since 1976
since 1976
TREVO – the latest and most innovative app-based people-to-people (P2P) car sharing marketplace, is kicking off Phase 1 of its newly announced Proof of Concept (POC) exercise with a RM2 million investment into providing Financial Aid for new Hosts. In the multiphase year-long POC exercise running from August 2020 to August 2021, TREVO is seeking to demonstrate the sustainability of P2P car sharing in Malaysia and reinforce its role in the overall mobility ecosystem. With the investment, TREVO aims to encourage more people to participate in the POC study by sharing their vehicles, and to support the Government's effort to mitigate the rakyat’s financial challenges through the PENJANA plan.
The RM200 Financial Aid was officially announced recently, at the launch of the TREVO Lighthouse Activation Centre. The Financial Aid will be channelled to the first 10,000 new Hosts in the Klang Valley, Penang and Kota Kinabalu who sign up with TREVO and make their cars available for booking on at least 14 days each month. Host registration is open to Malaysians who own cars not older than 12 years as of 31 December 2020.
“Through this investment, TREVO is excited to partner with the government in introducing the benefits of P2P car sharing to more Malaysians and accelerate the growth of the sharing economy by incentivising car owners to list their cars on TREVO. Beyond the initial incentive of RM200, we want Malaysians to embrace the opportunity to turn their assets into a recurring income stream. As a mobility company, we have often underlined the importance of shared mobility and through TREVO, we have an opportunity to create additional income for car owners by matching their cars to people who want access to shared vehicles. 2020 has presented us with its many challenges and we see people struggling with income uncertainty while still having to shoulder the burden of paying off their monthly expenses such as car maintenance bills, insurance renewals and loan repayments. We want to present TREVO as an opportunity for Malaysians to take control of their financial situation and start making their underutilised vehicles generate supplementary income for them,” said Leon Foong, CEO of SOCAR Mobility Malaysia.
TREVO, a subsidiary of SOCAR Mobility Malaysia, offers a platform that connects users (Guests) and car owners (Hosts), allowing Guests to book any car that fits their mobility needs and enabling Hosts to earn extra income to offset the cost of car ownership. Car owners can supplement up to 85% of their car loans just by sharing their car on TREVO for a minimum of 10 days monthly. They are empowered to choose their own pricing as long as it falls within the pricing band provided by the TREVO algorithm.
Currently, TREVO has more than 70,000 members and more than 1,500 car listings, with more than 150 models from 30 auto makers, ranging from Perodua Axia and Perodua Myvi to Porsche, BMW and more.
The TREVO Lighthouse Activation Centre
Meanwhile, the new TREVO Lighthouse Activation Centre will strengthen support systems in tandem with the expanding TREVO community, as Phase 1 of the POC revs up its engines. It will serve as a support centre for Hosts, with 30-minute onboarding sessions available daily from 9.00am to 5.30pm. In addition, there will be regular community activities organised for TREVO members at the Lighthouse.
Upcoming stages of TREVO’s POC exercise will see the introduction of collaborations with partners in the airline, banking, fintech and automotive industries, which are currently in development. In addition, TREVO is currently working with insurance providers to develop robust and more affordable new offerings to meet the needs of a larger P2P car sharing landscape.
Car owners can join the Trevolution today by downloading the TREVO app and signing up with the referral code MOTxTREVO to earn the RM200 Financial Aid. More information on the Financial Aid is available at https://trevo.my/trevo-financial-aid.
Find out how to be a Host or Guest on TREVO at https://trevo.my/ and stay updated via TREVO Malaysia’s Facebook page at https://www.facebook.com/TrevoMY/
