A big resource for entrepreneurs and startup owners, in which we have collected and analyzed why +100 big companies have failed. Learn from mistakes, and avoid being part of the 90% of businesses that fail.
Private car-sharing club for luxury and sports cars
HiGear was a San Francisco peer-to-peer online company that listed luxury cars for rent. Registered users could lease a luxury car for a determined amount of time after going through background checks and paying security deposits.
HiGear had started operations at a high note and instituted many controls to ensure smooth operations. Despite such elaborate controls, the company was forced to shut down for various reasons. The main reason that HiGear lists as having prompted them to stop the business was when a criminal gang stole four cars that had a combined worth of $400,000. The criminals succeeded in the scheme by using stolen identities to evade the company's background check controls. In an email to its customers, HiGear stated that it had the duty to protect its customers and that it opted to shut down operations until they were able to put in place proper countermeasures. HiGear was acquired but Rent4Buy in 2012.
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