HyreCar Announces Strategic Partnership with PassTime to Launch Dealer-Focused Vehicle Tracking & Inventory Management Solution
September 19 2018 - 8:05AM
Business Wire
HyreCar, through its alliance with DriveItAway,
Offers National Automotive Retailers a Customized Program to Track
and Control Vehicle Inventory in Shared Mobility
HyreCar (Nasdaq: HYRE), the carsharing marketplace for
ridesharing, through its alliance with DriveItAway and its
dealer-focused shared mobility mission, announces a strategic
partnership with PassTime, a leading provider of GPS Solutions.
This partnership offers advanced vehicle asset tracking and
management to car dealers and fleet owners who are leveraging
Mobility as a Service (MaaS) through the HyreCar platform.
HyreCar is the first platform to enable automotive retailers
with a turnkey, cost effective tool allowing dealers to easily
enter and learn the MaaS business. This gives dealers the
opportunity to profit from the growing need for vehicles of
rideshare drivers, while simultaneously giving rideshare drivers a
“Path to Ownership” for a vehicle purchase. DriveItAway’s “Drive
for Your Down Payment” program provides ridesharing drivers the
ability to earn a down payment for their vehicle through driving
for ridesharing services like Uber and Lyft, through dealer
rentals.
“As we see an increasing demand in the ‘Path to Ownership’
program through our partnership with DriveItAway, it became clear
that our dealer partners needed access to a more comprehensive MaaS
solution with asset tracking and management,” said Joe Furnari, CEO
of HyreCar. “As one of the leaders in telematics for over 25 years,
PassTime was a natural fit to give our dealers the leveraged
advantage that they need to maximize opportunities in this
space.”
“PassTime is excited to enter the emerging Shared Mobility
market through its strategic partnership with DriveItAway and
HyreCar,” says Kevin Carr, VP of Financial Service at PassTime. “We
look forward to providing dealers with a turnkey solution, leading
the way through the application of our telematics innovations.”
PassTime has set up a special-order portal for DriveItAway -
HyreCar dealers to procure vehicle telematics units, and will be
integrating all of the PassTime telematics services within its
dealer focused vehicle administration platform for easy vehicle
specific applications.
About PassTime
PassTime GPS has been in business for more than 25 years in the
global transportation industry. Its wireless GPS telematics
products are available for multiple sectors of the automotive
industry including auto dealers, auto finance companies, auto
leasing companies, insurance companies and fleet transportation
providers. Its products are available in the USA, Canada, Europe,
Latin America, Asia Pacific and the Middle East. The company
designs, engineers, manufactures and distributes its own products
and has more than 25 patents protecting its technology.
About HyreCar
HyreCar Inc. (Nasdaq: HYRE) is the carsharing marketplace for
ridesharing through its proprietary technology platform. The
Company is establishing a leading presence in Mobility as a Service
(MaaS) through vehicle owners and institutions, such as dealers and
OEMs, who have been disrupted by automotive asset sharing. HyreCar
currently operates in 34 states and Washington, D.C. providing a
unique revenue opportunity for both owners and drivers. By
providing a safe, secure, and reliable marketplace, HyreCar is
transforming the industry – one driver, one vehicle, one road at a
time. For more information, please visit www.hyrecar.com.
Forward Looking Statements
Statements in this release concerning HyreCar Inc.’s (“HyreCar”
or the “Company”) future expectations and plans, including, without
limitation, HyreCar’s expectations regarding its strategic
partnership with PassTime and 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
“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. 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.
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Contact:MZ Group - MZ North AmericaTed
HaberfieldPresidentHYRE@mzgroup.usWeb:
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