All-time monthly rental day record of 79,000 days in May and weekly rental days approached prior high of 20,000 in early June; Company expects to approach cash breakeven in the second half of 2020 with the new insurance program
HyreCar Inc. (NASDAQ: HYRE), the carsharing marketplace for ridesharing and delivery, today provided a corporate update and announced the completion of a new auto insurance program with Lloyd’s Apollo 1969 syndicate.
"We are very happy that our weekly rental days have now quickly rebounded to over 19,500, putting us back to pre-Covid 19 growth, and we set a new all-time high month with over 79,000 days in May." said Joe Furnari, Chief Executive Officer of HyreCar. "We believe this is because our business model and platform allowed us to leverage new opportunities within this crisis and create a larger market with ridesharing and delivery. As states reopen we should continue to see steady revenue growth in the second half of 2020."
HyreCar also just completed moving its primary and excess automobile insurance liability programs over to Lloyd’s Apollo 1969 syndicate, a leading insurance provider in the gig economy that provides insurance to many of the top companies in rideshare transportation and food delivery. Hyrecar’s new insurance program was issued by Assurant, with the backing of Apollo 1969.
"We are excited to partner with Apollo 1969 to provide the very best insurance programs for our car owners and drivers, an important part of our value proposition," said Scott Brogi, Chief Financial Officer of HyreCar. "Apollo is the clear leader with the most relationships in the gig economy space for ride-sharing and delivery, and working with them should significantly improve our cash flow going forward and allow us to operate at a more cash neutral basis and grow cash on the balance sheet for the remainder of 2020."
"We are excited to partner with HyreCar to provide insurance solutions that support their continued growth in an ever-expanding marketplace," said Christopher Moore, Head of ibott at Apollo 1969 of Lloyd’s. "We believe that both companies will benefit from our goal to provide flexible insurance solutions to innovative growing companies."
Weekly Rental Days Update
Weekly Rental Days
HyreCar Inc. (NASDAQ: HYRE) is a nationwide leader operating a carsharing marketplace for ridesharing and food and package delivery nationwide via its proprietary technology platform. The Company has established a leading presence in Transportation as a Service (TaaS) through individual vehicle owners, dealers and OEM’s, who have been disrupted by automotive asset sharing. By providing a unique opportunity through our safe, secure, and reliable marketplace, HyreCar is transforming the industry by empowering all to profit from TaaS. For more information please visit HyreCar.com.
The Apollo Syndicate 1969 has a history of innovation and this stems from one of the original investors; Neil Armstrong, the first man to walk on the Moon. The Syndicate number of 1969 was selected to celebrate his amazing achievement. Apollo has established a dedicated team focussed on insuring new sharing economy and future mobility. Under their ibott brand ("insuring the business of tomorrow today"), they seek to partner with insured’s that truly have an affinity for risk management and want to partner with insurers to create future proof insurance solutions to enable sustainable growth for their companies.
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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Chief Financial Officer