ToolSpinner

Hey everyone. Here's an update, we did indeed start and launch ToolSpinner. Later than planned, but it is functional. We are still Beta testing in Frederick, MD which has gone well and are expanding to the greater Baltimore area this spring. We've learned a lot since the original idea and continue to test new features and design elements each week. One interesting finding, really hardcore DIY folks who love their tools have not embraced the concept. Instead the idea really resonates with the casual DIY individual. We've also had a significant interest from contractors who have idle tools. The $8 drill is (admiditly) silly. The real value of ToolSpinner is in tools that cost several hundred dollars and fetch a premium in the rental market. For example, a consumer grade 2600 PSI pressure washer is maybe ~$300 new from home depot, that same item is rented for around $80/day from Home Depot. We rent it for $40/weekend. These types of products are the sweet spot for ToolSpinner. Yes, we have silly $9 drill rentals but that's mainly to ensure we have a complete product offering. (Traditional brick and mortar stores don't really rental a lot of cordless drills anyway.) Thanks for the good wishes. We are still developing the idea and working on the site. If you're in the Maryland area you can visit us at the MD Home and Garden Show in early March. It's been a fun ride so far. This summer should be really interesting for our company. Please share any idea you may have on how to make it sucessful. Cheers, Daniel

Any other input? We are a few weeks away from launching.

Thanks Toolman, great to hear others who would be interested in this type of service. Theft and misuse are the two biggest questions folks have when I share the idea. We understand that your tools are very important to you and in some cases quite costly. To protect your investment ToolSpinner has put processes in place to ensure your property is returned in good working condition. To discourage theft a Renter’s credit cards will be pre-authorized for the replacement value of the tool, if your tool is not return the renter will be billed the replacement value of the good which will be credited to you for a replacement item. Tool listings are organized by category, each category shows the replacement cost associated. In most cases we use the average new purchase price for a tool. When listing you will be able to see the replacement value of the good. If you don't feel this would cover the risk then we can look into others options. In most cases it would allow you to walk into home depot and purchase a brand new replacement. You should expect your tools to receive normal wear through use by others. You should not expect your tools to be broken or otherwise damaged. This type of wear is not considered typical and will be covered under our "ToolSpinner Assurance Program". ToolSpinner will cover the repair cost of each tool up to $1,000. There are some restrictions (such as before and after pictures required) but as a whole we intend to cover misuse and restore your tool to good working order by covering the repair bill. It has been our experience that Renters treat tools with respect and return the items in good working condition. It is also my experience that most tools are very robust and can withstand a few extra uses. Earning extra money or saving money on rentals will be a very compelling story I hope. Here is a typical example if it helps you understand it better: Each tool in our database has a set rental rate depending on market factors. Your earnings will be the rental rate minus the 20% fee ToolSpinner charges for facilitating the transaction. For example a typical pressure washer will rent for $45 – $9 (fee) = $36 each rental. If you rent it 8 times in a summer that would be a $288 transferred to your bank account. There is no limit to the number of rentals or the number of tools you can list. Pretty cool we think. Sign up for our mailing list at http://www.toolspinner.com to be informed of our progress. Thanks for the response toolman. Daniel

We are a few months away from launching our online peer-to-peer power tool rental site http://www.toolspinner.com and would appreciate feedback from individuals in the DIY power tool community. Here is the basic idea: Tool owners will create a profile and list each of their tools as available for rent with a detailed description, picture, and availability. Tool renters will search by location/tool and initiate a rental request. If the owner confirms the request the renter is charged and information is exchanged. Upon return of the tool in good working condition the owner is paid the rental amount (minus fees). Tool owners will earn extra money on tools which experience minimal use (think of your pressure washer). Tool renters will pay 1/2 the price of traditional rental stores for twice the time (weekend rentals). The company (ToolSpinner) will be the online marketplace handing all billings, tool insurance, rating system, dispute resolution, and owner payments. A few highlights of the company: - Review system similar to eBay will encourage trust through reviews - Each tool is covered for repair/replacement program should the renter misuse or abuse the tools resulting in damage - Secure credit card payments with address verification on renters - No personally identifiable information of owners is shared until after receipt of payment - Rental prices are set by tool category according to region Question to you: 1. Is this a service you would personally use as a power tool owner or renter? If not, why? 2. Are there any considerations/features I should consider while designing the features? Thanks folks. I'm trying to bring something truly helpful to the DIY community. I'm aware of other similar services that exists for peer-to-peer rentals but none focused exclusively on home, lawn, and automotive tools. We are looking at having around 130 categories of tools. Thanks for your input! Daniel Cole Co-founder ToolSpinner ToolSpinner.com