Getaround, together with its financial and legal advisors, closely analyzed all available to find a way for the U.S. business to continue.
Photo: Getaround
Getaround, a global car-sharing marketplace, announced Feb. 11 that it will end its U.S. business operations, which includes its carshare and HyreCar businesses.
Getaround’s European business will continue operating to provide car-sharing services for customers in all current European markets.
“This has been an incredibly difficult decision, one that was not made lightly and only after careful consideration of various strategic options,” said AJ Lee, Interim CEO and COO, in a news release. “Despite significant improvements in overall profitability and extensive restructuring efforts, the company has faced an ongoing lack of liquidity which has made U.S. operations no longer viable. We are deeply grateful to our dedicated Getarounders and loyal hosts and guests in the U.S. for their unwavering support and commitment to Getaround and HyreCar over the years. Their contributions have been invaluable, and the company truly appreciates all that they have done.”
Getaround, together with its financial and legal advisors, closely analyzed all available to find a way for the U.S. business to continue. The company determined it needed to shed its U.S. business preserve the value of Getaround’s assets for all stakeholders. This move is part of a broader effort to streamline operations and focus on the most opportunities in Europe.
“Getaround is the leading car-sharing platform in Europe, which makes it uniquely well-suited to accelerate the company’s path to profitability,” Lee added. “It continues to unlock efficiencies and scale as an innovative player in carsharing.”