Kyte, a rental car startup, has ceased operations nearly a year after reducing staff and leaving most of its cities in the U.S. The company sold its customer list to Turo and subsequently entered receivership in California. Kyte fell behind on loans, leading to the repossession of its vehicle fleet by its top lender. Despite efforts by its board to find funding, Kyte could not secure financing, prompting a decision to wind down operations. Customers who had pre-booked trips reported delays in receiving refunds, with some successfully obtaining chargebacks through credit card companies.
Kyte has shut down nearly one year after slashing staff and exiting most of its cities in the United States. The company sold its customer list to Turo in July, which indicates significant operational struggles leading up to its closure.
Kyte's inability to secure financing after its board pursued various capital solutions led to the decision to wind down operations, despite initial efforts to restructure.
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