Bump car: Xiaoping "Chasing the last bus" investment in a Peer-to-peer company

Xiaoping has always felt that personal "mode of Peer-to-peer car rental has market space, but also struggling to find similar rental companies." And in the early days of the IPO, he found a very good Feng Po (joint venture source founding partner) just to finalize a Shanghai enterprise-bump Car rental. In Feng Po referral, body in the United States Xiaoping to the bump car chairman Zhang Wenjian dialed Telephone, expressed the fund want to invest the will. In the end, the joint venture funds to the fund to the concave-convex rental tens of millions of angel investment. Prior to this, Zhang Wenjian has actually refused the offer of innovation factory, and chose the first lover "------------ Zhang Wenjian, chairman of the Bump car rental business for two times. Before the access control system, a card system and other related things networking projects nearly 10 years. He has always wanted to be in the mobile internet direction of 2C business to do a more imaginative space, easy to replicate entrepreneurial projects. The idea of creating a peer-to-peer car first came from the end of 2012. March 2013, the founding team in the United States visited Airbnb, Getaround, RelayRides and other peer-to-peer companies, they are in the domestic market to do research. It turns out that China has nearly 200 million driver's license holders, compared with less than 100 million vehicles. This is the opposite of the national situation of the United States with fewer cars. In addition, China's current car ownership is nearing saturation, and in the next few years China will no longer be able to produce too many cars. So they judged that the business model for Peer-to-peer car rentals in China should be more promising than the US market. Zhang Wenjian originally thought the bump car will become the first Peer-to-peer car rental company, but in the end was last October on the line of the PP car Rob in front. Bump rental car slightly slower, May 2014 only officially online. More unexpectedly is, and then have a treasure driving car rental, friends of the car rental two homogeneous companies successively online. Conquer industry 2 Big pain Point according to Zhang Wenjian introduced, the reason why the line too slow lies in their early to conquer the industry has not resolved two pain points: insurance problems and remote monitoring problems. First, they spend more than half a year, with the insurance companies, and ultimately with the Pacific Insurance to achieve exclusive strategic investment. Pacific Insurance specifically for the bump car, developed a nationwide coverage of a new type of insurance, including non-accident road rescue services, car butler service (for example, after the collision, can be used Pacific insurance or Bump Car Service hotline, Pacific Insurance Company door-to-door) and other insurance programs. The insurance covers 500,000 of the vehicle risk, 500,000 of the theft, 1 million third party liability insurance, 50,000 seat insurance, a total of more than 2 million of the insured amount. To this end, the Pacific Insurance Company set up more than 10 people's bump project team, responsible for the internal and other departments docking. By contrast, the regular car rental companies in the annual, car-unit insurance, bump rental new insurance for people, hours, the number of rental units. Each rental is paid 40 yuan by the tenant. In the event of a serious traffic accident in the car rental, the Pacific Insurance Company to provide full compensation, rather than the same as other rental companies to buy retail "by the car rental companies to provide compensationPay。 It can be seen that the bump car rental in insurance to establish a certain industry competition threshold, and there is no legal risk. Second, the bump rental car is not a simple installation of a GPS, but in the case of no modification of vehicles, the vehicle will be internet, and with the largest car networking companies-the yuan levy technology to achieve exclusive strategic cooperation. They are equivalent to the joint levy technology developed a atbox intelligent hardware, without dismantling the car, without breaking the line, the At-box into the vehicle OBD interface, owners can at any time in the mobile phone, PC and other terminals remote monitoring of the condition. For example, read the dashboard data, remote monitoring fuel consumption, brake records, mileage, physical examination content, mobile phone self-service delivery, unplug at-box after the alarm. In addition, At-box also has an important function, loaded with a 3G flow of SIM card, the tenant can be in the car free internet. The flow can be recharged after run out. Zhang Wenjian said that some car rental companies in the industry using modified door installation monitoring mode, there is a certain risk. First, high-end car owners are not necessarily willing to refit, and refit at least one or two hours, the time cost is high; Moreover, once the vehicle spontaneous combustion and other circumstances insurance companies will not give compensation; second, the annual inspection of modified vehicles also difficult to pass the inspection. In fact, the vehicle has a certain technical threshold of Internet, the process also consumes a lot of time rental. Bump Car Rental Two co-founder (left for CEO Chen Weixian, right for chairman Zhang Wenjian) Market verification stage in China, the idle private car rental out, in the end there is no market? From the tenant side, the bump car rental can be lower than a hi car rental, china and other traditional rental car rental companies 30–50% the price of the car out, and can provide a variety of models, colors. It does have a certain appeal to the tenant. Then look at the lessor, when the private car in China is still a luxury goods in China, in the end how many owners are willing to car rental? In this regard, Zhang Wenjian's explanation is that for owners of a second car, private cars are no longer luxury goods, the current collection of vehicles in Shanghai does not have any problems. The number of vehicles collected from the online three-month period may indicate some problems. During the first month of trial operation, they collect vehicles through media, telephone and other channels, the first month on the line of more than 3,000 cars, and 80 vehicles per day in the growth rate. This data also makes Zhang Wenjian unexpectedly. In the future, Pacific insurance channels will also contribute some vehicles to the bump car rental. Zhang Wenjian's goal is to integrate 400,000 vehicles into the bump rental platform. How big is the market for Peer-to-peer rentals? Zhang Wenjian, like other peer-to-peer car-rental companies, has also taken out a Romanberg report: By 2015, the size of China's car rental market will reach 39 billion, from 2011 to 2015 for a composite growth rate of 18%; China's 5,000 car rental companies have 400,000 cars, and China's largest car rental company has 55,000 cars, only occupy the car rental 10^% around the market share, visible to the vehicle market integration is not high. To subvert a traditional car rental company?There is no doubt that the rivals of a peer-to-peer car rental company, such as the bump car rental, remain a traditional car rental company, such as Hi, Shenzhou, and the supreme car rental. At present, the three traditional car rental companies have occupied the market share of percent, and in the service standardization, brand awareness of the construction has been done more in place. But Zhang Wenjian shouted the slogan: Subversion of the traditional car rental companies. In his view, although the traditional car rental companies have preconceived advantages, but belong to the heavy-asset companies. In the purchase of vehicles, licences, the consumption of more funds, the expansion is poor. It is also the reason why big car rental companies are now in the separatist party. By contrast, the advantages of Peer-to-peer car rental companies such as bump rentals are: Light assets, rich cars and easy expansion. China's largest car rental company has 55,000 cars, which occupy about 10% of the market share. Our expansion is faster than theirs. "Zhang Wenjian expected that next month they would have more vehicles than the same Shanghai-based" car rental. He believes the bump can grow into an internet company valued at $1 billion trillion. In fact, the bump car rental and the traditional rental companies also have a certain degree of difference. They targeted the consumer groups, the main personalized service and social "banner." As a result, they tend to prefer 80,000-50 million vehicles when choosing a model. and the traditional car rental company's vehicles generally choose to 100,000 yuan below. We believe that cars under 80,000, in terms of safety, stability and difficult to ensure that the difference is difficult to make, later operating costs will become higher. "But there is no doubt that the bump car also has operational challenges." Zhang Wenjian said the biggest challenge at the moment is whether a certain market scale can be made at the fastest speed.