SpareFare Will Resell Those Cancelled Trip Plans
By Kayla McMillan
Have you ever lost money because your travel plans didn’t work out and you had a non-refundable flight or hotel reservation? Millions of people lose money of unused travel bookings every year.
SpareFare.net, however, has found a safe, hassle-free way to resell reservations. Sparefare is a new website that connects people who have bought flights, hotel rooms, or bundles but can no longer use them.
Here’s how it works: By transferring their booked non-refundable reservations to SpareFare buyers, sellers are able to partially or fully recover the money they paid for the trips, and buyers get a discount of up to 50-60% by not paying the current price of the booking. Additionally, this platform offers fraud protection to both the buyer and seller.
According to SpareFare.net, there are more than 60 major airlines selling transferable plane tickets. These airlines allow name changes, which makes it easy to transfer flights between buyers and sellers.
The secure secondary marketplace for travel reservations was founded in November of 2016.
SpareFare Can Help
From a business standpoint, SpareFare.net is very useful for companies to know that if their employees are not able to make a trip which is non-refundable, they can resell these reservations to other people while saving a significant amount of money.
Andrew Taylor, a user of SpareFare.net, explained that buying travel accommodations through the site is fairly easy. Taylor says everything was done on their website through a bidding deal, and eventually, a price is agreed on by the seller. Once purchased, users have communication with their seller via email. “These were used to sort out name changes. It was nice being able to communicate with them during the process.”
There is a large need for companies like SpareFare.net; every year, there are seven million transferable flights in Europe which could be resold before their flight date. And £2 billion pounds are lost in transferable hotel room reservations globally.
Michelle Sargeant sold her flight through SpareFare and agreed that the process is just as easy: “I most definitely would use SpareFare for both (selling and buying). Since I used it to sell a ticket and was very successful (and was very thankful I could get some money back from a non-refundable ticket), I know they are a trustworthy source.”
Galena Stavreva, CEO of SpareFare, explains that the most common question she receives is: can you really transfer your flight to someone else? The answer is simple, yes! You can transfer your flight to someone else if your airline allows you to change the name associated with the flight.
There’s always a fee for changing the name, but they vary from airline to airline. Most low-cost airlines offer name changes as part of their official policy. SpareFare has done extensive research into which airlines will allow name changes, including a list of their fees and rules.
According to Galena, some regular airlines, which do not allow name changes as an official policy, make exceptions for their customers.
Hotel bookings are even easier to resell. If the reservation is made through a booking engine, the name change is done through the traveler’s online account. If the booking is made directly with the hotel, a phone call to reception is all it takes. Hotels do not charge fees to change the name on a reservation.
Users of SpareFare, both buyers and sellers highly recommend using this site. Andrew Taylor, a buyer, says “I wish it would take off more and more flights become available!”
Read what CEO Galena Stavreva has to say about SpareFare.net
What inspired you to create this company?
Like most startups, this one was created out of personal need. It all started when my co-founder, Georgi Stavrev, realized he would not be able to use a flight ticket due to unpredictable work commitments. Full of misplaced hope, he ended up changing the outbound date two times, until he eventually gave up. None of his friends wanted the ticket and there wasn't
a scam-free marketplace he could sell it on. He saw the need for a trustworthy service which salvages costly travel tickets and gives people the chance to fly when all other options dry up.
Can you give a brief description of the process for sellers and buyers?
The great thing about using SpareFare is that it offers protection to both the buyer and the seller. Not only do we make sure that the process is safe, but we also help to ensure that the price is fair too.
The process of selling or buying through SpareFare is simple:
- The buyer will put forward a price that they are happy to pay.
- The seller then decides whether or not they want to accept or decline the offer.
- The seller is responsible for changing the name on the booking, only once the buyer has sent over the money.
- The seller will then receive their money once the time of the travel reservation comes. This is to ensure that they do not change the names back on the booking and cheat their way out of money.
Why do you think your company is significant in the travel business?
There is a genuine need for the service that we provide in the market. Our users really see the value of what we are doing! Lots of people cannot travel and many of their reservations can be resold, allowing them to recover some of the money they paid. Meanwhile, there are many flexible travelers, who just want to travel and explore, and are not constrained by certain dates and even sometimes by a specific destination. For these two groups of sellers and buyer using SpareFare is an obvious solution.
How big is the market for unused travel bookings?
Every year, there are 7 million transferable flights in Europe which could be resold before their flight date. And 2 billion pounds are lost in transferable hotel room reservations globally. It is also worth mentioning that thanks to the European Package Travel Directive, all reservations purchased as part of a package within the European Union are transferable.
Any exciting plans for the future of SpareFare that you want to share with the industry?
We want to create a new type of shared economy in travel. In 10 years, we want everyone to be aware that they can resell their travel reservations to other people, and for SpareFare to be the go-to site for everyone looking for a cheap holiday, flight or a hotel room. We want to enable millions of people every year to travel cheaply and see more of our amazing world. We want to help everyone who is not able to travel recoup at least some of the money they spent on their holidays, making travel more affordable for everyone.
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Kayla McMillan is a travel journalist from New Jersey. She hopes to integrate her passions for writing and photography throughout her travels.