Dow Jones International News, 11 December 2011

Entrepreneur Stelios Haji-Ioannou, who runs the easyGroup empire, is expanding his easyCar.com venture by teaming up with lastminute.com co-founder Brent Hoberman and venture capital firm PROfounders Capital to launch a car club in the U.K. next year.

The new venture will see the general public offer their cars for use when they don't use them and in return earn money. Owners will be able to set the price of their car and availability, while those renting cars will be able to use a smartphones app to book a car that fits their needs and locality.

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."

easyGroup runs ventures from car hire to hotels and gym membership and most notably has a stake in airline easyJet PLC (EZJ.LN), which Haji-Ioannou founded.

Cars registered on the database will be insured by the Car Club during use and will be fitted with a tracker system and an automated car entry so that owners don't have to be at their cars to rent them out.

Following an investment, Hoberman and PROfounders General Partner Rogan Angelini-Hurll will join the board of easyCar. Hoberman declined to comment on the amount he is investing.

EasyCar is Haji-Ioannou's latest venture. Earlier this week he outlined plans for fastjet.com, a new no-frills, low-cost African airline. In July, his easyHotel company signed a 20-year franchise deal with London-listed Lonrho PLC's (LONR.LN) hotel unit to set up a budget hotel chain also in Africa.