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Subprime Lender Builds Rent-to-Own Model for Rideshare Drivers

Subprime lender ACC Consumer Finance plans to launch a rent-to-own program in 60 to 90 days as it looks toward the carshare industry for new product opportunities. “The most seamless way this works is with dealers and with [carshare] companies,” said President and Chief Financial Officer Joseph Bova. “The dealership sets up a rental program, […]

HyreCar Speeds Driver Onboarding With New Mobile App

Carshare company HyreCar rolled out its mobile app last week, speeding verification time for new drivers and aiming to reduce fraud, Chief Operating Officer Henry Park told Auto Finance News.  Like HyreCar's website, the app enables users to rent cars or list their cars for rent. HyreCar’s decision to launch a mobile app is based […]

Lyft’s Losses, Dependence on Autonomous Overshadow IPO Filing

Rideshare giant Lyft filed its IPO prospectus on Friday. The company’s net losses and heavy reliance on autonomous vehicles is likely the biggest concern for investors, said Brian Allan, senior director of strategic partnerships at HyreCar. Lyft's net loss climbed to $911.3 million in 2018 from $688.3 million a year earlier, according to the filing. Lyft […]

HyreCar Scouts Insurance Options Amid Profit Growth

HyreCar is leveraging its 2018 growth to either reprice or onboard a new insurance provider this year, Chief Executive Joe Furnari, told Auto Finance News. The startup's growth in earnings, operations, and geographic expansion allows more room for negotiations as its insurance renewal date approaches in early April. “We’re coming up on that renewal date,” […]

HyreCar Exec Eyes Rideshare Opportunities Beyond ‘Just Moving People’

HyreCar’s new director of strategic partnerships is thinking about moving products, not just people, with its peer-to-peer carsharing service. HyreCar connects car owners with idle vehicles to rideshare drivers in need of cars. “There’s going to be a lot more growth in food delivery, in medical pharmaceutical delivery, recreational drug delivery, and packages that is […]

HyreCar Pursues Partnerships With Fleet Owners

HyreCar hopes to fix its inventory imbalance by redirecting its focus to large fleet owners from individual car owners, newly appointed Senior Director of Strategic Partnerships Brian Allan told Auto Finance News. Hyrecar is a peer-to-peer carsharing service that lets car owners rent their idle vehicles to rideshare drivers. There is still room for peer-to-peer, […]

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, […]

HyreCar Seeks More Dealer Partners Amid Inventory Imbalance

HyreCar, which announced earlier this month that it was expanding its service nationally, is facing a car inventory shortage, Chief Executive Joe Furnari told Auto Finance News. The car-share company added 32,000 drivers to its platform last month. Furnari said. However, he said, HyreCar has only about 720 cars available. There’s a “tremendous imbalance of drivers […]
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