Socar Malaysia’s Trevo offers RM200 financial aid to new hosts

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


SOCAR Mobility Malaysia Sdn Bhd’s (Socar Malaysia) people-to-people (P2P) car-sharing marketplace Trevo is offering RM200 financial aid to thousands of new hosts in the Klang Valley, Penang and Kota Kinabalu, Sabah.

The cumulative cash aid will be channelled over two months to the first 10,000 new hosts who sign up with Trevo and make their cars available for booking for at least 14 days each month.

The aid is open to Malaysians who own cars less than 12 years as of Dec 31, 2020.

“Through this initiative, Trevo is excited to partner with the government in introducing the benefits of P2P car-sharing to more Malaysians and accelerating 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.

“This year has presented us with many challenges and we see people struggling with income uncertainties while still having to shoulder the burden of paying off their monthly expenses such as car maintenance, insurance renewals and loan repayments.

“Hence, we want to present Trevo as an opportunity for Malaysians to take control of their financial situation and start using their underutilised vehicles to generate supplementary income for them,” Socar Malaysia CEO Leon Foong said.

Trevo, a subsidiary of Socar Malaysia, offers a platform that connects users (guests) and car owners (hosts), by 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, Foong said.

They are empowered to choose their own pricing as long as it falls within the pricing band provided by the Trevo algorithm. Trevo also announced its multiphase year-long proof of concept (POC) exercise running from August 2020 to August 2021.

Transport Minister Datuk Seri Dr Wee Ka Siong (second from right) said the company’s RM2 million financial aid programme is in line with the government’s short-term National Economic Recovery Plan, which is to help the people in this challenging economy.

“This social investment and the POC that drive new mobility concepts is a good showcase of private-public partnerships, where businesses can partner with the government in improving the economy in the relevant segments.

“If we can leverage this private-public to scale up the car-sharing economy in Malaysia, this RM2 million investment could potentially generate more than RM90 million worth of annual income creation for the 10,000 Malaysians who participate in this programme,” he added.

Trevo GM Susan Teoh said the POC exercise would identify areas for improvement in the P2P car-sharing ecosystem, including challenges and gaps that may become apparent once the car-sharing community gains critical mass.

“Our ultimate aim is to empower a safe and efficient car-sharing marketplace, so our POC exercise will closely examine factors such as insurance coverage and claim needs, onboard screening efficiency, regulatory licensing frameworks, post-reservation customer support and other opportunities to reduce ambiguity when it comes to formalising the car-sharing regulations,” she said.

Currently, Trevo has over 70,000 members and more than 1,500 car listing, with more than 150 models from 30 automakers, ranging from Perodua Axia and Perodua Myvi to Porsche and BMW.