The new service simply called ‘Car Club’ will be run as a subsidiary of Stelio’s easyCar online car rental firm and will launch in London in 2012.

Under the scheme car owners can sign up their car and set the price and availability of their model themselves. In return renters pay a fee which covers comprehensive car insurance.

The new club is the brainchild of the low budget airline founder and Brent Hoberman, founder of Lastminute.com. Customers will be able to book cars using a smartphone app while an automated entry and tracking system will mean they can access the car without its owner needing to be present.

According to the Guardian, Haji-Ioannou said: "Rather than having to buy the cars to be rented and pay the ownership costs, this business model relies on the fact that there are plenty of underused cars on the road already, and that is lazy capital that can be put to work again."

Other companies such as WhipCar are already proving the potential for success with such peer-to-peer lending schemes.

Further information:
EasyCar