DropCar Provides Update on Consumer Self-Park Conversion
September 06 2018 - 7:00AM
DropCar, Inc. (NASDAQ:DCAR), a leading provider of app-based
mobility services and logistics for both automotive business
providers and consumers, today provided an update on the progress
of the conversion from its previous consumer-focused “STEVE” valet
parking program to the higher-margin self-parking initiative with
optional valet service.
According to DropCar CEO Spencer Richardson, “Since announcing
last month that, on September 1, 2018, we would begin offering
substantially discounted monthly parking at selected garage
facilities in New York City, whereby vehicle owners can save
upwards of 50% on the cost of parking, we’ve pre-sold over 700
spots through August 31, 2018. Focusing exclusively on our existing
consumer subscriber base this past month, we’ve converted just over
50% of our loyal subscribers so far. We will now be expanding
our local marketing efforts to the general public in the metro New
York area to increase potential volume.”
A recent article in Crain’s New York indicated that, according
to the Metropolitan Parking Association, an industry trade group,
over the past year and a half Manhattan garages have experienced a
10% decrease in the number of “transient units” - cars that park by
the day or hour. Those cars make up the bulk of business at
commercial parking lots.
“Garage owners are facing an array of new challenges which has
resulted in our working in partnership with a growing number of
garage owners throughout the New York City and Brooklyn markets to
help them fill their excess capacity. We currently have many
additional spaces available that are conveniently located
throughout Manhattan, Brooklyn and the Bronx and we fully expect
the number of parking spaces and coverage area to expand
significantly over the coming months as garage owners look to
counter increases in unused inventory” stated David Newman,
DropCar’s Chief Business Development Officer.
“In addition to saving money and time on parking, vehicle owners
can still take advantage of DropCar’s door-to-door service by
accessing the “WILL” valet and concierge service and arrange for
convenient vehicle pick-up and drop-off, available for only $19.00
an hour,” Newman concluded.
Download the DropCar in the App Store (IOS) or Google Play
(Android) and tap “Monthly Subscription” in the navigation menu to
see parking garage availability and to secure a space.
About DropCar
Founded and launched in New York City in 2015, DropCar’s mission
is to power the next generation of mobility by bringing the
automotive industry’s products and services to everyone’s front
door. DropCar’s core Vehicle Assistance & Logistics
(“VAL”) platform, and integrated mobile apps help consumers and
automotive-related companies reduce the cost, hassles and
inefficiencies of owning a car, or fleet of cars, in urban centers.
Consumers use DropCar’s mobile app to ease the cost and stress of
owning a car in the city. Dealerships, fleet owners, 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 https://drop.car/
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.
Investor Contact:
Spencer Richardson
Chief Executive Officer
646.919.4890
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