Kyte, which billed itself as the ‘best competitor to Hertz,’ shuts down

Kyte, a startup that positioned itself as a competitor to major car rental companies like Hertz, has abruptly shut down. The company, which allowed customers to rent vehicles through a mobile app, has entered into receivership after selling its customer list to Turo, a peer-to-peer car sharing platform. The closure of Kyte comes as a surprise, as the startup had been hailed as a promising challenger to traditional car rental giants. However, the company struggled to gain traction and ultimately was unable to sustain its operations. The sale of Kyte's customer list to Turo suggests that the startup was unable to find a viable path forward, either through continued operations or a merger or acquisition. The shutdown highlights the challenges faced by startups in the highly competitive car rental industry, where established players have significant advantages in terms of scale, infrastructure, and brand recognition.