Getaround Acquires HyreCar to Strengthen Carsharing Business

Getaround car

Two carsharing companies are coming together as Getaround acquires HyreCar.

With this transaction, HyreCar’s carsharing marketplace for ridesharing and food and package delivery services will be added to Getaround’s carsharing platform that enables a contactless experience, the companies said in a Monday (May 15) press release.

“This transaction unites two pioneering companies in the carsharing space,” Getaround CEO and founder Sam Zaid said in the release. “More than just sound economics for Getaround on our path to profitability, acquiring substantially all of the Hyrecar assets will strengthen the business.”

HyreCar’s carsharing service for gig workers will continue with no interruptions, and drivers using the service will be able to take advantage of Getaround’s expanded reach, digital marketplace and connected car technology, according to the press release.

For example, the Getaround Connect contactless sharing platform provides instant, easy booking, GPS tracking and anti-theft functionality, and the Getaround marketplace offers drivers greater earnings potential, the release said.

“Following significant interest from potential bidders for HyreCar’s assets, I’m excited that the next chapter of HyreCar will be as part of the Getaround family,” HyreCar CEO and Chief Financial Officer Eduardo Iniguez said in the release. “HyreCar’s thousands of drivers will now be able to access greater vehicle selection to participate in the gig economy by unlocking meal and delivery opportunities using the Getaround platform.”

Getaround was founded in 2009 to disrupt the traditional car ownership regime in which a vehicle is owned 100% of the time but sits unused the majority of the time, Zaid told PYMNTS in an interview posted in November 2020.

The typical carsharing customer is an urban consumer who uses the service several times a week or several times a month — unlike the traditional car rental customer who rents a car once or twice a year — Zaid said at the time.

“What we’ve seen over the last 10 years is people willing to move away from car ownership, to live car-free and to rely on Getaround as one of their core, reliable mobility solutions,” Zaid said. “Whether it’s five or 10 years away, there will be a world where the predominant mode of using a car is a shared one, not the private-owned, exclusive use one.”