The popular car rental service Car2Go announced it will cease operations across the U.S., Canada and three European cities, effective February 29, 2020.
Car2Go and its shareholders, Daimler AG and The BMW Group, cite the competitive ride-sharing market and rising costs as reasons for their decision to shutter the business.
Car2Go, which was recently renamed Share Now due to a merger between Car2Go and DriveNow, has been in business for nearly a decade.
Drivers can use Car2Go without a monthly plan or registration fee, making it one of the lowest cost options for on-demand car rentals currently in the market.
While operations will close in North America, London, Brussels and Florence, Car2Go will remain active in 18 remaining European cities.