Getaround, the peer-to-peer car rental startup that launched on the Disrupt NY stage in 2011, recently hit revenues in the tens of millions of dollars, Jessica Scorpio told TechCrunch. And in the last six months, Getaround’s revenue has doubled. What’s helping drive this growth, Scorpio said, is the fact that Getaround is adding six times the number of new cars per week compared to this time last year.
Getaround doesn’t share stats on number of trips booked, but its rental fleet is growing, which likely means that there’s good business in it for the people who rent their cars. In the Bay Area (San Francisco, Oakland and Berkeley), Getaround currently has a rental fleet of about 1,300 cars.
In November 2014, Getaround had just 600 cars available for on-demand rentals in San Francisco. In the eight other cities Getaround operates in (Portland, Ore., Washington D.C., Chicago, Ill., Evanston, Ill., Arlington, Va., Silver Spring, Md., Bethesda, Md., and Alexandria, Va.), there are over 300 cars available for on-demand rental.
“These new cities are growing even faster than SF was in the same time period and we’re very excited about that,” Scorpio said.
Here’s quick guide on how Getaround works. If you own a car, you can list it for on-demand rentals via Getaround. After you list it, Getaround installs its Connect hardware, which allows renters to locate and unlock your car using the Getaround mobile app. For extra peace of mind for the car owner, the Connect also features GPS tracking, tamper detection and engine lock. Getaround also has deals in place with brands like Audi and Ford to further incentivize people to share their cars.
“Getaround provides automakers a natural and fun way for people to experience their new vehicles,” Scorpio said. “Let’s say an automaker wants to get millennials excited about their new model hybrid vehicle – if you put 1,000 vehicles on Getaround you will have hundreds of thousands of people experiencing that new design in a single year. That’s way more powerful than a TV commercial or a dealership test drive.”
With Audi San Francisco, people can purchase or lease cars at a discounted price, and earn a guaranteed minimum of $6,000 after 12 months of renting on Getaround. That $6,000 guarantee also applies to anyone who rents their car in San Francisco. With Ford, existing Ford owners in certain markets can earn extra money by sharing their financed cars with drivers in the Getaround community.
Getaround, which has raised $43 million to date, expects to grow even more in the next 12 months, and plans to continue launching in additional markets.