Instant trips powered by car technology drive 90% of marketplace activity
SAN FRANCISCO, CA — February 19, 2014 — Getaround, the leading peer-to-peer car sharing service, today announced its plans to expand Instant rentals after seeing 12x year-over-year growth in capacity and 7x revenue growth since launching Instant in beta last year. Getaround also announced it is partnering with Assurant Specialty Property, a specialty insurance company, to provide coverage to renters and car owners, and help foster Getaround's continued growth.
"When we launched our Instant beta this time last year, we had an amazing response and knew right away it was the way to go," said Jessica Scorpio, the company's Founder. "Since then, we've seen the number of Instant cars increased more than tenfold and we're continuing to add more every day which renters love. In the last month alone, we've seen a 25 percent increase in trips booked."
Unlike the request-based process offered by other car sharing platforms, Getaround allows owners and renters to easily share cars while avoiding the cumbersome process of approving requests and delivering keys. Using the patented Carkit™, Getaround's hardware solution designed and developed in-house, renters can find and unlock cars straight from their phone. After only a year, on-demand trips account for 90 percent of Getaround bookings in San Francisco.
While other players in the space are moving toward long-term trips, more closely resembling traditional car rentals, Getaround continues to focus on creating a mobility solution for urbanites. "Our goal has always been to enable car sharing everywhere," explains Scorpio. "To provide a real alternative to buying a car, we need to make renting as convenient as owning."
Getaround also has signed an agreement with Assurant Specialty Property to provide owners and renters with primary insurance coverage. Assurant Specialty Property is part of Assurant, Inc., a premier provider of specialized insurance products and services and a Fortune 500 company.
"We're excited to be joining forces with Getaround. For us, it's another way to bring our riskmanagement expertise to a new, innovative business venture," said Brian Tribble, senior vice president, Assurant Specialty Property.
Getaround empowers people to safely share cars by the hour, day, or week through a trusted online marketplace. By providing the Getaround Carkit, in-car technology designed in-house, as well as complete insurance coverage backed by Assurant, Getaround helps to create a seamless and fun sharing experience. Getaround is free to join, and for as little as $5 an hour, members can conveniently rent nearby cars and save money on auto payments, insurance and maintenance. Owners share cars ranging from a Smart to a Tesla, offsetting the high cost of car ownership, while making a positive impact on the environment, and earning thousands in extra income each year.