HyreCar Expands Car Dealership-Based Carsharing for Ridesharing “Path to Ownership” Program
LOS ANGELES–Aug. 14, 2018— HyreCar Inc. (Nasdaq: HYRE), the carsharing marketplace for ridesharing, announced today that it is expanding its unique car dealer focused “path to ownership” program with car dealerships in six cities throughout the United States, potentially adding upwards of 500 vehicles to the platform. Rideshare drivers are now able to rent and drive-to-own vehicles that are listed on the HyreCar platform by participating dealers.
HyreCar’s aim is to meet an overwhelming dealer demand to enter the mobility as a service (MaaS) industry throughout the U.S. The HyreCar-DriveItAway alliance is now executing a unique dealer program that gives participating dealers the opportunity to offer vehicles to new ridesharing drivers for temporary use, as a means to generate funds towards a down payment for vehicle ownership.
In cooperation with a national ridesharing company, HyreCar’s partner DriveItAway is installing customized sign-up kiosks inside participating dealerships, where potential rideshare drivers can apply to drive. Once approved, drivers can participate in the “Drive for your Down Payment” program. With this program, new driver candidates are provided a temporary vehicle by the dealership, through the HyreCar dealership platform, to raise money through rideshare driving, for a down payment to buy the vehicle of their choice, regardless of past credit history.
“The reception to our dealer enabling program has been overwhelming,” said Joe Furnari, Chief Executive Officer of HyreCar Inc. “As a result, we are mobilizing very quickly to meet dealer demand all over the United States. These dealer additions will help us meet the increasing demand for ridesharing-approved vehicles, while also adding additional vehicles to our growing platform.”
“We see this program as a win for everyone,” said Wayne Hileman, owner of Burlington Auto Group, one of the pilot dealers to launch this program. “We make money supplying temporary vehicles, and in the process, nurture a new customer to buy a vehicle. We are delighted to empower new rideshare drivers to purchase a vehicle through the ‘on-demand’ employment opportunity provided by the ridesharing company. Additionally the rideshare company gets a new, loyal driver, dedicated to building his or her own driving business.”
While Hileman’s stores are located in the Philadelphia area, HyreCar also recently signed on Sims Mitsubishi in the Cleveland area, 1st Place Auto Stores in the Dallas area, Don’s Auto Group in the greater New Orleans market, M & S Auto Sales in Atlanta and Benchmark Auto Sales in Asheville, North Carolina. Each dealer location will have a customized driver sign-up kiosk in their showroom, to actively promote the HyreCar program.
HyreCar Inc (Nasdaq: HYRE) is the carsharing marketplace for ridesharing through its proprietary technology platform. The Company is establishing a leading presence in Mobility as a Service (MaaS) through vehicle owners and institutions, such as dealers and OEM’s, who have been disrupted by automotive asset sharing. HyreCar currently operates in 34 states and Washington, D.C. providing a unique revenue opportunity for both owners and drivers. By providing a safe, secure, and reliable marketplace, HyreCar is transforming the industry – one driver, one vehicle, one road at a time. For more information, please visit www.hyrecar.com.
Forward Looking Statements
Statements in this release concerning HyreCar’s future expectations and plans, including without limitation, HyreCar’s expectations regarding HyreCar’s dealership program and the “Path to Ownership” program, 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 “believe,” “intend,” “may,” “potential” 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. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, as well as those risks more fully discussed in the section entitled “Risk Factors” in HyreCar’s prospectus, dated June 26, 2018, that was filed with the U.S. Securities and Exchange Commission under File No. 333-225157, as well as discussions of potential risks, uncertainties, and other important factors in HyreCar’s subsequent filings with the U.S. Securities and Exchange Commission. All such statements speak only as of the date made, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
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