LOS ANGELES, Sept. 06, 2022 (GLOBE NEWSWIRE) — HyreCar Inc. (NASDAQ: HYRE), the leader in ridesharing and food/beverage delivery, today announced an agreement with a Leading Global Investment and Medalist Partners for a $100 Million Warehousing Line of Credit. The global investment bank will provide lead funding with Medalist Partners providing $20 million in additional funding. Under the agreement, HyreCar’s fleet operating partner, AmeriDrive Holdings, LLC, will use this facility to purchase vehicles for exclusive listing on the HyreCar platform through a remote joint venture in the event of bankruptcy. .
With this initial warehousing line, HyreCar expects AmeriDrive to add an additional 6,000 to 7,000 vehicles over the next 12 to 18 months to the HyreCar platform. These vehicles will serve as collateral under the facility. As previously reported, the company expects this line to begin a wider expansion of facilities into white label vehicle financing for HyreCar’s fleet operators.
“Although the HyreCar platform has consistently generated over 30,000 potential drivers each month, our bottleneck to growth has always been limited by car supply. This partnership with Medalist, together with a leading investment bank, is the start of the next chapter in HyreCar’s growth as we seek to address the chronic shortage of drivers and cars for ridesharing and ridesharing companies. delivery in North America,” said Joe Furnari, CEO. from HyreCar. “We continue to expect to be profitable at the threshold of 6,500 to 7,000 car rentals per day, and we believe that this agreement will allow us to exceed this number. As a reminder, every 10,000 rental cars active on the platform -form HyreCar accounts for approximately $100 million in run-time revenue.
“We are excited to provide asset-backed financing solutions to innovative companies in electric vehicles and alternative transportation,” said John Slonieski, director of private credit and partner at Medalist Partners. “We view the space as a multi-billion dollar opportunity and believe HyreCar is uniquely positioned to provide continued growth by enabling drivers in this space.”
HyreCar remains focused on responsible growth by expanding into new markets and aligning geographically with major ridesharing and delivery partners in the United States. The initial storage line reinforces HyreCar’s strategic partnership with AmeriDrive. This partnership includes exclusivity for AmeriDrive vehicles on the HyreCar platform which, in tandem with the line of credit, favorably positions both companies to achieve significant and rapid scale. The company believes the AmeriDrive collaboration is a model of how the HyreCar platform can remain asset light and not carry vehicles on its balance sheet even as it builds, integrates and manages future partnerships with fleet operators. Across the country.
Joe Furnari, CEO and Serge De Bock, CFO, will host a conference call at 4:30 p.m. ET on Wednesday, September 7, 2022. Following formal remarks from management, there will be a Q&A session.
To listen to the conference call, interested parties in the United States should dial 1-866-777-2509 (domestic) or 1-412-317-5413 (international). All callers should dial approximately 10 minutes prior to the scheduled start time and request to join the HyreCar Inc conference call. Participants can register for the conference call by going to https://dpregister.com/sreg/ 10170921/f45cb1a85d. Please note that registered participants will receive their call number upon registration.
The conference call will also be available via a live webcast accessible at https://event.choruscall.com/mediaframe/webcast.html?webcastid=L2YbspNf. The webcast replay will be available for three months and can be accessed via the links above.
HyreCar Inc. (NASDAQ: HYRE) is a nationwide car-sharing marketplace for ridesharing, food and package delivery through its proprietary technology platform. The company has established a leading presence in mobility as a service (MaaS) through individual vehicle owners, dealerships, rental agencies and OEMs who want to participate in new mobility trends . By providing a unique opportunity through our safe, secure and reliable marketplace, HyreCar is transforming the industry by enabling everyone to enjoy mobility as a service. For more information, visit hyrecar.com.
AmeriDrive is a mobility-as-a-service (MaaS) company with one of the largest private subscription fleets in North America and a multi-state presence. AmeriDrive serves big economy customers for rideshare and delivery car rentals using the HyreCar platform exclusively. AmeriDrive is expanding in the current markets it serves and opening new locations across the country. Learn more about AmeriDrive at www.ameridive.com.
The statements in this release regarding the expectations and future plans of HyreCar Inc. (“HyreCar” or the “Company”), including, without limitation, future revenues, partnerships and HyreCar technology solutions, its ability to add and maintain additional car listings on its car dealership platform and consumer demand for cars to be used for ridesharing, may constitute forward-looking statements for purposes of the safe harbor provisions under of 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 rely on these forward-looking statements, which include words such as “may”, “believe”, “anticipate”, “intend”, “estimate”, “expect”, “may ”, “continue”, “predict”, “potential”, “project” or similar terms, variations of these terms or the negative of these terms. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee such results. HyreCar may not achieve its expectations and its beliefs may not prove to be correct. Actual results may differ materially from those indicated by these forward-looking statements due to a variety of important factors, including, without limitation, market conditions and the factors described in the section titled “Risk Factors” in the latest report. annual report of HyreCar on Form 10-K and other documents filed by HyreCar with the United States Securities and Exchange Commission. All such statements speak only as of the date they were made. Accordingly, forward-looking statements should be viewed only 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 achievement. HyreCar does not undertake and specifically disclaims any obligation to update, republish or revise any forward-looking statements to reflect new information, future events or circumstances or to reflect the occurrence of unforeseen events, except as required by law. applicable so requires.
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