GM's new car-sharing program allows owners to rent their vehicles

It's available in Chicago, Detroit and Ann Arbor.

Earlier this year, there were rumors that GM was going to launch a car sharing service, allowing GM owners to rent out their personal vehicles to make some quick cash. Now, the company has confirmed it. GM is expanding Maven and will allow both owners and qualified lessees to rent out their vehicles.

Currently, Maven is the equivalent of a car rental service, in which those who want to rent a fully loaded GM vehicle can do so for up 28 days. Both the car rental and car-sharing services will be integrated into the same app. The program is currently available in Chicago, Detroit and Ann Arbor, and will come to additional markets later this year. "Maven is a platform designed for sharing and we've proven demand exists," said Julia Steyn, vice president, General Motors Urban Mobility and Maven, in a release. "In this beta, we are excited to offer GM owners the opportunity to capitalize on this demand and earn income by listing their vehicles."

Both vehicle owners and prospective vehicle renters must qualify to be able to use the program. Vehicles must be from Chevrolet, Buick, GMC and Cadillac and be model year 2015 or newer. Renters must be vetted by GM in order to participate, and all vehicles are insured through GM's policy while they are being rented.

GM isn't the only car company looking into car sharing and rental services. BMW recently expanded its rental service to ride sharing. Additionally, Toyota and Volkswagen are looking into or launching their own programs. Clearly, as car ownership declines in urban areas, these companies want to make alternative options available to renters.