Need extra money? Your car can get it for you!
How you may ask? Should you drive a cab?
No need when you can let car rent itself even without your knowledge no matter where you are or what you are doing.
But how is this possible?
Getaround says it can help you!
What is Getaround?
Getaround is an innovative peer to peer car rental service which allows renters lease cars from owners who have no need of it at that very moment.
This tech startup idea allows users rent, unlock and drive a stranger’s car all from its mobile app and car owners can earn as much as $500 to $1000 every month.
Startup: Getaround
Founded: September 10, 2009
Founders
Jessica Scorpio, Sam Zaid, Elliot Kroo
Founders’ Inspiration
Founders of Getaround noticed how long car owners left them parked and wondered why people rarely used their expensive toys and decided to convince car owners to make extra money by leasing out their cars.
Headquarters: San Francisco, California
Vision: To positively impact a billion people (imagined by them).
Website: http://www.getaround.com
The Pitch (The idea in 20 words)
Getaround is a mobile app that connects car owners to people who wish to rent them while they are not in use.
Industry
Car sharing, Collaboration, Web platform, Mobile app, Transportation
Strategy
- Getaround is a proprietary peer to peer rental service mobile app which allows users access to a strangers car for a day.
- By signing up to the Getaround app, car owners can earn a living from other users who need their cars while they are not using it.
- Users who need cars for a specified period or number of days can use the app to search for car availability within their vicinities.
- The startup installs a device within rented vehicles which enables users unlock a car through its installed mobile app. These users can either find the car keys in the cars pouch or start the car with the app’s smart key box system which needs no car keys to start the vehicle after a code to unlock the car is provided them. This security feature is used to ward off the possibility of car theft.
- Added security features include GPS tracking, tamper detection and engine lock.
- Getaround only includes cars with less than 125,000 miles and less than 10 years old within its rental programme while guaranteeing renters of a $1000 income after 3 months.
- Getaround screens every renter while providing insurance of up to $1 million for every rental made.
- Users return vehicles with a full tank of fuel and the spot they got it from.
- Getaround partnered with Toyota to offer Lexus cars for rent to users and a way for buyers of brand new Toyota vehicles to easily pay off their leasing fees by renting out their cars when they are not using them.
Revenue Model
Getaround charges car owners $99 installation fee and a $20 monthly fee to be connected to its network.
The startup takes 40% off charges between $5 to $9 per hour to renters, who are then charged in increments of 15 minutes thereafter
Growth and Market prospects
Getaround has expanded across major cities within American states including San Frascisco, Washington, New Jersey, Chicago, and Virginia amongst others.
Funding
GetAround is funded by investors;
Seed: $3.4 million – September 2011
Grant: $1.73 million – December 2011
Series A: $5 million – December 2011
Series A: $13.9 million – August 2012
Series B: $24 million – November 2014
Series C: $10 million – October 2016
Series C: $45 million – April 2017
Total Funding: $103.02 million
Investors
GetAround has successfully raised investment funding from venture capital institutions, global car brands and individuals. Some of these investors include;
- Braemar Energy Ventures
- Toyota
- Collaborative fund
- Crunch fund
- Bobby Yasdani
Future Strategy
The future strategy of Getaround is to expand its dominance in innovative automotive technology while driving growth in existing markets and entering untapped ones.
Industry Insights
With the auto industry experiencing massive changes from disruptions to millennial preferences of non-car ownerships, a Getaround service has proved to be a disruption as well as a life saver to car manufacturers, car owners and non-car owners alike.
As car manufacturers such as General motors, Tesla, Ford and Toyota all investing in or acquiring ride sharing services, this is a phenomenon set to take centre stage in cities across the world.
Disrupts
Getaround is revolutionizing car mobility while disrupting the auto industry as it offers convenience to people who do not wish to bear the burdens that come with owning a vehicle while enabling car owners earn an income off their parked cars.
Opportunity for Idea Creators
This is an opportunity idea creators can take advantage of within their local communities.
On the look out to create more value within this industry sector way should be;
- Developers
- Collaborative and shared economy enthusiasts
- And any other crazy head who thinks and can, can make things happen
As a tech startup idea, Getaround is a forerunner in the car sharing economy offering many social and economic benefits to individuals and communities such as a reduction in traffic and air pollution while creating a new income stream for car owners.
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Disclosure: This review, article or report was first posted on http://www.babeonideas.com blog in 2017. The http://www.babeonideas.com blog no longer exists. Some information may be outdated or a startup may no longer exist in the form or all of its form when it was first reviewed.
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