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Toyota Gets Piece of Car-Sharing Startup

Maker adds Getaround investment to deal with Uber.

by on Oct.31, 2016

Toyota has invested in car-sharing startup Getaround, expanding its reach into the mobility marketplace.

Toyota Motors Corp. is making an investment in a West Coast start-up company that allows car owners to lend their vehicle to others for a fee.

The Japanese financial press reports that Toyota has invested in U.S. car-sharing company Getaround, which launched its app-enabled, “peer-to-peer” car sharing service in 2013. The move follows upsurge in investment by carmakers in sharing services around the world.

Global Auto News!

Toyota also has a stake in Uber. Unlike Uber, which acts much like a taxi service with part-time drivers who use their own vehicles, Getaround’s users actually borrow and drive a vehicle from a specific vehicle owner who has agreed to make a vehicle they own available for lease. Getaround insures the leased vehicle and takes a cut of the fee charged for the transaction. (more…)