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Expanded partnership will accelerate AmeriDrive's In-fleeting through the end of the year
LOS ANGELES, November 04, 2021--(BUSINESS WIRE)--HyreCar Inc. (NASDAQ: HYRE), the carsharing marketplace for ridesharing, food, and package delivery services, today announced an expanded strategic partnership to significantly increase car supply in key markets on the HyreCar platform. The formal partnerships include AmeriDrive Holdings, a leading automotive mobility fleet manager, and Cogent Bank’s Specialty Finance Group. Cogent has agreed to expand its lending capacity so that AmeriDrive can continue to build its fleet exclusively on the HyreCar platform. This fleet will include electric vehicles in key markets which builds on a strategic commitment of HyreCar to provide EV cars to rideshare and delivery drivers in the United States.
"HyreCar’s expanded relationship with AmeriDrive and Cogent Bank utilizes an established platform to help our partners grow their business," said Joe Furnari, CEO of HyreCar. "This expanded partnership will continue to fortify HyreCar’s ecosystem that serves the gig economy on a national scale and will help us meet our goals to add and utilize over 50,000 cars by 2025 on HyreCar’s platform."
"AmeriDrive is the number-one fleet in the United States focused on gig drivers," said Carlos Hernandez, CEO of AmeriDrive. "We are on track to scale the business into three new markets over the next four months as we further align with HyreCar’s growth objectives and obtain a vote of confidence from our banking partner at Cogent Bank."
"Working with the respective teams, our group created an innovative debt structure that provides the necessary working capital and certain vehicle acquisition support to help achieve success for all parties," added Michael Skat, Cogent Bank Executive Vice President of Specialty Finance. "We sincerely look forward to watching the progress made by these dynamic groups."
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 OEM’s that wish to participate in new mobility trends. By providing a unique opportunity through our 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.
About Cogent Bank
Cogent Bank is a state-chartered commercial bank with banking centers in Jacksonville, Orlando, Orange City, Tampa, Clearwater, and Fort Myers. The bank offers its clients a dedicated and experienced relationship management team with deep roots in the communities it serves. Offering robust lending and depository products, along with sophisticated treasury management services, Cogent Bank provides a unique value proposition to its clients through its high-touch, responsive approach to banking. For more information, visit cogentbank.net.
AmeriDrive is a (MaaS) mobility as a service company with one of the largest operational subscription fleet in North America with presences in multiple states that services both, regular commuters as well as gig-economic (rideshare) customers. AmeriDrive is in the process of opening more locations within the current markets it serves, as well as opening new markets across the country that are identified as market opportunities. Learn more about AmeriDrive at www.ameridrive.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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