General Motors plans to launch 'Airbnb' for cars later this year

General Motors (GM) is planning to start a pilot program which enables users to rent out their vehicles whenever they aren't using them, as per a report from Bloomberg. Much like what Airbnb does with homes and apartments, car owners can list and rent out their own personal cars.

Under the new program, anyone with a General Motor vehicle will be able to participate in the burgeoning sharing economy. This not only benefits car owners looking to make some extra cash but also GM as the auto giant will be able to generate revenue without having to “carry more hard assets on its balance sheet.”

According to the report, GM will operate pilot program this summer to test allowing GM users to rent out their personal vehicles through Maven. Annalisa Esposito Bluhm from Maven Communications said, "At Maven, we are always considering new, innovative ways to make sharing easier. We have no plans to announce at this time." The program, however, will be exclusively open for only GM owners.

GM would not be the first one to enter the peer-to-peer business, with startups like Turo and Getaround already allowing people to rent out their personal vehicles for rent.