Getaround, Inc. Announces Wind-Down of U.S. Operations
Getaround (GETR) has announced plans to shut down its U.S. operations, including both car-share and HyreCar businesses, while maintaining operations in European markets. The decision comes after facing ongoing liquidity challenges despite significant profitability improvements and restructuring efforts.
Interim CEO and COO AJ Lee stated this was a difficult decision made after careful consideration of various strategic options. The company, along with financial and legal advisors, conducted extensive analysis of alternatives before concluding that an orderly wind-down of U.S. operations was necessary to maximize asset value for stakeholders.
The company will focus on its European operations, where it maintains a leading position in the car-sharing market. Getaround believes its European business is well-positioned to accelerate the path to profitability through continued efficiency improvements and scale as an innovative player in car-sharing.
Getaround (GETR) ha annunciato piani per chiudere le sue operazioni negli Stati Uniti, inclusi i servizi di car-sharing e HyreCar, mantenendo però le operazioni nei mercati europei. La decisione è stata presa dopo aver affrontato sfide di liquidità nonostante significativi miglioramenti nella redditività e sforzi di ristrutturazione.
Il CEO e COO ad interim AJ Lee ha dichiarato che si è trattato di una decisione difficile presa dopo attenta considerazione di varie opzioni strategiche. L'azienda, insieme a consulenti finanziari e legali, ha condotto un'analisi approfondita delle alternative prima di concludere che una chiusura ordinata delle operazioni negli Stati Uniti fosse necessaria per massimizzare il valore degli asset per gli azionisti.
L'azienda si concentrerà sulle sue operazioni europee, dove mantiene una posizione di leadership nel mercato del car-sharing. Getaround crede che il suo business europeo sia ben posizionato per accelerare il percorso verso la redditività attraverso continui miglioramenti di efficienza e scalabilità come attore innovativo nel car-sharing.
Getaround (GETR) ha anunciado planes para cerrar sus operaciones en EE. UU., incluyendo tanto el negocio de car-sharing como el de HyreCar, mientras mantiene operaciones en los mercados europeos. La decisión llega tras enfrentar desafíos de liquidez a pesar de importantes mejoras en la rentabilidad y esfuerzos de reestructuración.
El CEO y COO interino AJ Lee declaró que fue una decisión difícil tomada después de una cuidadosa consideración de varias opciones estratégicas. La empresa, junto con asesores financieros y legales, realizó un análisis exhaustivo de las alternativas antes de concluir que una liquidación ordenada de las operaciones en EE. UU. era necesaria para maximizar el valor de los activos para los interesados.
La empresa se centrará en sus operaciones europeas, donde mantiene una posición de liderazgo en el mercado de car-sharing. Getaround cree que su negocio europeo está bien posicionado para acelerar el camino hacia la rentabilidad a través de mejoras continuas en la eficiencia y la escala como un jugador innovador en el car-sharing.
Getaround (GETR)는 미국 내 자동차 공유 및 HyreCar 사업을 포함한 운영을 종료할 계획을 발표했으며, 유럽 시장에서는 운영을 유지할 예정입니다. 이 결정은 상당한 수익성 개선과 구조조정 노력에도 불구하고 지속적인 유동성 문제에 직면한 후에 내려졌습니다.
임시 CEO이자 COO인 AJ Lee는 다양한 전략적 옵션을 신중하게 고려한 후 어려운 결정이었다고 밝혔습니다. 회사는 재정 및 법률 자문과 함께 대안에 대한 광범위한 분석을 수행한 끝에 미국 내 운영의 질서 있는 종료가 이해관계자를 위한 자산 가치를 극대화하는 데 필요하다고 결론지었습니다.
회사는 자동차 공유 시장에서 선도적인 위치를 유지하고 있는 유럽 운영에 집중할 것입니다. Getaround는 유럽 비즈니스가 지속적인 효율성 개선과 혁신적인 자동차 공유 기업으로서의 규모를 통해 수익성으로 가는 길을 가속화할 수 있는 좋은 위치에 있다고 믿고 있습니다.
Getaround (GETR) a annoncé des plans pour fermer ses opérations aux États-Unis, y compris les activités de covoiturage et HyreCar, tout en maintenant ses opérations sur les marchés européens. Cette décision survient après avoir fait face à des défis de liquidité persistants malgré des améliorations significatives de la rentabilité et des efforts de restructuration.
Le PDG par intérim et COO AJ Lee a déclaré qu'il s'agissait d'une décision difficile prise après une réflexion approfondie sur diverses options stratégiques. L'entreprise, avec des conseillers financiers et juridiques, a mené une analyse approfondie des alternatives avant de conclure qu'une fermeture ordonnée des opérations aux États-Unis était nécessaire pour maximiser la valeur des actifs pour les parties prenantes.
L'entreprise se concentrera sur ses opérations européennes, où elle occupe une position de leader sur le marché du covoiturage. Getaround croit que son activité européenne est bien positionnée pour accélérer le chemin vers la rentabilité grâce à des améliorations continues de l'efficacité et à une échelle en tant qu'acteur innovant dans le covoiturage.
Getaround (GETR) hat Pläne angekündigt, seine US-Operationen, einschließlich des Car-Sharing- und HyreCar-Geschäfts, einzustellen, während die Aktivitäten auf dem europäischen Markt aufrechterhalten werden. Diese Entscheidung fiel nach anhaltenden Liquiditätsproblemen, trotz erheblicher Verbesserungen der Rentabilität und Umstrukturierungsbemühungen.
Interim-CEO und COO AJ Lee erklärte, dass dies eine schwierige Entscheidung war, die nach sorgfältiger Prüfung verschiedener strategischer Optionen getroffen wurde. Das Unternehmen hat zusammen mit finanziellen und rechtlichen Beratern eine umfassende Analyse der Alternativen durchgeführt, bevor es zu dem Schluss kam, dass eine geordnete Abwicklung der US-Operationen notwendig ist, um den Wert der Vermögenswerte für die Stakeholder zu maximieren.
Das Unternehmen wird sich auf seine europäischen Aktivitäten konzentrieren, wo es eine führende Position im Car-Sharing-Markt einnimmt. Getaround ist der Meinung, dass sein europäisches Geschäft gut positioniert ist, um den Weg zur Rentabilität durch kontinuierliche Effizienzverbesserungen und Skalierung als innovativer Akteur im Car-Sharing-Bereich zu beschleunigen.
- European operations continue and maintain market leadership
- Strategic focus on profitable European market opportunities
- Previous profitability improvements achieved through restructuring
- Complete shutdown of U.S. operations
- Ongoing liquidity problems making U.S. operations non-viable
- Loss of U.S. market presence and revenue streams
Company’s European Business to Continue
OAKLAND, Calif., Feb. 11, 2025 (GLOBE NEWSWIRE) -- Getaround, Inc. (“Getaround” or the “Company”), a global car-sharing marketplace, announced today that it has plans to commence an orderly wind-down of its U.S. business operations, which includes its car-share and HyreCar businesses. Getaround’s European business will continue operating to provide car-sharing services for customers in all current European markets.
"This has been an incredibly difficult decision, one that was not made lightly and only after careful consideration of various strategic options," said AJ Lee, Interim CEO and COO. "Despite significant improvements in overall profitability and extensive restructuring efforts, the Company has faced an ongoing lack of liquidity which has made U.S. operations no longer viable. We are deeply grateful to our dedicated Getarounders and loyal hosts and guests in the U.S. for their unwavering support and commitment to Getaround and HyreCar over the years. Their contributions have been invaluable, and the company truly appreciates all that they have done."
Getaround, together with its financial and legal advisors, engaged in an extensive analysis of all available alternatives to identify a solution that would allow the U.S. business to continue. The Company ultimately determined that an orderly wind-down of the U.S. business is necessary to maximize the value of Getaround’s assets for all stakeholders. This move is part of a broader effort to streamline operations and better focus on the most strategic opportunities in Europe.
“Getaround is the leading car-sharing platform in Europe, which makes it uniquely well-suited to accelerate the Company’s path to profitability,” added AJ Lee. “It continues to unlock efficiencies and scale as an innovative and category-defining player in car-sharing.”
Additional Information
Customers, vendors, employees, or other interested parties who may have questions related to the wind-down may contact investors@getaround.com
Getaround’s legal advisor is Orrick, Herrington & Sutcliffe LLP and its restructuring advisor is Alvarez & Marsal North America LLC.
About Getaround
Offering a digital experience, Getaround (OTCQB: GETR) makes sharing cars and trucks simple through its proprietary cloud and in-car Getaround Connect® technology. The company empowers consumers to shift away from car ownership through instant and convenient access to desirable, affordable, and safe cars from entrepreneurial hosts. Getaround’s on-demand technology enables a contactless experience — no waiting in line at a car rental facility, manually completing paperwork or meeting anyone to collect or drop off car keys. Getaround’s purpose is to propel the world’s transition to a more sustainable society, economy and environment with its peer-to-peer connected carsharing marketplace. Launched in 2011, Getaround is available today in more than 1,000 cities across 8 countries including the United States and Europe. For more information, please visit https://www.getaround.com/.
Forward-Looking Statements
This press release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995; in particular, the statements regarding the prospects for the Company’s European operations. Forward-looking statements can be identified by the fact that they do not relate strictly to historical facts and generally contain words such as "believes,” "expects,” "may,” "will,” "should,” "seeks,” "approximately,” "intends,” "plans,” "estimates,” "anticipates,” and other expressions that are predictions of or indicate future events. Although the forward-looking statements contained in this press release are based upon information available at the time the statements are made and reflect management's good faith beliefs, forward-looking statements inherently involve known and unknown risks, uncertainties and other factors, including the dilutive effect of future financings, which may cause the actual results, performance or achievements to differ materially from anticipated future results.
These risks and uncertainties include those described in our filings which we make with the SEC from time to time, including the risk factors contained in our Quarterly Report on Form 10-Q for the period ended September 30, 2024. You should not place undue reliance on these forward-looking statements, which speak only as of the date hereof. We do not undertake to update or revise any forward-looking statements after they are made, whether as a result of new information, future events, or otherwise, except as required by applicable law.
Contact:
Getaround Investor Relations
investors@getaround.com
FAQ
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