 It's great to be here. Thank you so much for for having me. I love Sweden The only word I know is hey, but it's great and it's now better than prego in my vocabulary I Am the co-founder of whip car and whip car is the neighbor to neighbor car rental service slash marketplace This is our new home page which is being released next week. So you're the first people to see it It's a bit of a tease because unfortunately we are not yet in Malma, but hopefully sometime soon And just to explain the concept very quickly Lauren already walked through it, but again the rationale for developing our service was There's so much at idling capacity for cars It's the second most valuable asset that most people own after their home But the home whether you realize it or not is something that's used 24 hours a day if you're not in your home It's storing your stuff. You're sleeping there. It's it's being used The car on the other hand is used in the UK on average for 4.6 hours per week and Those statistics are very similar across the Western world So at its core what whip car does is we put together people with cars who don't drive very often With people who need those cars. So there's nothing wrong with having a car, but you should make more efficient use of it So the best way to probably learn about all the complex things we do the concept is simple But making it work is not that simple This brief little video should hopefully explain this to you better than I could whip car matches up people who need a car with car owners who don't drive every day The owner sets a price the driver requests a time and whip car takes care of all the hassle like insurance and payments So the cars in your area can now work harder for you and your neighbors Whip car is free to join whenever you need one a car is just a neighbor away Just tell us where you live to see what you could drive All our cars are well looked after and available for hours days weeks and even months Once you found one you like send the owner a message to check it's available and place your booking If your car spends most of its time parked enter your number plate and postcode to see how much you could earn Get started by creating your car profile. Simply add a short description and a few nice photos You get to choose who can drive your car and when it's available with the assurance that all drivers are screened before their first rental Picking up a whip car is easy when a booking is accepted We tell you where to meet to collect the keys The driver turns up at the agreed time and shows the owner both parts of their driving license and the booking reference Then you check over the vehicle marking any existing scuffs on the vehicle condition checklist Before driving away just make a note of the fuel level so you can return the car with the same amount All done. You're now free to set off Where you go and what you do is up to you When your trip is over all that's left to do is leave a quick review So great drivers get more bookings accepted and great owners make more money whip car comm rent the car next door Okay, thank you. So The this is gonna be exciting for me because in order to convey how human behavior is changing We now have so many great case studies of people who have used our service. We launched in April 2010 So we've been up and running for over two years now I think contextualizing with real people and their real experiences is probably the way to convey the point best When before we launched people thought we were crazy who would give up their car and rent it out Why would you do that? What about insurance? What about this? What about that? And that's fine I mean, those are all rational comments to make anytime you engage in a new user behavior All right, I mean the first time that I ever had sushi. I was really questioning my sanity Why would I eat a piece of you know raw fish and and you know now? I love it and and that's what engaging with the new user behavior is all about. So let's take a look at Our first person This is Dave. Sorry. I can't read If you can read that I'll let you read it yourself, but The part that I've highlighted says I just wanted your advice on what type of car to buy So in a very short amount of time We've moved from people who are thinking about would I put my car on the service to you on a daily basis We now get requests from people in terms of what car they should buy because they're factoring in rental behavior Into their purchase price. They now realize that they don't need a car all the time So they want to buy a sensible car that's fit for purpose So here is Philippo. He's based in London He has a Renault Twizy if you're familiar with this car It just came out and I think April of this year whip car is as far as I know the first and only place You can rent this car in the UK. It's an all-electric vehicle very kind of eye-catching and weird as you can see Philippo is actually a former member of whip car and He got in touch with us a couple of months ago and said listen, you know You you kicked me off the service because my car became too old So when you have a any kind of a new service, obviously you want to mitigate risk and you have various criteria His car earned him close to a thousand pounds before we had to kick him off and he said I'm gonna buy a new car Will you accept this kind of car? His car was so new that we had to wait a few weeks before the licensing authorities updated their records before we could actually Load the car in our system because obviously we do various third-party checks before we allow cars on so this is a great example of Someone who one's gotten in touch with us to see if there's certain kind of demand for a car that he would put on the service and then also it showcases the Potential of a marketplace to help people engage with new technologies last year in the UK They were 1.9 million registered vehicles out of that only 1,000 were electric So there's a real barrier to people wanting to engage with this kind of new technology Now you can actually rent that car and learn for yourself if it's something that is gonna suit your lifestyle before making that kind of a decision So our next email comes from Jackie last month What makes of car are? Popularly sought for hire by my neighbors, etc. Etc. Will I have to check the car for bumps and scratches, etc, etc? so again, we have two sets of members owners and drivers we push a lot of the vetting and I Guess work to owners They're kind of like Avon ladies for the service and they obviously have a vested interest in performing this way because they're able to now monetize their asset But that behavior is also very different from traditional options where you may have a vehicle That's not checked for nine ten eleven times There could be disputes on whether there was some kind of damage that was done was it a Tributable to you versus someone else here We have a system where the human element actually can provide a better service because of that personal touch So this is Amit. He's based in Manchester He certainly has a car that's fit for purpose this a five in May Generated over 1700 pounds in one month and guess what He says this car already has repeat customers and I'm sure clients will be equally happy So we have a system now where one of our members owners in this case call the drivers of their car Their own clients and their customers which is pretty exciting and we've had stories of people coming to us and say Oh, I've actually done a survey of the five or six or six seven people who use my car regularly and together We're gonna decide to to buy this next car because I know they're gonna use it next email Okay Basically, I'm using this income to justify buying a newer less than seven years old car and This is Helen She has a Land Rover who you know environmentally unfriendly. I live in quite a remote community So she lives in Kent, which is I don't know probably an hour and a half outside of London where she is And yet within her first two months of starting to rent out her car her car was rented out five times So there's lots of latent demand and latent supply people who are wanting You know, basically they're marginalized from current options and this gives them another option It also in her mind helps her justify having that four-wheel drive because it's being used when she's not using it And then we move to Robin. I would want the income from the car to at least meet the repayment amounts I will have three thousand pounds to spend and my monthly repayments will be around a hundred pounds So this person is doing financial calculations of how they can how they can basically afford and own this car So guess what? Whip car is basically Technology that enables your car to become a managed service a car has been historically a product You could buy a car you could sell a car now This is a third way which you could rent a car So you essentially can own a car from as little as zero pounds a month because instead of paying 250 pounds a month for your Payments you'll rent it out four or five times and that's how you're gonna essentially finance your car in the future You could also come to the dealership directly and and have a group purchase where one of you potentially the administrator of that car So there's lots of opportunity here Which is which is hugely exciting and who are the crazy people that are actually you know driving these cars? So this is Diana. She as much as she lives loves her little car, which is a gee whiz another all-electric vehicle She often needs another car to support her lifestyle, of course I mean you can't really fit much in that gee whiz so she again now gets a car that's fit for purpose She can maybe drive Helen's Land Rover when she needs that Megan is someone who says It's difficult for her getting around train Via the train sometimes and she recognizes that this is a trust based system So if you look at her full profile on the system, it's a very in-depth and she encourages you to message her and build up rapport So you know that you're lending your car out to someone who is You know a sane and nice person and then here's Greg who used to be a whip car owner He had a child and his life circumstances change and he rejoined the service as a driver now Now this is Another thing I want to walk through with you and this is the kind of dynamics of Marketplaces and peer-to-peer setting up any new business is super difficult because Well, I don't need to tell you why when you set up a marketplace It's doubly difficult because now you have two sets of customers to cater to Peer-to-peer marketplace triply difficult because you have a marketplace with peers who are essentially amateurs and it's your task and Role to help them become pro amps and maybe at some point professionals, but pro amps who we'd settle for that now Whip car is a hyper local peer-to-peer marketplace Which means that you're again building these linkages with people directly in your community in your neighborhood and the trust and reputation Dynamics around that kind of behavior are very different because of that added hyper local element You not only have a recurring relationship with the service But again, you have that recurring relationship with your five or six clients for example or the five or six cars that you use on a regular basis So moving on to trust You might not be able to see these two People on the left and right, but they're they're kind of Journalists who have been in the press lately for all the wrong reasons and this is a really good example of how Trust is actually a very fluid concept, but the Administering of trust is quite binary right you either trust someone or you don't and you could have years of developing trust But you're only as trustworthy as your last experience So if someone thinks that you know, you're lying to them in your book or misquoting something You know how would that impact your trust score if such a thing existed? There are lots of you know fantastic organizations right now trying to solve these challenges and Internally people like skill share and myself and whip car and you know my co-founder and other people in the space are trying to tackle this problem But it's not an easy one and a lot of times the what we found is the various elements of trust and reputation Are very contextually specific to the kind of opportunity you're pursuing so for us We we kind of highlight to people when people are trying to book your car that may live quite far away from you Because again, this system is that it's best when it's recurring neighborhood usage We allow you to set parameters to say you know I only want to accept bookings from people who are 28 years old or older or you know 25 or over whatever you might want because that helps you Basically feel more comfortable with with engaging in behavior and then now since we've been around for over two years We have second and third-time customers who say you know what I want to port my feedback that I was left on My profile before I have a new car, but that helped people understand that I'm a good person. So that's very important Where are we now the whip car 90% of Londoners are now within a 10-minute walk of a whip car We launched in a small neighborhood in London. We're now in hundreds of towns and cities We have over 19,000 cars people who are able to rent out their car and make money from it Here are a few demographics that I'll let you you read by yourself and With that, I just wanted to say thank you very much for your time