Carsharing software provider Getaround is in “active” search for auto finance and OEM partners, Padden Murphy, head of business development and public policy, told Auto Finance News.
“What we do is provide the technology to turn almost any car into a connected car, making carshare possible,” he 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.”
San Francisco-based Getaround has a long-term goal of making clean, hybrid vehicles more affordable to the general public. “We are in active talks now, and hope to announce a partnership soon,” Murphy added.
