Carsharing platform executives spoke alongside
representatives Lincoln Restler, Andrew Gounardes and Carlina
Rivera about ongoing sustainability and transportation efforts in
New York City at a press conference on Tuesday
Getaround, the world's leading digital peer-to-peer carsharing
marketplace, today announced that the groundbreaking Peer-to-Peer
Car Sharing Program Act will now allow the platform to be widely
available for all New Yorkers. At today’s press conference, city
and state representatives, including Lincoln Restler, Andrew
Gounardes and Carlina Rivera spoke alongside Getaround executives
to share how this shift will enable New York residents to access a
convenient, contactless, sustainable, and affordable mobility
solution via carsharing.
While Getaround has been active in New York since 2019, state
laws required individuals to have commercial insurance to share
their vehicles, making widespread use of the platform impractical
for the general public. However, thanks to years of advocacy and
cooperation with policymakers, the Peer-to-Peer Car Sharing Program
Act (Senate Bill S6715) now allows Getaround to provide platform
insurance to cover trips within New York at no extra cost to the
user, making it an accessible and sustainable transportation
solution.
At today’s press conference, Lincoln Restler, New York City
Council Member for District 33, commented on the impact Getaround
will have on transportation efforts in New York City.
Available across New York City, initial efforts will concentrate
on the areas where there are unmet needs for additional
transportation options in Brooklyn, Queens, and The Bronx. To
incentivize residents of these neighborhoods to share their cars on
the platform, Getaround is offering special owner-earning
guarantees and bonuses for hosts who onboard and list their
vehicles for carsharing over the coming weeks. In many cases, these
earnings can equal up to $2,000 a month.
“The enactment of Senate Bill S6715 is an important step for the
state of New York,” said Senator Neil Breslin, Chair of the Senate
Insurance Committee. “I am encouraged by Getaround’s advancements
and the expansion of carsharing in our state, which will promote an
equitable and sustainable future.”
Getaround Connect® technology enables contactless 24/7 access to
these shared vehicles without the need to wait in line or pick up
keys. Individuals can reserve the shared vehicles for as little as
one hour, perfect for local trips like going to the grocery store
as well as longer trips or weekend getaways.
“We’re thrilled to expand access to carsharing in New York,”
said Getaround's Chief Operating Officer, Sy Fahimi. “This policy
shift means that Getaround will be able to operate at full capacity
in New York City. Not only will Getaround’s presence help reduce
the number of vehicles in one of the nation’s most congested road
networks, it will play a major part in democratizing carsharing by
providing more equitable access to cars and enabling residents to
take advantage of accessible and sustainable transit options.”
Privately owned cars are typically parked 95% of the time and on
the move only 6 hours per week. For the remaining 162 hours of the
week, most cars stay parked and idle. Peer-to-peer carsharing means
fewer cars on the road: studies show that, on average, one
carsharing vehicle replaces 9 to 13 vehicles. Thanks to carsharing,
users are selling their vehicles or postponing the purchase of one
and shifting away from the concept of car ownership. This
ultimately results in reduced traffic and pollution, lightens the
emission of greenhouse gasses, and less space needed for
parking.
To sign up and book a trip or to be a host in NYC, visit
Getaround.com.
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 public
company will be listed on the New York Stock Exchange under the new
ticker symbol “GETR.” For more information about the transaction,
please visit https://www.getaround.com/investors.
About Getaround
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220712005757/en/
Media Contact: Shyna Deepak press@getaround.com
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