HyreCar Launches HyreCar Select Program to Increase Volume and Diversity of Car Supply
HyreCar Select unlocks new makes and models and is expected to increase quantity and diversity of EV and ICE cars available for rent on the carsharing platform
News provided byHYRECAR
Jan 24, 2023, 7:15 AM ET
LOS ANGELES, Jan. 24, 2023 (GLOBE NEWSWIRE) -- HyreCar Inc. (NASDAQ: HYRE), the carsharing marketplace for ridesharing and food and package delivery services, today announced the launch of HyreCar Select, a program where existing and new owners can list and rent higher-value cars through the platform. Previously, vehicle owners on the HyreCar platform were limited to listing standard vehicle offerings such as the Toyota Prius, Nissan Altima, and Hyundai Elantra.
While car prices have started to soften, used vehicle values increased by 88% during the pandemic with the higher values disqualifying many newer, desirable vehicles from being listed on the platform. With the launch of HyreCar Select, owners with diversified fleets will now be able to list a greater share of their overall inventory and benefit from gig drivers looking for newer or premium vehicles.
HyreCar Select complements the company’s focus on increasing electric vehicle (EV) supply by providing its drivers and owners access to more EV options while actively reducing carbon emissions in partnership with rideshare and delivery companies. HyreCar Select now allows more EVs, which are typically higher-value cars, to be added to the marketplace.
“Our owner community and drivers have consistently voiced their desire for more makes and models on the platform. With HyreCar Select, we are now able to provide owners with an opportunity to monetize and expand their fleets through a single platform while giving drivers access to cars with greater earning potential,” said Eduardo Iniguez, Chief Financial Officer and Interim CEO. “We expect HyreCar Select to improve marketplace quality and attract a more diverse driver base while exponentially increasing overall vehicle supply and utilization.”
The program is being launched concurrently with new risk-mitigation initiatives that allow the company to better identify and qualify drivers at the point of registration as well as based on platform behavior and rental history. Eligibility for HyreCar Select vehicles will be limited to those drivers who qualify based on set criteria.
The program will launch in California and Georgia followed by additional states in the coming weeks. Interested existing and new owners should reach out to their account managers to learn more. Drivers interested in renting HyreCar Select vehicles should contact Customer Success to learn more about how to qualify.
HyreCar Inc. (NASDAQ: HYRE) is a national carsharing marketplace for ridesharing, food, and package delivery via its proprietary technology platform. The company has established a leading presence in Mobility as a Service (MaaS) through individual vehicle owners, dealers, rental agencies, and OEMs that wish to participate in new mobility trends. By providing a unique opportunity through a 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.
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