No.

Shared cars have come a long time ago than shared bicycles，ZIPCAR was established in 2000，It has been in business school textbooks for ten years，IPO in 2011, okay。Ran and egg，ZIPCAR has been developing for more than ten years，Within a short period of time following the IPO，Valuation reached more than 1 billion US dollars，But I still can’t hold on，Finally acquired by AVIS for more than 400 million US dollars in 2013，Basically declared failure。Another CARTOGO，It is much worse than ZIPCAR，No need to mention it。I know ZIPCAR too well，Because I happened to be working in a car rental chain at that time，Also trying to share。For students who asked this question，I want to criticize，Apparently shared bicycles are a reference to shared cars，Instead of looking at shared bicycles and then thinking about shared cars，You don’t even understand this，Ask such a question，Not so good。

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1. Ordinary self-driving chain car rental itself has insufficient demand。The operation required by a car rental store is very difficult，Because I did。All reasons，In the end it all boils down to one point，There is just insufficient demand，Insufficient demand leads to price increase。Ask yourself，In today’s China，Except tourist attractions，How many people have the need to rent a car and drive themselves in the city？Taxi is so cheap，There are also various express trains、Special car、You can choose the subway。I think chain self-driving car rentals will become a useless business in China for a long time。The self-driving car rental market is mainly in the United States，The situation in the United States is completely different from that in China，I won’t go into details again。Lack of demand for ordinary self-driving car rentals，The demand for shared cars is also missing，Because the customers are the same。

2. The payback period of car rental and bicycle rental is too different. The return period is N times of the latter。Price and Cost of Car Sharing Rental，It all depends on chain car rental companies，For example, foreign Hertz and AVIS，domestic China competition，There is not much difference between the two，The last is the rental rate。Car rental has extremely high rental rate requirements，At prices a few years ago，Main model of about 100,000 yuan，Even if the hourly occupancy rate of 60%-70% is maintained，It will also take about 3 years to recover the money，This matter is very difficult。Do you know if shared bicycles have an hourly rental rate of about 50%，How long will it take to get back the money?？No comparison at all。Car category，It’s completely different from a bicycle，Cannot simply compare，Shared cars have too high requirements for detailed operations，Bicycle management is completely extensive。

3. ZIPCAR shared rental is less efficient than ordinary car rental、Cost increased。Don’t think it’s good just because you hear sharing，ZIPCAR proves that sharing does not necessarily have any operational advantages。Yes，ZIPCAR does not require a store，Save store costs，But，You need to know，The proportion of the store’s cost in renting a car is not decisive。Save stores，What is the price ZIPCAR pays？It is an extremely low occupancy rate。Calculate the results，ZIPCAR’s entire operational efficiency is lower than that of ordinary rental chains such as Hertz and AVIS，It’s not easy for this model to last for many years。Most business school professors even put it in their textbooks，Drunk too。In business，Idealism is useless。In order to maintain the occupancy rate，ZIPCAR can only rely on special areas with high concentration of people like campus for a long time，And cannot be expanded to normal areas。

4. The user experience of ZIPCAR shared rental is worse than that of ordinary car rental。This is easy to understand，Cars and bicycles are completely different，Cars are complicated，There will be scratches on the outside of the car，Cigarette butts can be found inside the car、Plastic bags and vomit，What’s more dangerous，Once there is a problem with the internal parts or electronic equipment of the car，A big accident is going to happen。None of these exist for shared bicycles，But it exists for cars。When you rent a car with Hertz，Car rental companies endorse these issues，The car comes back every time，Everything will be inspected and cleaned，What if you use a shared car？You can only rely on the character of the previous tenant。In fact，ZIPCAR in the United States has encountered a lot of problems with this issue，Don’t talk about China，If you don’t believe it, you can try it，See those cigarette butts and debris，See if you want to rent it a second time。

5. ZIPCAR shares the “special problems” you will encounter in China: Huge losses caused by extremely low occupancy rate，A large number of car scams and subsequent pursuits lead to more losses，Extremely poor user experience caused by low-quality tenants，Unresolvable problem of violation points and suspension，Unsolvable refueling problem，The irresolvable quarrel，And the unmet funding gap。

About the extremely low occupancy rate:General chain self-driving car rental company，such as Hertz，AVIS，China，All through online and offline marketing，Gather customers to stores，Use the reservation system to match train times。But sharing mode like ZIPCAR，No store collection，And in Chinese cities，Demand density is lower and dispersed (note，Demand density is the core point for all travel leasing，Whether it’s a bicycle or a car)，Will cause vehicles to be scattered，The rental rate of each vehicle is very low。

About car fraud and recourse:Most people may not know this，Only those who have done self-driving rentals will have this experience。Car fraud in China is completely organized，The level of practitioners is very high，Very skilled in disassembling GPS and the like。It’s very interesting，The act of car fraud is not criminal law in nature，It is just a civil dispute under current Chinese law，You can never define him as "stealing a car"，It’s just “borrowed but not returned”。We will drive it to Shandong for you as soon as we open it、The gray vehicle distribution center in Hebei is mortgaged，Or sold。You have to take legal action，You are finished，You can only use other methods to drive back，Extraordinary cost，And the probability of not getting it back is not small。A company of the size of China，The vehicles that were defrauded and unrecoverable in the past year all cost a few hundred vehicles，The professional car chasing team is huge。Because bicycles are too cheap，Stealing a few bicycles is not enough for these bad guys，But cars are different，The value of the car is too high，Will attract a lot of scammers，The cost of defrauding a large number of cars is unbearable for startup companies。

About the extremely poor car experience:Except for the cigarette butts mentioned above、Plastic bag、Leftovers，Other than making you sick to your stomach，The more basic reason is that there is no store management，The domestic credit system is poor，Making it impossible to return the car on time，This is the biggest problem。You want，You need a car，app is set，Arrived at the location shown downstairs，I found that this shared car just never came，Because the previous tenant forgot。This problem basically does not exist for bicycles，Because there is a large supply in one location，No need to consider matching cars at all；But cars are different，Because the value is too high，Low demand density，So the placement density cannot be high，There is a huge demand for returning the car on time。

About the issue of demerit points and suspension of operations for violations:Most people may not know this，But people who have done chain leasing are afraid of this problem when they see it。According to Chinese law，Violation points and fines follow the car，Instead of following people。The confirmation of violation is delayed。Waiting for your confirmation，I want to deduct the tenant’s deposit to pay the violation fee，That would be ridiculous，Consume a lot of costs。The bigger problem is，Accumulated too many deduction points，The vehicle will be out of service。The store listed in China，Thousands of vehicles are still out of service，Greatly affects operations。

About refueling:Ordinary self-driving car rental company，The store will require you to return the goods after the order is full，If you are not satisfied with the fuel, make up money，But this supplement is not as cost-effective as filling up the car yourself and then returning the car，So most people choose to top up and pay。In this case, it will be full when new customers leave。But it’s different if it’s shared，You don’t know how much oil there is，It is very likely that you will find that the fuel tank is empty as soon as you drive out，This is very troublesome。What’s more troublesome，How much oil did you use，The final settlement is to be made，How can this be very troublesome，All kinds of nonsense，Need to develop smart hardware for measurement。If it is a new energy vehicle，No refueling problem，But there are also charging problems，Charging problem is more troublesome，Once the power is out，It is much more difficult to find a charging pile than a gas station。

About wrangling:This is easy to understand，Ordinary self-driving car rental company，The vehicle needs to be inspected every time you return it，Inspection both internally and externally，If there is any scratch，Responsibility can be determined directly。Even so，Even if there are standards，But it’s endless，It is not easy for everyone to agree on how much compensation to pay。When it comes to shared car rental，That would be even more troublesome，Because no one checks and collects evidence after each rental，So you can’t determine who is responsible for the scratch。Although there are many cameras in China，Not so many that they are everywhere，And you don’t have the ability or expense to obtain cameras to trace。The final result is that the shared car will lose its shape after a while，Then there are unbearable repair and maintenance costs。

About the unmet funding gap:There is something that everyone may not know，China’s chain car rental company，Extremely heavy assets，10,000 vehicles，The level is 1 billion。But the money，They are all unable to borrow money from banks，Banks simply do not accept mortgages for vehicles of this level，So strictly speaking，Debt ratio is 0，No leverage。Some students talked about financial leasing，But you have to know that the gross profit margin of self-driving rentals of most small cars in China is very low，Unable to afford the high interest rates of financial leasing。Why China can become bigger，Our other companies can’t do it？Because only China can have high debts，Reach a debt ratio of more than 90%，Because China’s major shareholder Lenovo’s father was providing guarantee，But none of the other companies have it。This industry，Because the profit is low，If there is no high debt，Then the return on equity must be very low，It’s a meaningless business，Even leaving aside the return on assets，No debt capacity，You can’t develop either，Relying on equity financing is impractical，No fund is willing to invest in such a stupid and crude model。Shared bicycles are different。The customer deposit for shared bicycles is enough for the cost of a bicycle，Classmates，So shared bicycles do not need to use equity financing to buy a car，Cash flow is very good，This is very different from shared cars。Can you imagine asking customers to put a deposit of 100,000 yuan into the company account before renting a car？

Summary，In China，The bike sharing model is many times better than car sharing。Students who work in car sharing，2010-2015，All fell down，I have a bunch of them on WeChat，Everyone, stop fantasizing。

*This article is reproduced from Zhizhihu Daily，Author Wu Bin，Qingrui Venture Partners。Original link:《Bike sharing is so popular，Will car sharing be the next hot spot？》