Stelios launches rental car club

DRIVERS will be able to rent out their cars to other motorists through a club being launched by EasyGroup founder Sir Stelios Haji-Ioannou.

Stelios, who gave the world budget airline EasyJet, is teaming up with Lastminute.com co-founder Brent Hoberman and private equity firm PROfounders Capital to launch the car club next year as part of his re-vamped EasyCar vehicle rental business.

Car owners will be able to set the price they want to charge for renting out their motor and choose the hours during which it will be available.

Users will be able to book their neighbours’ vehicles using a smartphone app. EasyCar will insure the cars when they are being hired out and fit them with automatic entry and tracker systems. Stelios said: “Rather than having to buy the cars and pay the ownership costs, this business model relies on the fact that there are plenty of under-used cars on the road and that is lazy capital that can be put to work again.”

The scheme will initially be launched in London.