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Rental car startup Kyte has recently closed its doors after facing financial difficulties and selling its customer list to Turo. The company’s board of directors tried to secure financing to keep Kyte afloat, but ultimately made the decision to wind down the business.
Kyte, founded in 2019, offered on-demand rental cars delivered directly to customers’ homes. Despite raising over $300 million in financing and expanding to 14 markets, the company struggled to generate profit in key cities like Atlanta, Chicago, Boston, and Washington, D.C.
Unfortunately, Kyte is not the only player in the industry experiencing challenges. Getaround, a peer-to-peer vehicle rental service, also ceased its U.S. operations to focus on its European business. TrueCar founder Scott Painter also faced difficulties with his vehicle subscription business Autonomy in 2024.
The future of the car rental industry remains uncertain, with startups facing increasing competition and financial pressures.
