HiGear

Limited affordable access to luxury and sports cars for enthusiasts without ownership costs; owners underutilized high-end vehicles.

Peer-to-peer platform for renting luxury cars with insurance, screenings, deposits, and innovative swap points system.

Thefts exposed inherent risks in peer-to-peer luxury car sharing despite background checks, insurance, and deposits; acquisition allowed Rent2Buy to expand into luxury rentals with enhanced security.

HiGear was a peer-to-peer car-sharing service focused on providing access to luxury and sports cars from brands like Mercedes, BMW, Audi, Porsche, Aston Martin, Lamborghini, and Tesla. It addressed the problem of enthusiasts lacking affordable access to these vehicles without the burdens of ownership, while also enabling owners to monetize their underutilized assets. The platform facilitated rentals through a system incorporating insurance, driver screenings, deposits, and a unique swap points program.

However, HiGear ceased operations in January 2012 following the theft of four high-value vehicles, totaling $300,000 to $400,000, by a criminal organization employing stolen identities. In February 2012, Rent2Buy acquired HiGear's assets, platform, inventory, and customer database. The shutdown highlighted the intrinsic risks associated with peer-to-peer luxury car sharing, even with implemented security measures. The acquisition allowed Rent2Buy to expand its offerings into the luxury rental market, presumably with enhanced security protocols.