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Rumorpile: GM's Maven Plans an AirBnb-Like Service for Your Car
William Maley posted an article in General Motors
If you happen to be an owner of a General Motors vehicle and are looking to earn some cash, then a new pilot program might be of interest. Bloomberg has learned from sources that GM is planning to launch a program where owners can rent out their vehicles when they aren't driving them - think AirBnb for cars. This will be launch through GM's Maven car-sharing service sometime this summer. A GM spokesman declined to comment. This appears to be another part of GM's plan to transition from manufacturer to mobility provider. GM already has their car-sharing service Maven and invested $500 million into ride-hailing service Lyft. This idea of allowing owners to rent out their vehicles isn't new. Companies like Turo and Getaround have been doing the same thing for a number of years. But Alexandre Marian, a director in the automotive and industrial practice at consultant AlixPartners LLP said GM could have one big advantage, having a huge network of vehicle owners that could be part of the service. But there is a big risk for owners who decide to offer their vehicles up for rent, what happens if they get into an accident? Maven provides liability coverage for its renters. If you offer your vehicle through Turo have the choice of adding commercial coverage through their own insurance or one of the insurance companies that have partnered with the service. We're expecting GM to have some solution in place if they decide to go forward with this program. Source: Bloomberg -
If you happen to be an owner of a General Motors vehicle and are looking to earn some cash, then a new pilot program might be of interest. Bloomberg has learned from sources that GM is planning to launch a program where owners can rent out their vehicles when they aren't driving them - think AirBnb for cars. This will be launch through GM's Maven car-sharing service sometime this summer. A GM spokesman declined to comment. This appears to be another part of GM's plan to transition from manufacturer to mobility provider. GM already has their car-sharing service Maven and invested $500 million into ride-hailing service Lyft. This idea of allowing owners to rent out their vehicles isn't new. Companies like Turo and Getaround have been doing the same thing for a number of years. But Alexandre Marian, a director in the automotive and industrial practice at consultant AlixPartners LLP said GM could have one big advantage, having a huge network of vehicle owners that could be part of the service. But there is a big risk for owners who decide to offer their vehicles up for rent, what happens if they get into an accident? Maven provides liability coverage for its renters. If you offer your vehicle through Turo have the choice of adding commercial coverage through their own insurance or one of the insurance companies that have partnered with the service. We're expecting GM to have some solution in place if they decide to go forward with this program. Source: Bloomberg View full article
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While the big story at PSA Group (parent company of Citroen and Peugeot) is about the possible sale of Opel, they are also getting ready to begin to take their first steps into re-entering the U.S. marketplace. In April, car-sharing service TravelCar will launch at airports in Los Angeles and San Francisco. The service has been operating at various airports and train stations in Europe since 2012. The expansion into the U.S. is thanks to a 15 million euro (about $18.5 million) investment by PSA Group and MAIF, a French insurance company. TravelCar is different from other car-sharing services such as ZipCar and GM's Maven as it rents out other people's cars. The service allows owners free parking at airports if they allow their vehicles to be rented out. In turn, TravelCar says their rental rates are about half when compared to those from rental car companies. MAIF will be providing the insurance on the vehicles that are rented. “We announced our progressive entry to North America by launching mobility services with our partners. We deploy these services worldwide to meet customers’ expectations. With TravelCar today, we’re writing the beginning of this new step overseas,” said Grégoire Olivier, Head of Mobility Services, PSA Group. This investment is the first part of 10-year plan announced by PSA Group last year to possibly re-enter the U.S. Source: Automotive News (Subscription Required), PSA Group Press Release is on Page 2 PSA Group and MAIF join forces to bring TravelCar to the United States with carsharing services As part of the Push to pass strategic plan, an operation which fuels PSA’s ambition to become the preferred mobility provider for customers worldwide A concretization of the 10 years’ PSA project for the progressive entry into North America with mobility services launching As of April 1st 2017, TravelCar with the support of PSA Group and MAIF enters the United States with car rental offers for travelers, in Los Angeles and San Francisco airports. The offered solutions are designed to optimize cars ensuring they rarely go unused and become a resource for car owners. Three kind of services are offered to travelers; either owner or car user. Car owners who make their vehicle available for rent benefit from free parking. If the vehicle is rented out, the car owner is also paid. An advantageous-price parking solution is also available for car owners who prefer not to share their vehicle. Last, car users looking for a vehicle can have access to a private car at a reduced price – approx. 50% less expensive than with a traditional car rental offer. This kind of offer is today unique on the American market, which has more than 850 million travelers per year. Los Angeles and San Francisco airports are respectively the 2nd and the 7th biggest airports in the United-States. Moreover, the 2 cities located close to the Silicon Valley are favorable for these new offers deployment. For this launch, TravelCar just finalized a fundraising of €15 million thanks to PSA Group and MAIF. It is a significant deployment for the French company TravelCar, which was founded in 2012, and has a network of over 200 agencies and 300,000 users in ten European countries, before entering the American continent. “We announced our progressive entry to North America by launching mobility services with our partners” declares Grégoire Olivier, Head of Mobility Services, PSA Group. “We deploy these services worldwide to meet customers’ expectations. With TravelCar today, we’re writing the beginning of this new step overseas.” “With PSA Group and MAIF support, TravelCar entering the American market is taking a new step forward in its international growth”, declares Ahmed Mhiri, Founder & CEO TravelCar. “Our offer takes care of travelers from their departure, offering them a parking solution, and their arrival with an accessible and eco-responsible mobility solution.” “We are pleased to support our partners in their growth and development, especially at the international scale when the time has come ... and that’s now for TravelCar!" declares Eric Berthoux, Deputy CEO of MAIF Group. View full article
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Part 1 of PSA Group's Return To the U.S Begins In April
William Maley posted an article in Automotive Industry
While the big story at PSA Group (parent company of Citroen and Peugeot) is about the possible sale of Opel, they are also getting ready to begin to take their first steps into re-entering the U.S. marketplace. In April, car-sharing service TravelCar will launch at airports in Los Angeles and San Francisco. The service has been operating at various airports and train stations in Europe since 2012. The expansion into the U.S. is thanks to a 15 million euro (about $18.5 million) investment by PSA Group and MAIF, a French insurance company. TravelCar is different from other car-sharing services such as ZipCar and GM's Maven as it rents out other people's cars. The service allows owners free parking at airports if they allow their vehicles to be rented out. In turn, TravelCar says their rental rates are about half when compared to those from rental car companies. MAIF will be providing the insurance on the vehicles that are rented. “We announced our progressive entry to North America by launching mobility services with our partners. We deploy these services worldwide to meet customers’ expectations. With TravelCar today, we’re writing the beginning of this new step overseas,” said Grégoire Olivier, Head of Mobility Services, PSA Group. This investment is the first part of 10-year plan announced by PSA Group last year to possibly re-enter the U.S. Source: Automotive News (Subscription Required), PSA Group Press Release is on Page 2 PSA Group and MAIF join forces to bring TravelCar to the United States with carsharing services As part of the Push to pass strategic plan, an operation which fuels PSA’s ambition to become the preferred mobility provider for customers worldwide A concretization of the 10 years’ PSA project for the progressive entry into North America with mobility services launching As of April 1st 2017, TravelCar with the support of PSA Group and MAIF enters the United States with car rental offers for travelers, in Los Angeles and San Francisco airports. The offered solutions are designed to optimize cars ensuring they rarely go unused and become a resource for car owners. Three kind of services are offered to travelers; either owner or car user. Car owners who make their vehicle available for rent benefit from free parking. If the vehicle is rented out, the car owner is also paid. An advantageous-price parking solution is also available for car owners who prefer not to share their vehicle. Last, car users looking for a vehicle can have access to a private car at a reduced price – approx. 50% less expensive than with a traditional car rental offer. This kind of offer is today unique on the American market, which has more than 850 million travelers per year. Los Angeles and San Francisco airports are respectively the 2nd and the 7th biggest airports in the United-States. Moreover, the 2 cities located close to the Silicon Valley are favorable for these new offers deployment. For this launch, TravelCar just finalized a fundraising of €15 million thanks to PSA Group and MAIF. It is a significant deployment for the French company TravelCar, which was founded in 2012, and has a network of over 200 agencies and 300,000 users in ten European countries, before entering the American continent. “We announced our progressive entry to North America by launching mobility services with our partners” declares Grégoire Olivier, Head of Mobility Services, PSA Group. “We deploy these services worldwide to meet customers’ expectations. With TravelCar today, we’re writing the beginning of this new step overseas.” “With PSA Group and MAIF support, TravelCar entering the American market is taking a new step forward in its international growth”, declares Ahmed Mhiri, Founder & CEO TravelCar. “Our offer takes care of travelers from their departure, offering them a parking solution, and their arrival with an accessible and eco-responsible mobility solution.” “We are pleased to support our partners in their growth and development, especially at the international scale when the time has come ... and that’s now for TravelCar!" declares Eric Berthoux, Deputy CEO of MAIF Group. -
With the rise of services of car and ride-sharing services such as Uber and Lyft, a number of people have said this would begin the downfall of buying and owning a new vehicle in the U.S. But a new study commissioned by Kelly Blue Book says that isn't happening for the majority of the country. The study revealed many Americans consider vehicle ownership to be more convenient, reliable, safer than car- and ride-sharing services. It also revealed that 76 percent of respondents that use these services are planning to buy or lease a vehicle within the next two years. "While there are numerous benefits to ride sharing and car sharing, our data reveals that owning a car still reigns supreme, with reliability, safety and convenience all being major factors," said Karl Brauer, senior analyst for Kelley Blue Book. Other findings of KBB's study include, 73 percent of respondents said they have heard of these ride-sharing services, but only 16 percent have used them. This is similar to car sharing services as 43 percent said they have heard of them, but only 7 percent have taken advantage.Most of the respondents using these services are young people living in urban environments. This makes sense as owning a vehicle in this environment is more of a pain. [*]Car and Ride sharing services are seen more as substitutes for taxis and rental cars. [*]Affordability was the top reason given respondents who don't own a car. Only 5 percent said using a ride-sharing service was the reason they don't own a car. 3 percent said gave the same reason for why they use car sharing services. Source: Automotive News (Subscription Required), Kelly Blue Book Press Release is on Page 2 Kelley Blue Book Study Reveals Ride-Sharing, Car-Sharing Services Do Not Pose Threat To Car Buying KBB.com Finds Americans Not Ready to Give Up Freedom Associated with Vehicle Ownership IRVINE, Calif., March 10, 2016 /PRNewswire/ -- The results are in, and according to Kelley Blue Book, ride- and car-sharing is not an imminent threat to new-car buying and vehicle ownership, despite the growing number of services being offered to consumers. This is just one of many interesting findings from the recent 2016 Kelley Blue Book Ride Sharing/Car Sharing Study, released today by KBB.com, the vehicle valuation and information source trusted and relied upon by both consumers and the automotive industry. Commissioned by Kelley Blue Book and conducted by Vital Findings to understand the motivations behind ride-sharing and car-sharing usage, as well as opinions and behaviors surrounding current and future transportation, the survey found that these sharing platforms primarily are used as substitutes for taxis and traditional rental car companies, and have very limited impact on current or future vehicle ownership. In fact, the expected transportation method of the majority of Americans that currently own or have access to a vehicle (74 percent) is to drive themselves in the next six months. When asked what statements about owning or leasing a vehicle respondents agree with, 80 percent completely or somewhat agreed that owning or leasing a vehicle provides a sense of freedom and independence, followed by 62 percent that completely or somewhat agreed that owning or leasing a vehicle gives you a sense of pride/success. Ride-sharing services, including Uber and Lyft, among others, use a Smartphone app for consumers to request and pay for a ride on demand from drivers who typically own the cars they drive. On the other hand, car-sharing companies, such as Getaround, ZipCar and Car2Go, among others, provide consumers with the opportunity to borrow vehicles and drive themselves, using a Smartphone app to schedule, unlock and pay for borrowed vehicles. "Ride- and car-sharing services are getting a lot of attention these days, and we wanted to better understand the current landscape of these app-fueled platforms and how they may impact both consumers and the auto industry moving forward," said Karl Brauer, senior analyst for Kelley Blue Book. "While there are numerous benefits to ride sharing and car sharing, our data reveals that owning a car still reigns supreme, with reliability, safety and convenience all being major factors." Looking down the road, the field is relatively level for potential ride-sharing providers to enter the market with more than one-third of respondents (37 percent) giving the most consideration to companies with a ride-sharing app, followed closely by rental car companies (32 percent) and taxi/limo companies (26 percent). In addition, 24 percent of those surveyed also would consider vehicle dealerships as a potential ride-sharing provider over vehicle manufacturers (16 percent) and individuals with a vehicle (15 percent). Respondents were least likely (14 percent) to consider tech companies as potential ride-sharing providers. Similar to ride-sharing, the opportunity for new car-sharing services to enter the market is fairly level, as traditional vehicle rental companies (36 percent), companies specifically created to provide vehicle sharing (33 percent), and notably, vehicle dealerships (31 percent) were among the most considered car-sharing providers among respondents. Sample of Additional Findings from 2016 Kelley Blue Book Ride Sharing/Car Sharing Study Awareness Doesn't Mean Use: Nearly three-quarters of respondents (73 percent) are aware of ride sharing, but only 16 percent have actually used these services, with Millennials and city dwellers leading usage. As for car sharing, 43 percent of respondents are aware, but only 7 percent use these services. Still Planning to Buy or Lease: Vehicle-sharing services are viewed as substitutes for taxis (41 percent) and rental cars (39 percent), with more than three-quarters (76 percent) of vehicle-sharing users reporting their intent to purchase or lease their own vehicle within the next two years. Ownership Has Its Benefits: According to respondents, vehicle ownership is more reliable (81 percent vs. 19 percent for ride sharing; 78 percent vs. 22 percent for car sharing), safer (80 percent vs. 20 percent for ride sharing; 80 percent vs. 20 percent for car sharing) and more convenient (74 percent vs. 26 percent for ride sharing; 75 percent vs. 25 percent for car sharing) than depending on sharing services. Budget Is Primary Ownership Factor: Among those surveyed who did not currently own or lease a vehicle, more than half of respondents (57 percent) name affordability, which also was the highest listed reason, as the main deterrent for not purchasing or leasing their own vehicles. Only 5 percent said utilizing ride sharing and 3 percent said utilizing car sharing as reasons for not owning a vehicle in the future. Safety First: More than two-thirds of respondents (69 percent) believe that ride-sharing services are a great way to combat drunk driving; however, only 33 percent of those surveyed deemed ride-sharing to be safe. In fact, 48 percent stated they wouldn't be comfortable riding alone with a ride-share driver. The national survey reveals the responses from more than 1,900 U.S. residents between the ages of 18-64 years old, weighted to Census figures by age, gender and ethnicity that have a variety of residential and ownership patterns. -
With the rise of services of car and ride-sharing services such as Uber and Lyft, a number of people have said this would begin the downfall of buying and owning a new vehicle in the U.S. But a new study commissioned by Kelly Blue Book says that isn't happening for the majority of the country. The study revealed many Americans consider vehicle ownership to be more convenient, reliable, safer than car- and ride-sharing services. It also revealed that 76 percent of respondents that use these services are planning to buy or lease a vehicle within the next two years. "While there are numerous benefits to ride sharing and car sharing, our data reveals that owning a car still reigns supreme, with reliability, safety and convenience all being major factors," said Karl Brauer, senior analyst for Kelley Blue Book. Other findings of KBB's study include, 73 percent of respondents said they have heard of these ride-sharing services, but only 16 percent have used them. This is similar to car sharing services as 43 percent said they have heard of them, but only 7 percent have taken advantage.Most of the respondents using these services are young people living in urban environments. This makes sense as owning a vehicle in this environment is more of a pain. [*]Car and Ride sharing services are seen more as substitutes for taxis and rental cars. [*]Affordability was the top reason given respondents who don't own a car. Only 5 percent said using a ride-sharing service was the reason they don't own a car. 3 percent said gave the same reason for why they use car sharing services. Source: Automotive News (Subscription Required), Kelly Blue Book Press Release is on Page 2 Kelley Blue Book Study Reveals Ride-Sharing, Car-Sharing Services Do Not Pose Threat To Car Buying KBB.com Finds Americans Not Ready to Give Up Freedom Associated with Vehicle Ownership IRVINE, Calif., March 10, 2016 /PRNewswire/ -- The results are in, and according to Kelley Blue Book, ride- and car-sharing is not an imminent threat to new-car buying and vehicle ownership, despite the growing number of services being offered to consumers. This is just one of many interesting findings from the recent 2016 Kelley Blue Book Ride Sharing/Car Sharing Study, released today by KBB.com, the vehicle valuation and information source trusted and relied upon by both consumers and the automotive industry. Commissioned by Kelley Blue Book and conducted by Vital Findings to understand the motivations behind ride-sharing and car-sharing usage, as well as opinions and behaviors surrounding current and future transportation, the survey found that these sharing platforms primarily are used as substitutes for taxis and traditional rental car companies, and have very limited impact on current or future vehicle ownership. In fact, the expected transportation method of the majority of Americans that currently own or have access to a vehicle (74 percent) is to drive themselves in the next six months. When asked what statements about owning or leasing a vehicle respondents agree with, 80 percent completely or somewhat agreed that owning or leasing a vehicle provides a sense of freedom and independence, followed by 62 percent that completely or somewhat agreed that owning or leasing a vehicle gives you a sense of pride/success. Ride-sharing services, including Uber and Lyft, among others, use a Smartphone app for consumers to request and pay for a ride on demand from drivers who typically own the cars they drive. On the other hand, car-sharing companies, such as Getaround, ZipCar and Car2Go, among others, provide consumers with the opportunity to borrow vehicles and drive themselves, using a Smartphone app to schedule, unlock and pay for borrowed vehicles. "Ride- and car-sharing services are getting a lot of attention these days, and we wanted to better understand the current landscape of these app-fueled platforms and how they may impact both consumers and the auto industry moving forward," said Karl Brauer, senior analyst for Kelley Blue Book. "While there are numerous benefits to ride sharing and car sharing, our data reveals that owning a car still reigns supreme, with reliability, safety and convenience all being major factors." Looking down the road, the field is relatively level for potential ride-sharing providers to enter the market with more than one-third of respondents (37 percent) giving the most consideration to companies with a ride-sharing app, followed closely by rental car companies (32 percent) and taxi/limo companies (26 percent). In addition, 24 percent of those surveyed also would consider vehicle dealerships as a potential ride-sharing provider over vehicle manufacturers (16 percent) and individuals with a vehicle (15 percent). Respondents were least likely (14 percent) to consider tech companies as potential ride-sharing providers. Similar to ride-sharing, the opportunity for new car-sharing services to enter the market is fairly level, as traditional vehicle rental companies (36 percent), companies specifically created to provide vehicle sharing (33 percent), and notably, vehicle dealerships (31 percent) were among the most considered car-sharing providers among respondents. Sample of Additional Findings from 2016 Kelley Blue Book Ride Sharing/Car Sharing Study Awareness Doesn't Mean Use: Nearly three-quarters of respondents (73 percent) are aware of ride sharing, but only 16 percent have actually used these services, with Millennials and city dwellers leading usage. As for car sharing, 43 percent of respondents are aware, but only 7 percent use these services. Still Planning to Buy or Lease: Vehicle-sharing services are viewed as substitutes for taxis (41 percent) and rental cars (39 percent), with more than three-quarters (76 percent) of vehicle-sharing users reporting their intent to purchase or lease their own vehicle within the next two years. Ownership Has Its Benefits: According to respondents, vehicle ownership is more reliable (81 percent vs. 19 percent for ride sharing; 78 percent vs. 22 percent for car sharing), safer (80 percent vs. 20 percent for ride sharing; 80 percent vs. 20 percent for car sharing) and more convenient (74 percent vs. 26 percent for ride sharing; 75 percent vs. 25 percent for car sharing) than depending on sharing services. Budget Is Primary Ownership Factor: Among those surveyed who did not currently own or lease a vehicle, more than half of respondents (57 percent) name affordability, which also was the highest listed reason, as the main deterrent for not purchasing or leasing their own vehicles. Only 5 percent said utilizing ride sharing and 3 percent said utilizing car sharing as reasons for not owning a vehicle in the future. Safety First: More than two-thirds of respondents (69 percent) believe that ride-sharing services are a great way to combat drunk driving; however, only 33 percent of those surveyed deemed ride-sharing to be safe. In fact, 48 percent stated they wouldn't be comfortable riding alone with a ride-share driver. The national survey reveals the responses from more than 1,900 U.S. residents between the ages of 18-64 years old, weighted to Census figures by age, gender and ethnicity that have a variety of residential and ownership patterns. View full article
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General Motors is taking a big step into the shared transportation economy. Yesterday the company announced Maven, a new car sharing service that will combine and expand the various programs into one program. “GM is at the forefront of redefining the future of personal mobility. With the launch of our car-sharing service through Maven, the strategic alliance with ride-sharing company Lyft, and building on our decades of leadership in vehicle connectivity through OnStar, we are uniquely positioned to provide the high level of personalized mobility services our customers expect today and in the future,” said GM President Dan Ammann in a statement. The first part of Maven is a car-sharing service where you can open an app on your phone and request the use of a Chevrolet vehicle for as little as $6 per hour (much like ZipCar). Maven has launched a pilot program in Ann Arbor, MI where 21 Chevrolet vehicles are sitting in parking lots around the University of Michigan campus. Maven will also incorporate and expand a number of GM's other car sharing services. These include a residential car sharing service in New York City, and a peer-to-peer sharing program where residents can rent out their vehicles by the hour. This announcement comes a few weeks after GM announced a partnership with Lyft and days after GM acquiring the assets of another ride-sharing company, Sidecar Technologies Source: Automotive News (Subscription Required), General Motors Press Release is on Page 2 GM Launches Personal Mobility Brand: Maven DETROIT— General Motors announced today its next step in redefining personal mobility with a new car-sharing service called Maven, which combines and expands the company’s multiple programs under one single brand. Maven’s mission is to give customers access to highly personalized, on-demand mobility services. The global Maven team includes more than 40 dedicated employees from the connected car technology industry as well as ride- and car-sharing professionals from Google, Zipcar and Sidecar. “GM is at the forefront of redefining the future of personal mobility,” said GM President Dan Ammann. “With the launch of our car-sharing service through Maven, the strategic alliance with ride-sharing company Lyft, and building on our decades of leadership in vehicle connectivity through OnStar, we are uniquely positioned to provide the high level of personalized mobility services our customers expect today and in the future.” Starting this week, Maven is expanding its offerings in multiple cities and communities across the U.S. Services are customized to regional customer needs and include city, residential, peer-to-peer and campus programs: City: Today, Maven is announcing that it is offering its car-sharing program to more than 100,000 people in Ann Arbor, Mich., initially focusing on serving faculty and students at the University of Michigan. GM vehicles will be available initially at 21 parking spots across the city. Additional city-based programs will launch in major U.S. metropolitan areas later this year. Maven customers will experience seamless smartphone and keyless integration with the vehicle. Maven customers use its app to search for and reserve a vehicle by location or car type and unlock the vehicle with their smartphone. The app also enables remote functions such as starting, heating or cooling and more. Customers can bring their digital lives into the vehicle through Apple CarPlay, Android Auto, OnStar, SiriusXM radio and 4GLTE wireless. Each vehicle will provide an ownership-like experience with the convenience of car-sharing. Maven pricing is simple and transparent and includes insurance and fuel. As Maven grows, the team will use innovative ways of connecting personally with customers. Ann Arbor Maven users will have direct access to Maven leadership and core team members via the messaging application WhatsApp to share their experiences, ideas and thoughts with the team as they help shape the Maven service. Residential: In the first quarter of 2016, Maven will launch car-sharing services for Chicago residents in partnership with Magellan Development Group. Maven is also expanding its existing residential program in New York City (previously called Let’s Drive NYC) with Stonehenge Partners giving users on-demand access to vehicles and preferred parking options. Both programs combined will offer service to more than 5,000 residents. Peer-to-Peer: Existing global initiatives include peer-to-peer car-sharing through the CarUnity market place in Germany. Nearly 10,000 users have signed up in Frankfurt and Berlin since mid-2015. Campus: Various programs are running on GM campuses in the U.S., Germany and China to refine and test future Maven commercial offerings. “Maven provides on-demand access, choice and ease of use. The right vehicle and right mobility service for the right trip at the right time,” said Julia Steyn, GM vice president, Urban Mobility Programs. “With more than 25 million customers around the world projected to use some form of shared mobility by 2020, Maven is a key element of our strategy to changing ownership models in the automotive industry.” Learn more about Maven at MavenDrive.com. Connect with us on Twitter: @DriveMaven -
General Motors is taking a big step into the shared transportation economy. Yesterday the company announced Maven, a new car sharing service that will combine and expand the various programs into one program. “GM is at the forefront of redefining the future of personal mobility. With the launch of our car-sharing service through Maven, the strategic alliance with ride-sharing company Lyft, and building on our decades of leadership in vehicle connectivity through OnStar, we are uniquely positioned to provide the high level of personalized mobility services our customers expect today and in the future,” said GM President Dan Ammann in a statement. The first part of Maven is a car-sharing service where you can open an app on your phone and request the use of a Chevrolet vehicle for as little as $6 per hour (much like ZipCar). Maven has launched a pilot program in Ann Arbor, MI where 21 Chevrolet vehicles are sitting in parking lots around the University of Michigan campus. Maven will also incorporate and expand a number of GM's other car sharing services. These include a residential car sharing service in New York City, and a peer-to-peer sharing program where residents can rent out their vehicles by the hour. This announcement comes a few weeks after GM announced a partnership with Lyft and days after GM acquiring the assets of another ride-sharing company, Sidecar Technologies Source: Automotive News (Subscription Required), General Motors Press Release is on Page 2 GM Launches Personal Mobility Brand: Maven DETROIT— General Motors announced today its next step in redefining personal mobility with a new car-sharing service called Maven, which combines and expands the company’s multiple programs under one single brand. Maven’s mission is to give customers access to highly personalized, on-demand mobility services. The global Maven team includes more than 40 dedicated employees from the connected car technology industry as well as ride- and car-sharing professionals from Google, Zipcar and Sidecar. “GM is at the forefront of redefining the future of personal mobility,” said GM President Dan Ammann. “With the launch of our car-sharing service through Maven, the strategic alliance with ride-sharing company Lyft, and building on our decades of leadership in vehicle connectivity through OnStar, we are uniquely positioned to provide the high level of personalized mobility services our customers expect today and in the future.” Starting this week, Maven is expanding its offerings in multiple cities and communities across the U.S. Services are customized to regional customer needs and include city, residential, peer-to-peer and campus programs: City: Today, Maven is announcing that it is offering its car-sharing program to more than 100,000 people in Ann Arbor, Mich., initially focusing on serving faculty and students at the University of Michigan. GM vehicles will be available initially at 21 parking spots across the city. Additional city-based programs will launch in major U.S. metropolitan areas later this year. Maven customers will experience seamless smartphone and keyless integration with the vehicle. Maven customers use its app to search for and reserve a vehicle by location or car type and unlock the vehicle with their smartphone. The app also enables remote functions such as starting, heating or cooling and more. Customers can bring their digital lives into the vehicle through Apple CarPlay, Android Auto, OnStar, SiriusXM radio and 4GLTE wireless. Each vehicle will provide an ownership-like experience with the convenience of car-sharing. Maven pricing is simple and transparent and includes insurance and fuel. As Maven grows, the team will use innovative ways of connecting personally with customers. Ann Arbor Maven users will have direct access to Maven leadership and core team members via the messaging application WhatsApp to share their experiences, ideas and thoughts with the team as they help shape the Maven service. Residential: In the first quarter of 2016, Maven will launch car-sharing services for Chicago residents in partnership with Magellan Development Group. Maven is also expanding its existing residential program in New York City (previously called Let’s Drive NYC) with Stonehenge Partners giving users on-demand access to vehicles and preferred parking options. Both programs combined will offer service to more than 5,000 residents. Peer-to-Peer: Existing global initiatives include peer-to-peer car-sharing through the CarUnity market place in Germany. Nearly 10,000 users have signed up in Frankfurt and Berlin since mid-2015. Campus: Various programs are running on GM campuses in the U.S., Germany and China to refine and test future Maven commercial offerings. “Maven provides on-demand access, choice and ease of use. The right vehicle and right mobility service for the right trip at the right time,” said Julia Steyn, GM vice president, Urban Mobility Programs. “With more than 25 million customers around the world projected to use some form of shared mobility by 2020, Maven is a key element of our strategy to changing ownership models in the automotive industry.” Learn more about Maven at MavenDrive.com. Connect with us on Twitter: @DriveMaven View full article
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January 2, 2013 By Drew Dowdell Managing Editor - CheersandGears.com Avis Budget Group and Zipcar, Inc. have announced an agreement where Avis Budget will aquire Zipcar for $12.25 a share or about $500 million total. Zipcar has about 760,000 members (including yours truly) across 20 metro markets in the U.S., Canada and Europe with locations at over 300 university campuses. Car sharing is now a $400 million per year business in the U.S. market alone. Avis Budget expects to gain $50 million to $70 million in savings by combining the two companies. Zipcar gains access to Avis Budget's fleet to supplement their own in times of high demand while Avis Budget gains an increased utilization of its fleet. From my own perspective, I believe this is a good move for both companies. As a frequent Zipster, I regularly run into times when no Zipcars are available for the time slot I need. Having more cars available as well as additional locations is a win for the Zipcar's customers. Press Release on Page 2 Drew Dowdell is Managing Editor of CheersandGears.com and can be reached at [email protected] or on Twitter as @cheersngears Avis Budget Group To Acquire Zipcar For $12.25 Per Share In Cash - Combined company will be the global leader in car sharing and mobility solutions. - Combination expected to produce $50-70 million in annual synergies. - Transaction targeted to close in spring 2013. - Avis Budget re-affirms its prior estimates of full-year 2012 results. Jan 2, 2013 PARSIPPANY, N.J. and CAMBRIDGE, Mass., Jan. 2, 2013 /PRNewswire/ -- Avis Budget Group, Inc. (NASDAQ: CAR) and Zipcar, Inc. (NASDAQ: ZIP), the world's leading car sharing network, today announced that Avis Budget Group has agreed to acquire Zipcar for $12.25 per share in cash, a 49% premium over the closing price on December 31, 2012, representing a total transaction value of approximately $500 million. The transaction is subject to approval by Zipcar shareholders and other customary closing conditions, and is expected to be completed in the spring of 2013. The Boards of Directors of both companies unanimously approved the transaction, and Zipcar shareholders representing approximately 32% of the outstanding common stock have agreed to vote their shares in support of the transaction. Car sharing has grown to be a nearly $400 million business in the United States and is expanding rapidly in major cities around the world. Zipcar has led this industry, leading in innovation and world-class service. Zipcar now has more than 760,000 members, known as Zipsters, with a market-leading presence in 20 major metropolitan areas in the United States, Canada and Europe, and fleet positioned at over 300 college and university campuses. Zipcar has combined leading-edge technology, an outstanding customer experience, and clear brand messaging to develop strong loyalty and advocacy among its customers. "By combining with Zipcar, we will significantly increase our growth potential, both in the United States and internationally, and will position our Company to better serve a greater variety of consumer and commercial transportation needs," said Ronald L. Nelson, Avis Budget Group chairman and chief executive officer. "We see car sharing as highly complementary to traditional car rental, with rapid growth potential and representing a scalable opportunity for us as a combined company. We expect to apply Avis Budget's experience and efficiencies of fleet management with Zipcar's proven, customer-friendly technology to accelerate the growth of the Zipcar brand and to provide more options for Zipsters in more places. We also expect to leverage Zipcar's technology to expand mobility solutions under the Avis and Budget brands." Avis Budget expects to generate $50 to $70 million in annual synergies as a result of the transaction. In particular, Avis Budget expects significant cost reductions across the fleet life cycle (from procurement to operations and maintenance to disposition, as well as financing), in addition to savings from eliminating Zipcar's public-company costs. Avis Budget also plans to achieve substantial cost savings by increasing fleet utilization across the two companies. Significant revenue growth opportunities exist, including by leveraging Avis Budget's fleet to meet more of Zipsters' weekend demand, which is currently constrained by fleet availability. These synergies, combined with the expected growth and rising profitability of Zipcar, are expected to make the transaction accretive to Avis Budget's earnings per share in the second year following the acquisition, excluding certain items and purchase-accounting effects. "We are delighted to announce our intention to join the Avis Budget Group family of companies, and we believe this combination is a win across the board for our members, shareholders and employees. We will be well positioned to accelerate enhancements to the Zipcar member experience with more offers and additional services as well as an expanded network of locations," said Scott Griffith, chairman and chief executive officer of Zipcar. "As the leading global provider of car sharing services, with a brand that is synonymous with the category, we remain committed to the values and vision that have driven us forward for many years, grounded by our passion for delivering a superior experience to every member for every trip, every day. By combining Zipcar's expertise in on-demand mobility with Avis Budget Group's expertise in global fleet operations and vast global network, we will be able to accelerate the revolution we began in personal mobility." "Avis Budget's existing infrastructure, scale and experience with managing multiple brands make us uniquely positioned to accelerate the growth and profitability of Zipcar," Mr. Nelson added. "At the same time, we are committed to retaining the elements of the Zipcar brand and culture that have allowed Zipcar to achieve such rapid growth and success over the last twelve years." Following the acquisition, Zipcar will operate as a subsidiary of Avis Budget Group and will continue with its planned move to new headquarters in Boston, Massachusetts. Avis Budget anticipates that key members of the Zipcar management team, including Mr. Griffith and Mark Norman, president and chief operating officer, will continue to set the overall direction and run day-to-day operations of Zipcar. Avis Budget Group expects to fund the purchase price primarily with incremental corporate debt borrowings, as well as available cash. As of September 30, 2012, Avis Budget Group had cash and marketable securities of approximately $554 million, and Zipcar had cash and marketable securities of approximately $82 million, or approximately $2 per Zipcar share. Citigroup is acting as financial advisor, and Kirkland & Ellis LLP is acting as legal counsel, to Avis Budget Group. Morgan Stanley is acting as financial advisor, and Latham & Watkins LLP is acting as legal counsel, to Zipcar. 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Avis Buys Car Sharing Company Zipcar For $500 Million
Drew Dowdell posted an article in Automotive Industry
January 2, 2013 By Drew Dowdell Managing Editor - CheersandGears.com Avis Budget Group and Zipcar, Inc. have announced an agreement where Avis Budget will aquire Zipcar for $12.25 a share or about $500 million total. Zipcar has about 760,000 members (including yours truly) across 20 metro markets in the U.S., Canada and Europe with locations at over 300 university campuses. Car sharing is now a $400 million per year business in the U.S. market alone. Avis Budget expects to gain $50 million to $70 million in savings by combining the two companies. Zipcar gains access to Avis Budget's fleet to supplement their own in times of high demand while Avis Budget gains an increased utilization of its fleet. From my own perspective, I believe this is a good move for both companies. As a frequent Zipster, I regularly run into times when no Zipcars are available for the time slot I need. Having more cars available as well as additional locations is a win for the Zipcar's customers. Press Release on Page 2 Drew Dowdell is Managing Editor of CheersandGears.com and can be reached at [email protected] or on Twitter as @cheersngears Avis Budget Group To Acquire Zipcar For $12.25 Per Share In Cash - Combined company will be the global leader in car sharing and mobility solutions. - Combination expected to produce $50-70 million in annual synergies. - Transaction targeted to close in spring 2013. - Avis Budget re-affirms its prior estimates of full-year 2012 results. Jan 2, 2013 PARSIPPANY, N.J. and CAMBRIDGE, Mass., Jan. 2, 2013 /PRNewswire/ -- Avis Budget Group, Inc. (NASDAQ: CAR) and Zipcar, Inc. (NASDAQ: ZIP), the world's leading car sharing network, today announced that Avis Budget Group has agreed to acquire Zipcar for $12.25 per share in cash, a 49% premium over the closing price on December 31, 2012, representing a total transaction value of approximately $500 million. The transaction is subject to approval by Zipcar shareholders and other customary closing conditions, and is expected to be completed in the spring of 2013. The Boards of Directors of both companies unanimously approved the transaction, and Zipcar shareholders representing approximately 32% of the outstanding common stock have agreed to vote their shares in support of the transaction. Car sharing has grown to be a nearly $400 million business in the United States and is expanding rapidly in major cities around the world. Zipcar has led this industry, leading in innovation and world-class service. Zipcar now has more than 760,000 members, known as Zipsters, with a market-leading presence in 20 major metropolitan areas in the United States, Canada and Europe, and fleet positioned at over 300 college and university campuses. Zipcar has combined leading-edge technology, an outstanding customer experience, and clear brand messaging to develop strong loyalty and advocacy among its customers. "By combining with Zipcar, we will significantly increase our growth potential, both in the United States and internationally, and will position our Company to better serve a greater variety of consumer and commercial transportation needs," said Ronald L. Nelson, Avis Budget Group chairman and chief executive officer. "We see car sharing as highly complementary to traditional car rental, with rapid growth potential and representing a scalable opportunity for us as a combined company. We expect to apply Avis Budget's experience and efficiencies of fleet management with Zipcar's proven, customer-friendly technology to accelerate the growth of the Zipcar brand and to provide more options for Zipsters in more places. We also expect to leverage Zipcar's technology to expand mobility solutions under the Avis and Budget brands." Avis Budget expects to generate $50 to $70 million in annual synergies as a result of the transaction. In particular, Avis Budget expects significant cost reductions across the fleet life cycle (from procurement to operations and maintenance to disposition, as well as financing), in addition to savings from eliminating Zipcar's public-company costs. Avis Budget also plans to achieve substantial cost savings by increasing fleet utilization across the two companies. Significant revenue growth opportunities exist, including by leveraging Avis Budget's fleet to meet more of Zipsters' weekend demand, which is currently constrained by fleet availability. These synergies, combined with the expected growth and rising profitability of Zipcar, are expected to make the transaction accretive to Avis Budget's earnings per share in the second year following the acquisition, excluding certain items and purchase-accounting effects. "We are delighted to announce our intention to join the Avis Budget Group family of companies, and we believe this combination is a win across the board for our members, shareholders and employees. We will be well positioned to accelerate enhancements to the Zipcar member experience with more offers and additional services as well as an expanded network of locations," said Scott Griffith, chairman and chief executive officer of Zipcar. "As the leading global provider of car sharing services, with a brand that is synonymous with the category, we remain committed to the values and vision that have driven us forward for many years, grounded by our passion for delivering a superior experience to every member for every trip, every day. By combining Zipcar's expertise in on-demand mobility with Avis Budget Group's expertise in global fleet operations and vast global network, we will be able to accelerate the revolution we began in personal mobility." "Avis Budget's existing infrastructure, scale and experience with managing multiple brands make us uniquely positioned to accelerate the growth and profitability of Zipcar," Mr. Nelson added. "At the same time, we are committed to retaining the elements of the Zipcar brand and culture that have allowed Zipcar to achieve such rapid growth and success over the last twelve years." Following the acquisition, Zipcar will operate as a subsidiary of Avis Budget Group and will continue with its planned move to new headquarters in Boston, Massachusetts. Avis Budget anticipates that key members of the Zipcar management team, including Mr. Griffith and Mark Norman, president and chief operating officer, will continue to set the overall direction and run day-to-day operations of Zipcar. Avis Budget Group expects to fund the purchase price primarily with incremental corporate debt borrowings, as well as available cash. As of September 30, 2012, Avis Budget Group had cash and marketable securities of approximately $554 million, and Zipcar had cash and marketable securities of approximately $82 million, or approximately $2 per Zipcar share. Citigroup is acting as financial advisor, and Kirkland & Ellis LLP is acting as legal counsel, to Avis Budget Group. Morgan Stanley is acting as financial advisor, and Latham & Watkins LLP is acting as legal counsel, to Zipcar.
