarsclub Pte Ltd
Founders: Eddy Zhang, Chengkun Xue, Jamie Wang
Website: https://www.icarsclub.com
Source of funding: VC
Start of operation: 2012-06