Kyte shuts down after sinking $550+ million

Rental car company sputters? Kyte falls out of the sky? What kind of metaphor should I have used to describe the spectacular bust of a company once touted itself as the next Hertz?

As tempting as some NY Post wordplay could have been, the amount of cash that they burned through was just too large to not put in the title.

Oh well. Kyte is now floating its way to the great airport parking lot in the sky.

Source · Sean O'Kane, TechCrunch

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