An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
Getaround Brings Expanded Carshare Access to the City of Seattle
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Positive)
Tags
Rhea-AI Summary
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).
Positive
Expansion into Seattle increases access to affordable transportation options.
Collaboration with the Seattle Department of Transportation emphasizes commitment to environmental sustainability.
Utilization of patented Connect Cloud technology allows for contactless, flexible vehicle access.
Offers residents flexibility with hourly bookings, catering to diverse mobility needs.
The company is set to operate in over 950 cities, enhancing market presence.
Negative
Risks associated with the completion of the merger with InterPrivate II Acquisition Corp, including potential delays or failure to close the transaction.
Dependence on achieving operational efficiency and profitability post-merger, amidst competitive market pressures.
Shared mobility options for Seattle community members through accessible and affordable carsharing
SAN FRANCISCO--(BUSINESS WIRE)--
Getaround, the world's leading digital carsharing marketplace, today announced that the company is expanding operations in the city of Seattle, Washington to increase residents’ access to reliable transportation with expanded carsharing. The company has collaborated with the Seattle Department of Transportation (SDOT) to bring carshare vehicles to dedicated parking spaces across the city.
Seattle regularly integrates new and emerging technology and services into its transportation system with a focus on climate, safety, and equitable outcomes, including bike share and scooter share. The city has ambitious plans to reduce drive alone trips and had one of the nation’s largest drops in the percentage of households who own a car, and the percentage of people who commute to work by driving alone in recent years.
“Car share is a proven solution to help achieve the city’s goal of reducing drive alone trips. Data from our partnership with San Francisco Municipal Transportation Agency (SFMTA) showed that 74% of trips were taken with more than one passenger. Getaround is looking forward to working with the city to provide additional mobility options for community members that have a positive impact on the environment,” said Adrienne Moretz, Government Partnerships Manager, Getaround.
Getaround and its patented Connect Cloud technology will be used to provide contactless 24/7 access to these shared vehicles from designated parking spaces across the city, without the need to wait in line or pick up keys. Residents can reserve the shared vehicles for as little as one hour, perfect for all types of trips including going to the grocery store to running errands to visiting friends and family. Getaround is one of the only peer-to-peer carsharing entities to allow guests to book a car on an hourly basis.
Now, local Seattlites can easily access safe, affordable, and convenient cars when and where they need them. Getaround vehicles launched as part of this collaboration can be found in the Madrona, Capitol Hill, and Queen Anne neighborhoods of Seattle.
“We’re excited that Getaround is expanding in Seattle, and believe that they play a valuable role in making this a city where people have a variety of options to move around without owning a car,” said SDOT Shared Mobility Program Manager Becky Edmonds who oversees the City’s car, bike and scooter share programs. “We are glad that more people in Seattle will have access to this transportation option, and will continue to work to foster an environment where innovative mobility companies can try out new ideas and creative business models that benefit the public.”
“At Getaround, we want to empower people to share cars everywhere, making cities and communities better places to live, and this recent expansion in the city of Seattle continues to drive that mission,” said Nick Tenekedes, VP of Marketplace, Getaround. “Seattle shares our vision of creating sustainable, affordable, and equitable transportation, while working to reduce congestion and greenhouse gasses (GHG) within the city. We are looking forward to this partnership and what we’ll be able to achieve together.”
Privately owned cars are typically parked 95% of the time, on the move just 6 hours per week. The remaining 162 hours, most cars remain idle. Thanks to carsharing, people are able to share their car when they aren’t using it, or can sell their vehicle or postpone a purchase, shifting away from the concept of car ownership altogether. This ultimately results in fewer cars on the road, reduced traffic and pollution, and less space needed for parking. Beyond that, research has shown that carsharing services, like Getaround, can significantly reduce the emissions of GHG and harmful substances into the environment.
Seattle is one of over 950 cities worldwide in which Getaround is active. Guests have taken nearly six million car trips using cars shared on Getaround.
On May 11, 2022, Getaround announced its entry into a definitive business combination agreement with InterPrivate II Acquisition Corp. (NYSE: IPVA). Upon the closing of the business combination, which is expected in the second half of 2022, the combined publicly traded company will be named Getaround. For more information about the transaction, please visit https://www.getaround.com/investors.
Getaround connects safe, convenient and affordable cars with people who need them to live and work. We are the world's first carsharing marketplace offering a 100% digital experience with proprietary technology and data that make sharing vehicles superior to owning them. Our community includes guests who rely on our cars for on-demand mobility 24/7, and hosts who share cars on our platform including those who operate their own car sharing businesses. Founded in 2009, today Getaround is active in over 950 cities worldwide.
About InterPrivate II Acquisition Corp
InterPrivate II Acquisition Corp. is a blank check corporation led by Chairman and CEO Ahmed Fattouh, Executive Vice Presidents Brian Pham and Alan Pinto, General Counsel Brandon Bentley, and Vice President James Pipe. InterPrivate is further guided by a group of notable investors and operating executives who serve as board members and senior advisors including: Jeffrey Harris, venture capitalist and lead independent director at Chargepoint; Susan Decker, former President of Yahoo! and lead independent director at Berkshire Hathaway; Tracey Brophy Warson, former Chair of Citi Private Bank; and Matthew Luckett, founder of Lampros Capital and former CIO of Balestra Capital.
Additional Information and Where to Find It
This communication relates to the proposed transaction, but does not contain all the information that should be considered concerning the proposed transaction and is not intended to form the basis of any investment decision or any other decision in respect of the proposed transaction. InterPrivate intends to file with the SEC a registration statement on Form S-4 relating to the proposed transaction that will include a proxy statement of InterPrivate and a prospectus of InterPrivate. When available, the definitive proxy statement/prospectus and other relevant materials will be sent to all InterPrivate stockholders as of a record date to be established for voting on the proposed transaction. InterPrivate also will file other documents regarding the proposed transaction with the SEC. Before making any voting decision, investors and securities holders of InterPrivate are urged to read the registration statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the proposed transaction as they become available because they will contain important information about InterPrivate, Getaround and the proposed transaction.
Investors and securities holders will be able to obtain free copies of the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC by InterPrivate through the website maintained by the SEC at www.sec.gov. In addition, the documents filed by InterPrivate may be obtained free of charge from InterPrivate’s website at https://ipvspac.com/ or by written request to InterPrivate at InterPrivate II Acquisition Corp., 1350 Avenue of the Americas, 2nd Floor, New York, NY 10019.
Participants in Solicitation
InterPrivate and Getaround and their respective directors and officers may be deemed to be participants in the solicitation of proxies from InterPrivate’s stockholders in connection with the proposed transaction. Information about InterPrivate’s directors and executive officers and their ownership of InterPrivate’s securities is set forth in InterPrivate’s filings with the SEC, including InterPrivate’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, which was filed with the SEC on March 31, 2022. To the extent that such persons’ holdings of InterPrivate’s securities have changed since the amounts disclosed in InterPrivate’s Annual Report on Form 10-K, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC. Additional information regarding the names and interests in the proposed transaction of InterPrivate’s and Getaround’s respective directors and officers and other persons who may be deemed participants in the proposed transaction may be obtained by reading the proxy statement/prospectus regarding the proposed transaction when it becomes available. You may obtain free copies of these documents as described in the preceding paragraph.
No Offer or Solicitation
This communication is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed transaction and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of InterPrivate, Getaround, First Merger Sub or Second Merger Sub, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or exemptions therefrom.
Forward-Looking Statements
This communication contains certain forward-looking statements within the meaning of the federal securities laws with respect to the proposed transaction between Getaround and InterPrivate, including statements regarding the benefits of the proposed transaction, the anticipated timing of the completion of the proposed transaction, the services offered by Getaround and the markets in which it operates, the expected total addressable market for the services offered by Getaround, the sufficiency of the net proceeds of the proposed transaction to fund Getaround’s operations and business plan and Getaround’s projected future results. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including, but not limited to: (i) the risk that the proposed transaction may not be completed in a timely manner or at all, (ii) the risk that the proposed transaction may not be completed by InterPrivate’s business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by InterPrivate, (iii) the failure to satisfy the conditions to the consummation of the transaction, including the adoption of the business combination agreement by the stockholders of InterPrivate and Getaround, the satisfaction of the minimum trust account amount following redemptions by InterPrivate’s public stockholders and the receipt of certain governmental and regulatory approvals, (iv) the lack of a third-party valuation in determining whether or not to pursue the proposed transaction, (v) the occurrence of any event, change or other circumstance that could give rise to the termination of the business combination agreement, (vi) the effect of the announcement or pendency of the proposed transaction on Getaround’s business relationships, performance, and business generally, (vii) risks that the pendency or consummation of the proposed transaction disrupts current plans and operations of Getaround, (viii) the outcome of any legal proceedings that may be instituted against Getaround, InterPrivate or others related to the business combination agreement or the proposed transaction, (ix) the ability to meet New York Stock Exchange listing standards at or following the consummation of the proposed transaction, (x) the ability to recognize the anticipated benefits of the proposed transaction, which may be affected by a variety of factors, including changes in the competitive and highly regulated industries in which Getaround operates, variations in performance across competitors, changes in laws and regulations affecting Getaround’s business and the ability of Getaround and the post-combination company to retain its management and key employees, (xi) the ability to implement business plans, forecasts, and other expectations after the completion of the proposed transaction (including the ability of Getaround to achieve adjusted EBITDA breakeven), gauge and adapt to industry trends and changing host, guest and consumer preferences, and identify and realize additional opportunities, (xii) the risk of adverse or changing economic conditions, including the resulting effects on consumer spending, and the possibility of rapid change in the highly competitive industry in which Getaround operates, (xiii) the risk that Getaround and its current and future partners are unable to successfully develop and scale Getaround’s products and offerings, or experience significant delays in doing so, (xiv) the risk that Getaround may never achieve or sustain profitability, (xv) the risk that Getaround will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all, (xvi) the risk that the post-combination company experiences difficulties in managing its growth and expanding operations, (xvii) the risk that third-party suppliers and manufacturers are not able to fully and timely meet their obligations, (xviii) the ability to maintain strategic partnerships, including integrations and collaborations with original equipment manufacturers and ride hailing apps, (xix) the risk of product liability or regulatory lawsuits or proceedings relating to Getaround’s products and offerings, (xx) the risk that Getaround is unable to secure or protect its intellectual property, (xxi) the effects of COVID-19 or other public health crises on Getaround’s business and results of operations, the travel and transportation industries, travel and transportation trends, and the global economy generally, and (xxii) costs related to the proposed transaction. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of InterPrivate’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, the registration statement on Form S-4 and proxy statement/prospectus discussed above and other documents filed by InterPrivate from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Getaround and InterPrivate assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither Getaround nor InterPrivate gives any assurance that either Getaround or InterPrivate will achieve its expectations.
