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    9984   JP3436100006

SOFTBANK GROUP CORP.

(9984)
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SoftBank : Getaround car sharing company settles with Washington, D.C. for $950,000

07/23/2021 | 03:08pm EDT

WASHINGTON, July 23 (Reuters) - Getaround Inc will pay $950,000 to Washington, D.C. and revise its business practices after allegations that it misrepresented the benefits and nature of its car sharing services and failed to pay city sales taxes, officials said on Friday.

The Softbank-backed San Francisco-based online company had operated without a license in the U.S capital, District of Columbia Attorney General Karl Racine said in a statement.

Getaround will pay restitution to car owners who experienced theft or damage to vehicles listed on its site, Racine said.

Customers can use Getaround to rent vehicles by the hour or day from individual owners who make vehicles available through Getaround.

The settlement resolves "what amounts to Getaround paying a tax bill it never disputed," Getaround said in a statement. The company added that "as soon as Getaround was notified of security issues affecting certain cars in the District, the company took immediate corrective action."

Car sharing services in Washington are subject to a 10.25% sales tax.

"Gig economy companies must abide by the same rules as their brick-and-mortar counterparts," Racine said. "They must provide clear and accurate information to consumers, especially about the safety of their services, and they must pay their fair share of taxes like everyone else does."

Racine's office began investigating Getaround in 2020 after it received reports of increased thefts of cars listed on Getaround.

The settlement resolves allegations Getaround misled consumers "by using phony owner profiles for fleet cars actually owned by Getaround, Racine said.

In October, Getaround raised $140 million in additional venture capital funding. The company has raised nearly $600 million since it was founded in 2009 and in previous rounds was valued at more than $1.5 billion.

Getaround operates in over 100 U.S. cities and more than 850 cities worldwide. (Reporting by David Shepardson, Editing by Nick Zieminski and Grant McCool)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
SOFTBANK CORP. 3.49% 1584.5 End-of-day quote.22.54%
SOFTBANK GROUP CORP. 2.76% 6627 End-of-day quote.-17.76%
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Financials
Sales 2022 6 040 B 54 537 M 54 537 M
Net income 2022 1 310 B 11 826 M 11 826 M
Net Debt 2022 14 983 B 135 B 135 B
P/E ratio 2022 9,10x
Yield 2022 0,66%
Capitalization 11 353 B 103 B 103 B
EV / Sales 2022 4,36x
EV / Sales 2023 4,13x
Nbr of Employees 58 786
Free-Float 69,3%
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Number of Analysts 15
Last Close Price 6 627,00 JPY
Average target price 10 325,87 JPY
Spread / Average Target 55,8%
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Managers and Directors
Masayoshi Son Chairman & Executive President
Yoshimitsu Goto CFO, Director & Senior Managing Executive Officer
Raul Marcelo Claure Chief Operating Officer & Executive Vice President
Tim Mackey Chief Legal Officer & Group Compliance Officer
Masami Iijima Independent Outside Director
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