In this episode, I’m chatting with Guillermo Cornejo of Riders Share, an Airbnb-type service for motorcycle riders. Really excited to share this with you – you’ll learn a ton about the motorcycle industry, Guillermo busts some motorcycle myths for us, and we’ll cover the challenges facing this industry as well.
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Intro to Guillermo Cornejo
- Guillermo Cornejo of Riders Share, an Airbnb-type business for motorcycle riders and owners
- Founder and CEO
- Has over 10,000 motorcycles on the platform
- Has raised $2 million in VC funding
- Riders Share – can expand into things beyond motorcycles, so the name was long-term thinking
- Concept has been successful with cars, RVs
- Motorcycles are an expensive asset, not widely shared
- First company to launch with an insurance policy for motorcycles
Renting on Riders Share
- Can rent a motorcycle around $100 through Riders Share (includes insurance)
- Exploring new cities on motorcycle – nothing like it!
- Unique marketplace for consumers
- Most customers are travelers who rent while traveling
Future Growth Opportunities
- Need to have a motorcycle license to get on the platform – limits number of people who can sign up
- Starting with experienced riders first
- Opportunity to move into different types of riders depending on safety, risk factors
- Most brand-new motorcycle owners are older
Popularity of Motorcycles in the US
- Scooters, motorcycles, etc. more popular in other countries
- A lot of people in the US consider their motorcycles as their ‘babies’ – makes sense since they are expensive
- However, money typically gets people to rent out their motorcycles
- One owner made 10% ROI by renting out his motorcycle
- Owners set their own prices – one owner is making over $10,000 a month
The Future of Riders Share
- Don’t need millions of riders to be successful
- Demand-side potential is strong
- Goal is to be inexpensive enough to encourage people to use motorcycles, get used to them, etc.
- Opportunity to use highway-approved scooters for delivery, rental
- Big thanks to Guillermo for coming on the podcast!
- Covered a lot about motorcycles and the business
- Excited about the progress of Riders Share in the future!
- Imagine riding a Harley in Hawaii!