Getaround Announces Carsharing Partnership with Toyota

October 31, 2016

For Immediate Release

Technology and financial services integration backed by strategic investment

San Francisco, CA, October 31, 2016 — Getaround and Toyota Motor Corporation are announcing a new partnership to expand the reach of peer-to-peer carsharing, including strategic investment and broader platform integration.

Getaround and Toyota will integrate their respective technologies to create a more seamless carsharing experience, and to enable future mobility services. The partnership will leverage Getaround's pioneering carsharing platform and purpose-built connected car technology, in combination with Toyota's new Mobility Service Platform and bluetooth-enabled Smart Key Box. Beginning with a pilot program in San Francisco, Getaround renters will be able to seamlessly and securely rent, locate and drive new Toyota vehicles, starting with select Lexus models, without needing to use a physical car key.

Toyota Financial Services will also develop a new financial product recognizing the revenue from sharing your Toyota or Lexus on the Getaround platform as a payment method. This product will allow Toyota customers to make their monthly lease payments directly through their monthly Getaround earnings. This offering will be available to new Toyota Financial Services customers in starting in San Francisco by January 2017.

“Our mission is to empower people to carshare everywhere,” said Sam Zaid, Getaround's Founder and CEO. “We're excited to work with Toyota, the world's largest automaker, on this integration and broader partnership, and see it as validation that the future of mobility is shared, connected and sustainable.”

Toyota vehicles are already among the most popular cars on Getaround due, in part, to the automaker's focus on high-quality, fuel efficient vehicles. By sharing hybrid and fuel efficient cars like the Prius or Corolla, individuals help to maximize the other well-established environmental benefits of carsharing - studies have shown that each shared can take up to 10 cars off the road, helping to curb CO2 emission and traffic congestion.

About Getaround

Getaround empowers users to instantly rent and drive great cars shared by people in their city. Cars can be rented by the hour, or the day, with a $1M insurance policy and 24/7 roadside assistance included. By using the Getaround app, people skip the lines and paperwork at traditional rental car counters, and the hassle of buying and maintaining a car. Powered by Getaround Connect™, the patented connected car technology, Getaround creates a fun and safe carsharing experience is without the need to meet the car owner, carry an access card, or coordinate picking up a car key. People share everything from a Prius to a Tesla and earn thousands in extra income each year, offsetting the high cost of car ownership while also making a positive impact on the environment. 

Headquartered in San Francisco, Getaround has thousands of cars available throughout major metropolitan areas across the United States. Existing investors in Getaround include Menlo Ventures, Braemar Energy Ventures, Asset Plus, Triangle Peak Partners, SPARX Group, Toyota Motor Corporation, Cox Automotive Inc., and SAIC Capital. To learn more, go to Getaround.com or download our mobile app on the iOS App Store or on the Google Play Store.

About Braemar Energy Ventures

Braemar Energy Ventures is a venture capital firm focused on making investments in the energy technology sector. The firm's principals have invested in more than 60 companies in the sector and have more than 100 years of combined technical, operational and financial experience in energy and energy-related industries. Braemar partners with exceptional companies and management teams, in both alternative and traditional energy markets, which can contribute to a more profitable and efficient energy landscape through innovation and marketplace expertise. Additional information is available at www.braemarenergy.com.

For more information

Alison McIntyre
Prosek Partners
(212) 279-3115 x269
amcintyre@prosek.com