LOS ANGELES--(BUSINESS WIRE)--HyreCar Inc. (NASDAQ: HYRE), the carsharing marketplace for ridesharing, today reported that it has significantly expanded its available car inventory by onboarding two large multi-location dealerships. These dealer partners have collectively added more than 200 cars already in the fourth quarter and they expect to collectively have more than 1,000 cars on the HyreCar marketplace soon, which would increase the cars available on HyreCar’s platform by approximately 50%. This is in addition to 700 new vehicles that were added to the platform in September. Growth in vehicle supply is critical as HyreCar dealers are experiencing utilization rates of 85% and higher, driving active daily rental days to new highs.
“One dealer partner has seven locations within HyreCar’s top market in the Southeastern United States. The other partner has scalable operations in three different states in a large southern market; precisely the type of dealer groups that can best benefit from our platform,” said Joe Furnari, HyreCar CEO. Mr. Furnari added, “Our ability to add this many vehicles in key markets from just two dealership groups validates our scalable marketplace solution and the need for HyreCar’s solution.”
HyreCar’s recent expansion to gain platform vehicles from major fleet and dealer partners was driven by the consistent growth of drivers that need a vehicle for new gig-economy opportunities. Henry Park, HyreCar’s Chief Operating Officer, stated, “Dealerships are an ideal partner since they possess brand recognition and proximity to our drivers at the local level. Additionally, HyreCar’s scalable platform enables our partners to enjoy immediate ROI from their standing inventory.”
HyreCar offers a national platform that is benefitting from the continued growth of rideshare and food/package delivery opportunities. According to Mr. Furnari, “Fleets and dealer groups with operations in multiple states and multiple locations benefit most from the HyreCar ecosystem. By partnering with HyreCar, dealers have a turn-key solution to optimize inventory utilization and participate in the incremental revenue opportunities that on-demand transportation trends offer today.”
HyreCar Inc. (NASDAQ: HYRE) is a nationwide leader operating a carsharing marketplace for ridesharing in all 50 States and Washington D.C. via its proprietary technology platform. The Company has established a leading presence in Mobility as a Service (MaaS) through individual vehicle owners, dealers and OEMs, who have been disrupted by automotive asset sharing. By providing a unique opportunity through our safe, secure, and reliable marketplace, HyreCar is transforming the industry by empowering all to profit from Mobility as a Service. For more information please visit hyrecar.com.
Statements in this release concerning HyreCar Inc.’s (“HyreCar” or the “Company”) future expectations and plans, including, without limitation, HyreCar’s future earnings, partnerships and technology solutions, its ability to add and maintain additional car listings on its platform from car dealers, and consumer demand for cars to be used for ridesharing, may constitute forward-looking statements for the purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995 and other federal securities laws and are subject to substantial risks, uncertainties and assumptions. You should not place reliance on these forward-looking statements, which include words such as “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project” or similar terms, variations of such terms or the negative of those terms. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee such outcomes. HyreCar may not realize its expectations, and its beliefs may not prove correct. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including, without limitation, market conditions and the factors described in the section entitled “Risk Factors” in HyreCar’s most recent Annual Report on Form 10-K and HyreCar’s other filings made with the U. S. Securities and Exchange Commission. All such statements speak only as of the date made. Consequently, forward-looking statements should be regarded solely as HyreCar’s current plans, estimates, and beliefs. Investors should not place undue reliance on forward-looking statements. HyreCar cannot guarantee future results, events, levels of activity, performance or achievements. HyreCar does not undertake and specifically declines any obligation to update, republish, or revise any forward-looking statements to reflect new information, future events or circumstances or to reflect the occurrences of unanticipated events, except as may be required by applicable law.