Tenet and Getaround Partner to Accelerate Electric Vehicle Adoption for Business Owners
Thu, April 27, 2023 at 2:36 PM CDT
EV-Specific Financing From Tenet Helps Getaround’s Entrepreneurs Drive Electric for Less, Supports Carsharing Platform’s Goal for All-Electric Fleet By 2040
NEW YORK & SAN FRANCISCO, April 27, 2023--(BUSINESS WIRE)--Tenet Energy Inc. ("Tenet"), a leading climate-financing platform, announced today that it has partnered with Getaround (NYSE:GETR), the world’s first connected carsharing marketplace, to help individual commercial fleet owners finance electric vehicles (EVs). With the new partnership, Tenet now offers Getaround hosts (car and fleet owners) innovative financing options that make owning an EV simple and more affordable. Through this first-of-its-kind program, Getaround hosts can take advantage of Tenet’s EV-specific loan, offering onboarding bonuses ranging up to $1,700 per vehicle. For example, individuals financing a maximum of six vehicles through Tenet are eligible for up to $10,200 in bonuses.
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Getaround’s carsharing marketplace provides economic opportunity to local communities by allowing individuals to list their car on the platform and earn supplemental income by making it available to rent by the hour, day, or multiple weeks. Tenet’s digital loan product addresses a specific market need for EV lending options for private individuals that use carsharing platforms, such as Getaround, to earn revenues. Through its direct integration with Getaround’s carsharing marketplace, Tenet offers individual hosts a convenient way to finance multiple EVs over time. In addition to unique EV attributes, including government tax incentives and high lifetime value, Tenet considers utilization and program revenues in its underwriting to offer Getaround’s EV hosts competitive financing rates. Tenet has worked with its insurance and warranty providers to allow vehicle-sharing usage and Getaround hosts to finance through their LLCs, when applicable.
Getaround offers new hosts an onboarding bonus of up to $1,200 per eligible car. To advance the company’s pledge to host only EVs on its platform by 2040, an additional $500 will be made available for hosts that choose to finance their EV through Tenet and list on the Getaround platform, regardless of market or zip code. A touchstone in the company’s mission to make cities and communities more sustainable through carsharing, this pledge aims to help reduce pollution and greenhouse gas emissions attributed to individual car usage by promoting the widespread sharing of EVs, particularly in dense urban areas. Together, Getaround and Tenet are making it easy to secure competitive EV financing options, and enable a greater number of carsharing hosts to make more sustainable purchases.
"Affordability is the number one hurdle to mainstream EV adoption," said Alex Liegl, founder and CEO of Tenet. "In spite of price wars and federal tax incentives, still only about 15% of U.S. drivers can afford an EV. Until lower-priced models hit the road, our partnership with Getaround will help accelerate adoption by incentivizing and making it easy for carsharing hosts to go electric, while also enabling them to grow their businesses faster and more affordably. By making more EVs available on Getaround’s platform, we’re also creating more opportunities for users to test drive EVs before purchasing one of their own."
"Most privately owned cars are on the move for only 6 hours per week, and are parked or idle for the remaining 162 hours. By using Getaround, people can share their car when they are not using it, leading the shift away from traditional conceptions of car ownership altogether, resulting in fewer cars on the road, less traffic and less pollution," said Sy Fahimi, Chief Operating Officer at Getaround. "By offering differentiated solutions to our customers, like Tenet’s innovative financing offering, we are enabling our hosts to grow their fleets while helping grow our EV footprint nationally, electrify future fleets, and ensure Getaround continues to play a key role in advancing the transition to clean energy."
Beginning with EV car loans for consumers and commercial businesses, Tenet’s financing platform is designed to accelerate the mainstream adoption of electrification technologies by making them more affordable and accessible. Tenet integrates the Inflation Reduction Act’s ("IRA") clean vehicle tax credits and other government incentives and EVs’ high residual value to help EV drivers save up to $200 per month on their loan payments. With Tenet, EV drivers may defer a percentage of their loan until the end of their terms, making it possible to take advantage of the IRA tax credit now, rather than having to wait to receive the IRS rebate.
The program launched in April of this year and is now available for any eligible car on Getaround’s platform. For more information about how to participate, please visit:
tenet.com/partner/getaround/?utm_source=getaround&utm_medium=partner&utm_campaign=email.
About Tenet
Tenet makes it easier than ever to finance renewable energy assets, starting with EVs. Through its innovative, climate-focused financial ecosystem designed to accelerate the mainstream adoption of electrification technologies, Tenet leverages the unique technical and financial attributes of EVs, chargers, and heat pumps, among other technologies, to offer lower monthly payments for consumers and businesses. Tenet connects EV drivers and fleet owners with better loan terms from financial institutions, conveniently through the company’s website or dashboard as well as through its partners' platforms. For more information, visit www.tenet.com. Join the conversation on: Twitter, Facebook, LinkedIn, Instagram, and TikTok.
About Getaround
Offering a 100% digital experience, Getaround 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 www.getaround.com.
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