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TheStreet Open House

Leading Peer-to-Peer Car Sharing Marketplace RelayRides Acquires Wheelz

SAN FRANCISCO, May 14, 2013 /PRNewswire/ -- Today, RelayRides, the nation's largest peer-to-peer car sharing marketplace, announced the acquisition of peer-to-peer car sharing platform Wheelz. Following several months of record growth for RelayRides, the acquisition represents a major consolidation of car sharing marketplaces, positioning the company to further accelerate its growth and continue leading rapid industry expansion.

As part of the acquisition, RelayRides welcomes several key people from the Wheelz team, and will be providing owners and renters of both companies the benefits of an expanded marketplace.  Wheelz' intellectual property, including its proprietary DriveBox technology, will further accelerate RelayRides' growth by providing valuable technology that can make peer-to-peer sharing more convenient and facilitate frictionless rentals for power owners.

"The acquisition of Wheelz brings new talent, technology and resources that bring us even closer to our companies' shared goal of having a car within a 10-minute walk for at least 100 million Americans by the end of 2015," said Andre Haddad, CEO of RelayRides. "Given our mutual vision to revolutionize personal mobility, we are well positioned to immediately enhance our members' experience and turbo-charge the growth of peer-to-peer car sharing."

Since its founding in 2011, Wheelz has been a technology leader in the P2P car sharing industry. Its proprietary DriveBox™ technology allows renters to reserve, find, and unlock a car in minutes all from a smartphone, without having to meet with the owner in person.  Wheelz first introduced its service on college and university campuses throughout California before expanding to the urban centers of San Francisco and Los Angeles

"I am proud of what the Wheelz team has accomplished over the last two years. This acquisition is a critical step toward realizing our collective vision," said Jeff Miller, CEO of Wheelz.  "The combined company is stronger than ever and well positioned to bring a better, more economical transportation solution to people across the country."

The deal builds upon RelayRides' notable momentum during the past year. Since its national launch in 2012, the company's peer-to-peer marketplace has grown rapidly to serve tens of thousands of members using thousands of cars in more than 1,500 cities in all 50 states. Rental reservation volume increased 500 percent, and active vehicle listings have grown 530 percent to include more than 500 unique makes and models of cars and trucks. 

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