July 15, 2024

Car share company ceases trading despite industry support

A company set up to encourage car sharing has ceased trading despite winning support from London Gatwick, Rentalcars.com and other key partners.

The company, which was based on the idea of car owners renting their vehicles out to other people to earn some extra money and make better use of an asset that is used only 4% of the time, was set up in 2016 as ‘Car & Away’ but was rebranded as Karshare.

“Like every bold idea, it needed a strong belief system – one that would be embraced by all of our partners,” said Andy Hibbert, CEO and Founder, who thanked those who had backed the company.

“Since the start, Karshare has had unbelievable support. If it wasn’t for these established yet forward-thinking partners, start-ups like Karshare could never get started.

“The same phenomenal support came from every investor and advisor, all of whom believed in us, and our purpose, to make this possible. Every day this inspired us to do even more with less.”

Posting on LinkedIn, he continued: “Even though we did not reach our destination, the journey was incredible. Working with a team so capable, so agile and so adaptable has been an absolute privilege.

“Their determination to solve, collaborate and deliver, enabled Karshare to get as far as it did – 20,000 rentals enabled through a mobile phone app, using keyless technology, is something we are really proud of.”

He blamed the demise on a number of factors, including significant macro-economic forces that “could not have been foreseen or controlled”.

“In short, we gave it our best shot with every resource that we had. Together we achieved a huge amount and it couldn’t have been done without you all – our team, suppliers, partners, advisors and investors. We’re proud to have helped challenge and change established mindsets by advancing peer-to-peer car sharing in the UK,” he said.

Katherine Gershon, Managing Director at Wexas, posted: “Sadly the very best and most innovative ideas are often ahead of their time and are killed by circumstances beyond your control.

“Where you tried, change happened and that change will live on for the greater good. Remember the old saying ‘that which doesn’t kill you makes you stronger’. It will take time but you will look back with pride and achievement (take it from one who knows).”

Stuart Donnelly, President Mobility The Miles Consultancy Limited, added: “Maybe there will be another opportunity in the future as your efforts are just what the world needs to create a more sustainable world of mobility beyond the permanent connection between people and a car.”