Annualized rental days run rate increased from 920,000 in Q2 to now over 1,100,000 during Q3, as Car Supply and Driver Demand led by key emerging markets
LOS ANGELES--(BUSINESS WIRE)--Sep. 15, 2020--
HyreCar Inc. (NASDAQ: HYRE), the carsharing marketplace for ridesharing and delivery, today announced that HyreCar is on pace to exceed One Million rental days in 2020.
“As the economy starts to show signs of recovery, it is important that we move quickly to address the need for our rideshare and delivery drivers. Demand for vehicles in the South and Southwest states have been outpacing other larger states still recovering from COVID. This is resulting in more demand for vehicles in these specific states. One million rental days has always been one important target for this company and to be on track for this in 2020 is a positive sign for us,” said Joe Furnari, CEO, of HyreCar.
HyreCar surveys show that driver demand for rideshare and delivery continue to rebound in the Southwest faster than any other region of the US. Based on internal data, delivery services continue to be the largest use of vehicles with rideshare still growing but at a slower pace. Drivers are primarily using delivery services such as Postmates, Grubhub and UberEats for 70% of the time while in a rental. Interest in gig-economy vehicle rentals surged in July as over 20,000 + leads were captured on HyreCar’s website and mobile APP. Utilization for our vehicle partnerships continues to trend higher for most of HyreCar’s dealerships and car supply partners.
Close to 57% of HyreCar’s driver base is extending the rental beyond the initial rental terms
Over 42% of HyreCar drivers are driving over 40+ hours a week for Gig
Most drivers are driving for more than 3+ rideshare or delivery companies per week
HyreCar Inc. (NASDAQ: HYRE) is a nationwide leader operating a carsharing marketplace for ridesharing and food and package delivery nationwide via its proprietary technology platform. The Company has established a leading presence in Transportation as a Service (TaaS) through individual vehicle owners, dealers and OEM’s, 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 TaaS. 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.
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Chief Financial Officer
Source: HyreCar Inc.