Carsharing marketplace Getaround and its HyreCar business are winding down their U.S. operations.

Getaround will continue to provide carsharing services in its European markets, the company said in a Tuesday (Feb. 11) press release.

“Despite significant improvements in overall profitability and extensive restructuring efforts, the company has faced an ongoing lack of liquidity which has made U.S. operations no longer viable,” AJ Lee, interim CEO and chief operating officer at Getaround, said in the release.

The company aims to streamline its operations and focus on its European business, which it said is the leading carsharing platform in the region.

Lee said in the release that the European business “continues to unlock efficiencies and scale as an innovative and category-defining player in car-sharing.”

Getaround launched in 2011 and, before the beginning of the wind-down, was available in more than 1,000 cities in eight countries, including the U.S. and Europe, per the release.

A message on the home page of HyreCar, which allowed customers to list their cars to be rented by rideshare and delivery service drivers, said: “We regret to inform our customers that rentals and extensions are unavailable at this time, due to changes in HyreCar’s insurance program. Please return your vehicle immediately.”

Most of the employees of Getaround’s U.S. business will separate as of Friday (Feb. 14), with others separating during or after the wind-down, which is expected to be substantially completed by the end of 2025, the company said in a filing with the Securities and Exchange Commission (SEC).

Lee will step down as CEO Friday, with Patricia Huerta, the company’s interim chief financial officer, taking on the additional role of acting CEO, the filing said.

Employees of Getaround’s European business will not be affected, per the filing.

Getaround reported in a November earnings release that its revenue in the quarter ended Sept. 30 was $22.4 million, down from $23.8 million a year earlier. The company attributed the decline primarily to its suspension of operations in New York earlier in 2024.

The company said in February 2024 that it was laying off 30% of its North American staff as part of a restructuring plan. Getaround said at the time that it would restructure its workforce and operations to reduce costs, align with the globalization of its business, lengthen its cash runway and accelerate its path to profitability.

Getaround acquired HyreCar in May 2023 in a move that added HyreCar’s car-sharing marketplace for ridesharing and food and package delivery services to Getaround’s car-sharing platform.

Getaround went public in May 2022 through a special purpose acquisition company (SPAC) deal with InterPrivate II Acquisition Corp., with a combined value of $1.2 billion.