DriveItAway Acquires Whip Assets, Cuts Ties With HyreCar
DriveItAway, which provide dealers with the tools they need to offer subscription car services for Lyft and Uber drivers, today acquired the technology and assets of Whip. Whip offers subscription-service infrastructure management to car dealerships and fleet owners. Terms of the deal were not disclosed.
DriveItAway also said that it is cutting ties with HyreCar, a peer-to-peer carsharing service that lets car owners rent their idle vehicles to rideshare drivers. The two companies had entered into a partnership over the summer.
DriveItAway Chief Executive John Possumato told Auto Finance News that ending the HyreCar relationship was made so that the company could focus on working with dealers. “When [Whip] reached out to me it turned out it has a business model that’s more consistent with the goals I have,” Possumato said. The alliance with HyreCar “worked out well, but it wasn’t specifically focused on the dealer,” Possumato said.
The Whip technology team, led by Adam Potash, will join DriveItAway.
DriveItAway is interested in partnerships with lenders to take the company “to the next level,” Possumato said, noting the company is looking to partner with Westlake Financial Services to fund its wholesale vehicles. Westlake did not immediately respond a request for comment.
