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Getaround announced at a press conference in New York City the implementation of the Peer-to-Peer Car Sharing Program Act, allowing broader access to its carsharing platform. This legislative change eliminates the prior requirement for commercial insurance, facilitating ease of use for residents. Getaround aims to enhance mobility in underserved areas, offering earnings of up to $2,000 monthly for car owners who participate. The company's Getaround Connect technology ensures convenient, contactless vehicle access. The business combination with InterPrivate II Acquisition Corp is expected to close in the second half of 2022.
Getaround announces its expansion into Seattle, enhancing local access to affordable carsharing. Collaborating with the Seattle Department of Transportation, designated parking for shared vehicles is established across the city. This initiative aligns with Seattle's goals to reduce car ownership and single-occupancy trips. Getaround’s Connect Cloud technology enables 24/7 vehicle access, allowing residents to book cars for short periods. The company aims to promote environmental sustainability while serving over 950 cities globally, anticipating significant operational growth post-merger with InterPrivate II Acquisition Corp (NYSE: IPVA).
Getaround has announced a definitive agreement to merge with InterPrivate II Acquisition Corp. (NYSE: IPVA), allowing the carsharing marketplace to go public. With a pro forma equity value of approximately $1.2 billion, the merger aims to accelerate Getaround’s growth in a digital carsharing market valued at $155 billion. The company recorded a Gross Booking Value of $167 million in 2021, emphasizing its strong market position with 66k vehicles across 950 cities. The merger is anticipated to enhance Getaround's competitive edge while reaching adjusted EBITDA profitability.
