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Toyota Financial Tests Ridesharing Waters

Toyota Financial Services and Launch Mobility will collaborate to develop a product that will make off-lease units available to rideshare drivers as short-term rentals.

by Staff

November 15, 2017

1 min to read

PLANO, Texas — Toyota Financial Services has announced a partnership with Launch Mobility, a developer of shared mobility solutions. The companies intend to develop a product that will make previously leased vehicles available for short-term rentals to rideshare drivers.

“We are uniquely positioned to meet the needs of drivers who are interested in ridesharing but lack an appropriate vehicle,” said Mike Groff, president and CEO of Toyota Financial Services. “TFS has the off-lease vehicles, Launch Mobility has the technology, and Toyota dealers have the geographic presence and unparalleled vehicle servicing capabilities.”

Paul Hirsch, CEO of Launch Mobility, added, “With its commitment to innovation, Toyota Financial Services is a great partner for our robust and flexible solution that enables clients to quickly launch, experiment, and scale in the mobility services space.”

The companies are developing a pilot with the intent to deploy in select markets by the end of the calendar year.

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