BMW’s Financial Services USA branch announced today that customers in three states will get access to a new kind of lease starting this month. The so-called Car & Ride Sharing Lease will be available to customers in Washington, California and Oregon, and will allow you to rent out your car when you’re not using it for apps like Turo, for example, or drive for ride sharing companies, like Uber or Lyft on the other hand, to make some extra money.
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The terms and conditions as well as the prices for this kind of lease will depend on the car and plan chosen. With the launch of this new lease BMW wants to stay atop current trends. One of the biggest shifts in the automotive industry is the adoption of the sharing economy. Increasingly customers are looking for platforms which allow them to earn additional income by renting their vehicles when not in use, or driving for ride sharing providers. This is exactly what BMW Group Financial Services is providing with the launch of this new product.
The introduction of the Car & Ride Sharing Lease is one more way BMW Group is integrating into the fabric of the sharing economy. Their current program, ReachNow, already serves more than 75,000 members in Seattle, Portland and Brooklyn. Through the ReachNow app, members have on-demand access to more than 1,300 BMW and MINI vehicles, including the all-electric BMW i3, right in their neighborhood. Members can use any car in the fleet without needing to visit a rental counter or return to a specific location.
“We are very excited to provide an industry-leading, customer-centric approach to mobility services that will allow our customers the ultimate in flexible utilization over the life of their contract with BMW Group Financial Services”, stated Ian Smith, CEO of BMW Financial Services Group, Region Americas. “As a company, we are committed to delivering a simple and transparent solution that optimizes our already premium customer experience.”