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Toyota Invests in Getaround Car-Sharing Service
Toyota Motor Corp. is making an unspecified investment in Getaround, a seven-year-old San Francisco-based car-sharing service that allows private car owners to rent their vehicles when they are not using them.
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Toyota Motor Corp. is making an unspecified investment in Getaround, a seven-year-old San Francisco-based car-sharing service that allows private car owners to rent their vehicles when they are not using them.
As part of the deal, the two companies early next year will begin pilot testing a smartphone app that will allow Getaround customers to unlock and start vehicles in the program without a physical key. Participants also will be able to make lease car payments to Toyota Financial Services directly from money earned through Getaround.
Toyota’s new “smart key box” will be placed in participating vehicles to send the proper access codes to a customer’s smartphone. The codes are verified via a Bluetooth connection as the person approaches the vehicle, which initially will be limited to new Prius hybrid cars and select Lexus models.
Getaround customers can rent other people's cars for as little as $5 per hour. More than 300,000 people have signed up for the service in the U.S.
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