HyreCar, Inc. (NASDAQ:HYRE) was founded on November 24, 2014 and is headquartered in Los Angeles, California. It is a unique P2P (peer-to-peer) car sharing market platform that allows car owners to rent out their idle cars Provide ride- hailing services and real-time shared economy services to drivers of online car- hailing (such as Uber , Lyft, etc.).
HyreCar Inc. (HYRE):
HyreCar Inc. is a Delaware company incorporated on November 24, 2014. The founders of the company discovered that they needed a car sharing platform to serve those who want to drive such as Uber Technologies, Inc. (“Uber” ) And Lyft Inc. (“Lyft”) and other ride-sharing companies (online ride-hailing platforms) whose cars cannot meet the standards imposed by these ride-sharing companies. For example, Uber has strict rules on the types of cars drivers can use.
Although these online ride-hailing platforms may have different requirements in different states, in general, two-door cars, motorcycles, and cars older than 12 years cannot be used. Before deciding to purchase a qualified car that complies with Uber’s strict guidelines, the founder of HyreCar first consulted if Uber had any rental options that would allow them to drive Uber’s online car-hailing. To his surprise, there were no rental options to choose from. , Except for individuals who rent cars to each other in the shadow industry. Based on this, HyreCar Inc. was created to provide person-to-person car rental services.
HyreCar is a unique peer-to-peer car-sharing market, which allows car owners to rent their idle cars to online car-hailing services when they crash. By conveniently obtaining vehicles from various owners, part-time drivers can easily enter and exit the online car-hailing market. Therefore, HyreCar’s business model provides it with an opportunity to meet the fluctuating transportation needs of cities in the United States by matching owners and drivers.
HyreCar’s business is based on a proprietary car-sharing market, which is developed to (i) register owners and drivers, (ii) facilitate the matching of owners and drivers, and (iii) log-in rental activities for owners and drivers. All transactions related to leasing (including but not limited to background checks, rent, deposits and insurance costs) are run safely through the HyreCar platform. Both drivers and car owners can view relevant data through the platform. Drivers can easily start, terminate or extend the rental period through the platform, while car owners can manage their cars (or fleets) through the platform.
So far, most of HyreCar’s sales growth has been achieved through organic search traffic. In the three months ended March 31, 2018, HyreCar spent $407,538 on advertising. In the years ended December 31, 2017 and 2016, the company spent $433,506 and $123,479 on marketing, respectively. Going forward, HyreCar intends to significantly increase marketing expenditures because the company believes that online channels and offline brand awareness advertising will provide huge opportunities for growth.
HyreCar Inc. (HYRE) investment:
HyreCar, Inc. (NASDAQ:HYRE) submitted its IPO prospectus on 5/23/2018, and listed on NASDAQ on 6/27/2018. The issue price was US$5.00, 2.5 million shares were issued, and US$12.5 million was raised.