Carsharing marketplace HyreCar has partnered with Clutch Technologies, a software platform focused on subscription and mobility services under the Cox Automotive brand, the companies announced today.
The alliance allows HyreCar and Clutch to expand their services to their dealer networks “at scale,” HyreCar Chief Executive Joe Furnari said in a statement. With the partnership, dealerships currently using Clutch can directly connect with rideshare drivers on the HyreCar platform.
In turn, HyreCar’s dealers gain access to Clutch’s technology-based services and products, like pickup and delivery — all offerings are listed on Clutch’s website. Mercedes-Benz, Porsche and BMW are OEMs currently leveraging Clutch’s subscription platform, which serves 45 dealers across the U.S.
The joint venture has already secured its first client: AmeriDrive, a Miami-based car subscription service with an inventory of 579 vehicles. The subscription app, founded in 2018, operates in eight locations including South Florida, Austin, Texas, and Marietta, Ga., with an additional location in Jonesboro, Ga., coming soon, according to AmeriDrive’s website.
HyreCar is expected to release fourth-quarter results next month. According to the company’s preliminary results announced earlier this year, fourth-quarter revenues are expected to be between $4.6 million to $4.8 million, a roughly 40% to 45% potential increase, compared with revenue results from the prior-year period.
New drivers added to the platform rose 54% to 3,716 in the third quarter of 2019.
“In the same time period, new driver leads to the platform have grown to over 123,000 per quarter, with a new high of over 51,000 leads in September alone,” Furnari said during the company’s third-quarter earnings call in November 2019.
HyreCar’s stock (NYSE: HYRE) was trading at $2.83 per share at press time. The company has a market capitalization of $46.38 million.
