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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 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 […]

Uber and Lyft IPO Likely to Boost Subscription Services

With ridesharing giants Uber and Lyft establishing details of their plans for public offerings, companies that offer subscription services will likely see a boost, Mike Furnari, chief business development officer for HyreCar, told Auto Finance News. With Uber valued at $120 billion in an IPO, the ridesharing company is more prominent than some major OEMs, […]

HyreCar Executive to Present Innovation Trends at Auto Finance Summit 2018

Mike Furnari, chief business development officer of HyreCar, will give a presentation at the Auto Finance Summit on the impact of ridesharing and autonomous vehicles in the lending space. The session will take place in the Innovation Track on the second day of the summit — Thursday, October 25 at 4 p.m. at The Wynn, Las […]

Rental Company Seeks Rideshare Partnerships as Competition Mounts

HyreCar, a rental company targeting rideshare drivers, is using the proceeds from its $12.5 million initial public offering toward forging partnerships that will improve its marketing capabilities, Chief Executive Joe Furnari told Auto Finance News. However, analysts have spotted some red flags for the Los Angeles-based company, as net losses have outpaced revenue since its […]

HyreCar Files for IPO, Seeks to Sell 2M Shares

Car-sharing platform HyreCar is looking to go public, according to a filing with the Securities and Exchange Commission on Wednesday. HyreCar intends to offer 2 million shares, with an additional 300,000 set aside for underwriters, at $5 to $6 a piece. Network 1 Financial is currently the sole underwriter. As a peer-to-peer car-sharing marketplace, HyreCar allows car […]

VC Firm Poised to Invest in Mobility Startups by Yearend

Autotech Ventures, a venture capital firm that primarily invests in startups, will announce several investments in ground transportation companies within the next few months, Quin Garcia, managing director of the VC, told Auto Finance News. “We are actively looking at several companies across the ground transportation spectrum, but unfortunately cannot go into specifics beyond that,” […]

OEMs Blur Lines of Self-Driving Rideshare Ownership

Ford Motor Co. and Lyft — which is partially owned by General Motors Co. — have formed a new partnership to work together on self-driving vehicles the companies announced today, further blurring the lines of autonomous vehicle ownership between OEMs. The partnership involves a deployment of human-driven vehicles from Ford on Lyft’s network for testing, followed […]
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