PLANO, Texas –

Toyota Financial Services (TFS) announced Wednesday a partnership with Launch Mobility to develop a product designed to make previously leased vehicles available for short-term rentals to rideshare drivers.

The companies are currently working on a pilot they expect to introduce to select markets by the end of the calendar year, according to TFS.

“We are uniquely positioned to meet the needs of drivers who are interested in ridesharing but lack an appropriate vehicle,” TFS president and chief executive officer Mike Groff said in a news release.

“TFS has the off-lease vehicles, Launch Mobility has the technology, and Toyota dealers have the geographic presence and unparalleled vehicle servicing capabilities.”

In addition to input from Toyota's network of dealers, TFS said development of the new product will include the use of resources across the Toyota organization such as its global Mobility Services Platform developed and operated by Toyota Connected.

“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,” added Paul Hirsch, chief executive officer of Launch Mobility.