LOS ANGELES, July 17, 2018 /PRNewswire/ -- Today, HyreCar Inc. (NASDAQ: HYRE) and DriveItAway announced a strategic partnership allowing automotive retailers across the United States to access a collaborative turnkey solution to generate additional revenue through Mobility as a Service and Shared Mobility/Subscriptions.
The Mobility as a Service market is expected to grow in the US to a $358.35 billion market by 2025, from a $38.6 billion in 2017. The HyreCar-DriveItAway partnership allows DriveItAway affiliated franchise and independent car dealers to immediately list their vehicles on the HyreCar platform, extending a new opportunity to dealers in 34 states plus Washington, D.C.
"Our program offers the best of everything, today, for a car dealer," says John F. Possumato, long time automotive retail industry veteran and founder and Chief Executive Officer of DriveItAway. "By providing a new, easily managed Shared Mobility department, our dealers are preparing for the "Mobility as a Service" future which will allow a quick and efficient way to create new scalable revenue streams. Most importantly, we are also introducing a new customer base for the store for vehicles sales and fixed operations. As a 'path to ownership' to our driver customers, we are enabling new buyers to the store, not 'poaching' current prospects in the market."
DriveItAway has positioned itself as a leader in dealership-focused shared mobility solutions. Possumato, through DriveItAway conceived and created the "Lyft Your Down Payment" program and the "Drive For Your Down Payment" program, where car dealers can implement a rental program for ridesharing drivers who want to raise money to buy a vehicle. These programs create a "path to ownership" which, in turn, leads to more vehicle sales and more fixed operations revenue for the store.
"This partnership underscores our mission to building roads to financial freedom," said Joe Furnari, Chief Executive Officer of HyreCar. "We are focused on creating strategic alliances that expand our supply of vehicles, which will provide us with the infrastructure to scale. We are excited to become the franchise solution for vehicle suppliers who want to tap into the growing mobility industry."
Automotive retailers and remarketers interested in maximizing revenue through shared mobility services can learn more at www.hyrecar.com/driveitaway.
Possumato adds, "HyreCar recognized the vital demand for carsharing for ridesharing and DriveItAway was the first company to recognize that automotive retailers, and the facilities and skills they have in place, are a critical part of shared mobility of the future. Over the last few months, we have been overwhelmed with dealer interest in our program all over the US. This partnership is a natural fit to enable all dealers throughout the nation to quickly onboard with a seamless turnkey solution."
HyreCar (NASDAQ: HYRE) actively operates in 34 states plus Washington, D.C. The carsharing marketplace for ridesharing was created to leverage technology and establish a presence in automotive asset sharing. Drivers and vehicle owners alike can utilize the platform to create an opportunity for themselves where one did not previously exist. By providing a safe, secure, and reliable marketplace, HyreCar helps both parties come together– one driver, one vehicle, one road at a time.
DriveItAway is the leading car dealer focused shared mobility company, enabling franchise and independent dealers to profit with new business opportunities in Mobility-as-a-Service. Its turn-key comprehensive, solutions driven program provides the software, insurance coverages and training to get your dealership up and running in this rapidly expanding area of the transportation business. DriveItAway is also the creator of "Lyft Your Down Payment" program and the "Drive For Your Down Payment" program, where car dealers can implement a rental program for ridesharing drivers who want to raise money to buy a vehicle, a "path to ownership" which, in turn, leads to more vehicle sales and more fixed operations revenue for the store.
Forward Looking Statements
Statements in this release concerning HyreCar's future expectations and plans, including without limitation, HyreCar's expectations regarding its strategic partnership with DriveItAway, its ability to add and maintain additional car listings 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 "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.
SOURCE HyreCar Inc.