Getaround Closes Acquisition of HyreCar Assets

Getaround (NYSE: GETR), the world's first connected carsharing marketplace, today announced the Company has closed on its acquisition of substantially all of the assets of HyreCar (OTC: HYRE), a premier gig carsharing marketplace.

The transaction is expected to contribute up to $75 million of run-rate annualized Gross Booking Value and to contribute positive Adjusted EBITDA, accelerating Getaround’s path to profitability. Adjusted EBITDA is a non-GAAP financial measure, as further described under “About Non-GAAP Financial Measures'' below. Getaround has acquired substantially all of HyreCar’s assets for an aggregate purchase price of $9.45 million.

“Getaround is thrilled to acquire the HyreCar business, which we believe is fundamentally strong; they are the pioneer of the dedicated gig carsharing marketplace,” said Sam Zaid, CEO and Founder of Getaround. “This strategic acquisition fortifies our position as a global leader in the carsharing category. Getaround’s proprietary technology and go forward plan combined with the integration of HyreCar onto the Getaround platform enables hosts to unlock more earnings potential, while delivering value to all of our stakeholders.”

The acquired assets include the most synergistic and accretive portions of HyreCar's business and offer the greatest opportunity for growth, including access to thousands of cars and tens of thousands of gig drivers in a quickly-growing segment of carsharing.

About Getaround

Offering a 100% digital experience, Getaround (NYSE: GETR) makes sharing cars and trucks simple through its proprietary cloud and in-car 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 mission is to utilize its peer-to-peer marketplace to help solve some of the most pressing challenges facing the world today, including environmental sustainability and access to economic opportunity. Launched in 2011, Getaround is available today in more than 1,000 cities across the United States and Europe. For more information, please visit https://www.getaround.com/.