April 10, 2023

Need to rent a car? Maybe you have one you’d like to loan out? There’s now an app for that, thanks to RideAlike, with a little help from Seneca Innovation.

Based in Toronto, RideAlike, is a peer-to-peer vehicle renting and swapping marketplace that connects car owners and renters. The model helps owners generate income from their vehicles – usually a depreciating asset – connecting them with renters looking for short-term access to reliable cars, SUVs, trucks and vans.

“I lived in a condo for a very long time and I noticed that there were always many cars sitting idle in the parking lot,” says Zelani Bhuiyan, CEO, RideAlike. “I figured we could do something to maximize the use of those idle vehicles, while also helping those who own cars with a way to offset the cost of vehicle ownership.”

RideAlike uses iOS, Android and Web apps to connect clients and to facilitate digital transactions, convenient pick up and drop off requests, commercial insurance coverage, roadside assistance and real-time support.

Working with Seneca Innovation, RideAlike identified a solution to automate its user validation process, which was costly, time consuming and not scalable.

Now, with an automated user signup method established, RideAlike can continue to grow its client base and revenue without significantly increasing operating costs.

“Before partnering with Seneca, the manual method took about 30 minutes per user to validate during the sign-up process,” Mr. Bhuiyan said. “When the automation is fully implemented, users will be able to sign up and begin using the service in a matter of seconds.”

“It was a great pleasure to work with RideAlike on this project,” says Ralph Lisak, Research Manager, Seneca Innovation. “There were many interactions between the Seneca team and the company, which created a great environment for the student research assistants to apply their skills and expand their knowledge into new areas.”

Another benefit of partnering with Seneca is potential access to RideAlike’s targeted demographic. 

“We’re focusing on the young, urban population,” Mr. Bhuiyan said. “RideAlike can provide a reliable source of transportation for students, who may require a vehicle to move or run errands. Those who drive to campus can earn extra income by renting their vehicle to another student.”

RideAlike is gearing up for expansion to other Canadian provinces, starting with Alberta and followed by New Brunswick.

“We care about people’s finances as well as the environment, and we are passionate about innovation that helps advance sustainability,” Mr. Bhuiyan said. “Seneca Innovation is playing a critical role in advancing our vision. We are happy with our partnership, and we look forward to doing more amazing things together while serving the greater good.”