Getaround opened up its keyless peer-to-peer carsharing platform to Tri-State New Jersey. Now, the “Airbnb for cars,” as it calls itself, is already targeting five additional markets to enter this year, marking 2017 as Getaround’s biggest expansion year, Mobility Buzz has learned.
Getaround, which was founded in 2009, utilizes proprietary technology that combines GPS, Bluetooth LE, and keyless remote technology to allow renters to unlock the car from their mobile phones. Car owners or renters in Hoboken, Jersey City, and Weehawken can now use Getaround’s website and mobile app.
The expansion comes on the heels of Getaround’s pilot program with Toyota Financial Services. In January, Getaround teamed up with TFS to create a new mobility services platform, in an effort to help consumers more efficiently rent out their vehicle in order to make lease payments.
The program — which is available in San Francisco — is still in pilot, Jacqueline Tanzella, director of marketing communications at Getaround, told Mobility Buzz. Tanzella declined to offer a projection date for when the pilot program would be launched in other markets. “We are still seeing how it’s working here, and working closely with Toyota on the nuances of pilot,” she said.
Getaround has been actively looking for a partner like TFS since April 2016, and claims vehicle owners can generate an average of $500 per month towards a lease, Padden Murphy, head of business development and public policy, told Mobility Buzz sister publication Auto Finance News last year. There are also guaranteed monthly payment programs for certain areas that will ensure users are paid every month, but place a cap at around $200, depending on where you’re operating.
“What we do is provide the technology to turn almost any car into a connected car, making carshare possible,” Murphy said. “We found that folks were making $500 to $600 on average by renting their car through Getaround, and what we realized then is, you can pair that income into the financing and lease offer.”
Getaround partnered with Ford Motor Credit Co. last year, inviting 14,000 Ford Credit customers across six U.S. markets to share their vehicles through the app. The pilot ran for six months. “It becomes a no-brainer from here: We saw that any car can basically pay for itself,” Murphy explained. “It turns into free mobility, where the vehicle pays to the automaker.”
Headquartered in San Francisco, Getaround is available to owners and renters in San Francisco, Portland, Chicago, Washington D.C., and now the Tri-State New Jersey and New York areas.
Those interested in learning more about the evolution of the transportation industry should join us at the second annual Auto Finance Innovation 2017 conference, May 17-18 at the Hilton Bayfront in San Diego.