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AmeriDrive begins purchasing vehicles for HyreCar platform
AmeriDrive plans to increase its fleet by more than 6,000 vehicles
Mobility-as-a-service company AmeriDrive Holdings has begun purchasing vehicles to list on the HyreCar platform following the September closing of a $100 million revolving asset-backed line of credit provided by Credit Suisse.
Miami-based AmeriDrive has purchased an unspecified “initial portion” of vehicles from one of the top three rental car companies — Avis Budget Group, Enterprise Holdings or Hertz Global Holdings — to list on the HyreCar platform. Vehicles in the initial purchase are expected to be available by November 1.
Looking ahead, AmeriDrive expects to add 800 to 1,000 vehicles to new and current markets by the end of the year and an additional 1,500 vehicles in the next 6 months, according to a HyreCar release. The purchase is the first since the $100 million line of credit was extended.
AmeriDrive plans to increase its fleet by 6,000 to 7,000 vehicles over the next 18 months, which would fully leverage the warehouse line, HyreCar Chief Financial Officer Serge De Bock said last month on an investor call.
“AmeriDrive has put significant resources into sourcing vehicles in what has been a tight secondary market,” Carlos Hernandez, chief executive at AmeriDrive, said in a statement. “We see this agreement with our national rental car partner as the first in a series of purchases we plan to pursue.”
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