Car sharing companies come in many shapes and sizes and spring up in various locations around the world. While the US, the EU, and China markets get the most media attention due to their size, South America, South Asia, and the Middle East are the fastest growing markets. While on more traditional markets, automotive and OEM companies, like BMW and Daimler dominate car sharing services, South America has a lot of fast-growing car sharing companies that have built their success on smart utilization of technology and data. MyKeego is one of the first Argentinian car sharing companies and it is also one of the fastest growing.
MyKeego was founded by brothers Geronimo and Rodrigo Pérez Terra, who, after working for four years with a traditional leasing company, decided to form their own fleet of vehicles, utilizing existing car sharing management solutions. More developed markets like the EU and the US are traditional target markets for all things post-ownership. Here consumers are shifting towards utilization of most objects as services rather than owning them, cars being one of them. However, developing markets where private ownership of a vehicle still is a social status symbol, as in China or Russia, companies like MyKeego have bet on convincing urban citizens that owning a vehicle is not cost-effective and alternatives to ownership can address all the needs of current car owners at a reduced cost. The main challenge in this endeavor has been providing vehicles at the right places and the right time. Unlike OEMs, smaller companies like MyKeego do not have resources to sprinkle all big cities with their fleets and have to be even smarter about the management of their fleets, demand, and supply.
MyKeego started with a fleet of 35 cars in Buenos Aires, a city with an urban population of 2.8 million and with more than 15 million living in the metro area. The company was able to implement several convenient services that have attracted users to it, rather than more traditional companies. Unlike a lot of other companies in Argentina, MyKeego offers a full digital registration and identity verification, as well as online payment. To use its fleet most effectively, MyKeego is station based with stations at Belgrano, Palermo, Colegiales, San Isidro, and Aeroparque.
Another important advantage that MyKeego provides is transparency in pricing, including costs for fuel. The company’s app shows exact fuel level before and after a trip is taken, ensuring the users are aware of exactly how much they have spent.
The success of MyKeego comes from an understanding of the local market and cost-effective utilization of fleet and business operation management solutions. Unlike traditional rental companies in the country that target business travelers, MyKeego’s user base is local city dwellers. According to the company founders, most of their users are young couples and young families who are concerned with sustainability and want immediate access to transportation, without additional burdens.
The success of the company has fueled astonishing growth and the founders plan to double the size of their fleet in the coming months. It goes to show that smart utilization of fleet, clever management of business operations, and understanding of local customers are key to success on any market.