DropCar is Heading to Washington D.C.
May 29 2018 - 7:00AM
DropCar Inc. (NASDAQ:DCAR), the provider of app-based mobility
services and logistics for automotive consumers and enterprises,
announced today it is expanding into Washington D.C. The initial
focus in the city will be on vehicle movements and logistics for an
existing Tier One car sharing partner.
In Washington D.C., DropCar will be marketing its Enterprise
Vehicle Assistance and Logistics (VAL) platform to auto
dealerships, car rental companies and car sharing brands. VAL is a
turnkey cloud-based system, with both mobile and web-based
interfaces, that dispatches professionally-trained and insured
drivers to pick up, deliver and return vehicles to/from
dealerships, between rental/sharing locations and to/from vehicle
consumers.
DropCar’s VAL service enables dealerships to not only increase
revenue and lower costs associated with service requests, but also
extends and expands their customer relationships beyond the
showroom point of sale. VAL enables fleet owners (such as car
rental companies, car sharing operators and OEM-sponsored vehicle
subscription programs) to efficiently and cost effectively ensure
the right vehicles are in the right place at the right time,
optimizing utilization and revenue.
“Our expansion into D.C. is the result of continued growth among
an existing Tier One car sharing partner, and provides a solid
foundation from which to further expand our B2B services and
ultimately launch our B2C model,” said Spencer Richardson,
co-founder and CEO of DropCar. “Together, these services can solve
a major pain point for consumers, unlock the potential of new
on-demand, subscription-based mobility services, and help flip
today’s dysfunctional relationship between cars and cities on its
head.”
DropCar will initially focus on car dealerships, car rental,
shared mobility and other automotive industry-related enterprises
as it builds out its staff of full-time employee drivers.
DropCar also plans to launch its consumer-facing services, which
remove the high cost and hassle of owning, parking and driving cars
in major urban centers like New York, San Francisco, and Washington
D.C. With DropCar’s “Steve” service, consumers’ cars are parked in
a secure, covered and 24-7 staffed location. The owner uses the app
to request the time, date and location for the car to be delivered
as well as picked up and returned to the garage. As an add-on,
DropCar can also perform fueling, maintenance, light repairs and
even licensing and registration tasks while the vehicle is under
its care. DropCar’s “Will” service dispatches a driver to meet a
customer at a location, like a restaurant or ballgame, wait with
the car and return it to the owner upon request from the mobile
app.
About DropCarFounded and launched in New York
City in 2015, DropCar (NASDAQ:DCAR) offers its Vehicle Support
Platform (VSP), a cloud-based platform and mobile app that help
consumers and automotive-related companies reduce the cost, hassles
and inefficiencies of owning a car, or fleet of cars, in urban
centers. Its technology platform blends the efficiency and scale of
cloud computing, machine learning and connected cars with the
high-touch of highly trained drivers to move cars to/from fully
staffed, secure garages to/from the people (or businesses) who own
them. Consumers use DropCar’s mobile app to ease the cost and
stress of owning a car in the city. Dealerships, leasing companies,
OEMs and shared mobility companies use DropCar’s enterprise
platform to reduce costs, streamline logistics and deepen
relationships with customers. More information is available at
www.dropcar.com.
Forward-Looking Statements
This press release contains “forward-looking statements” that
involve substantial risks and uncertainties for purposes of the
safe harbor provided by the Private Securities Litigation Reform
Act of 1995. All statements, other than statements of historical
facts, included in this press release regarding strategy, future
operations, future financial position, future revenue, projected
expenses, prospects, plans and objectives of management are
forward-looking statements. Such statements are based on
management’s current expectations and involve risks and
uncertainties. Actual results and performance could differ
materially from those projected in the forward-looking statements
as a result of many factors, including, without limitation, the
ability to project future cash utilization and reserves needed for
contingent future liabilities and business operations, the
availability of sufficient resources of the company to meet its
business objectives and operational requirements and the impact of
competitive products and services and technological changes. The
foregoing review of important factors that could cause actual
events to differ from expectations should not be construed as
exhaustive and should be read in conjunction with statements that
are included herein and elsewhere, including the risk factors under
the heading “Risk Factors” in DropCar’s filings with the Securities
and Exchange Commission. Except as required by applicable law,
DropCar undertakes no obligation to revise or update any
forward-looking statement, or to make any other forward-looking
statements, whether as a result of new information, future events
or otherwise.
Media Contact
John Williams, Scoville PR for DropCar
jwilliams@scovillepr.com (206) 660-5503
Investor Relations Contact
Daniel Gelbtuch, VP of Corporate Finance for DropCar
daniel@dropcar.com (917) 509-9582
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