Flexclub – a South African start-up founded by former Uber exec Tinashe Ruzane – lets you rent out your unused car to Uber drivers who can’t obtain finance.
If you have a “spare” sedan (2013 model and younger) that has done fewer than 60 000 kilometres, you can expect to earn R4500 per month.
Flexclub insures the cars and covers maintenance costs.
It pays car owners directly; how much or how little the Uber driver made in a month is irrelevant – your payment is guaranteed.
Flexclub already has more than 300 cars on its platform.
If you buy a car for R150 000 and earn R4500 per month for three years; then you sell it to us for R30 000, that’s a pretty decent return…— Tinashe Ruzane, cofounder - Flexclub
The owners are completely passive. Everything is our responsibility… we have insurance. We cover all maintenance. Whether or not the driver pays us, it’s not your issue. You still receive your rental income.— Tinashe Ruzane, cofounder - Flexclub
We raised venture capital from several investors globally… The US, South Africa, Israel, Dubai and Hong Kong… some of our investors are familiar to the South African public, including Michael Jordaan…— Tinashe Ruzane, cofounder - Flexclub
For more detail, listen to the interview in the audio below.
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