Generates Accelerating Car Supply and Higher Utilization Rates
LOS ANGELES–(BUSINESS WIRE)–HyreCar Inc. (NASDAQ: HYRE), the carsharing marketplace for ridesharing, today announced John Fitzgerald has been appointed Vice President of Dealer Initiatives, and Rav Karwal has been made Vice President of Inside Sales.
“Our commercial initiatives have begun to accelerate car supply in the key markets we’re focused on,” said Joe Furnari, HyreCar CEO. Mr. Furnari added, “Dealers are great providers of car supply for our platform, who provide higher utilization rates for their vehicles which in turn drives increases in rental days and higher revenue that we have recently announced that we are experiencing.”
This continues the work that HyreCar began in the summer of 2019 to expand its commercial and dealership initiatives to accelerate car supply for ridesharing drivers. Mr. Fitzgerald has been leading the team nationally since July of 2019, and Mr. Karwal recently joined the team.
Mr. Fitzgerald brings over 20 years of automotive dealer sales and management experience to HyreCar, leading teams across major automotive brands including CarSaver at Walmart, Edmunds and AutoNation. As an innovative sales leader, Fitzgerald is well known in the independent and franchise dealer markets which are a key entry point for building relationships with these vehicle suppliers.
Mr. Karwal is an entrepreneurial executive with a successful track record leading revenue, sales, and other go-to-market strategies at early to later-stage ventures, including HGM, Apprion, and Scholast iSoft. During his time working with portfolio companies in Private Equity and as a Cofounder of two start-ups, Mr. Karwal consistently drove exponential revenue growth across numerous industry sectors.
“John’s experience in the dealer and OEM markets pairs well with Rav’s experience as an emerging growth company sales executive,” said Mike Furnari, HyreCar’s Chief Business Development Officer. “We believe this new sales dynamic should shrink the gap between car supply and demand and creates an optimal combination to increase the volume of rental transactions on the platform through 2020.”
HyreCar Inc. (NASDAQ: HYRE) is a nationwide leader operating a carsharing marketplace for ridesharing in all 50 states and the District of Columbia via its proprietary technology platform. The Company has established a leading presence in Transportation as a Service (TaaS) through individual vehicle owners, dealers and OEM’s, who have been disrupted by automotive asset sharing. By providing a unique opportunity through our safe, secure, and reliable marketplace, HyreCar is transforming the industry by empowering all to profit from TaaS. For more information please visit hyrecar.com.
Statements in this release concerning HyreCar Inc.’s (“HyreCar” or the “Company”) future expectations and plans, including, without limitation, HyreCar’s future earnings, partnerships and technology solutions, its ability to add and maintain additional car listings on its platform from car dealers, and consumer demand for cars to be used for ridesharing, may constitute forward-looking statements for the purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995 and other federal securities laws and are subject to substantial risks, uncertainties and assumptions. You should not place reliance on these forward-looking statements, which include words such as “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project” or similar terms, variations of such terms or the negative of those terms. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee such outcomes. HyreCar may not realize its expectations, and its beliefs may not prove correct. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including, without limitation, market conditions and the factors described in the section entitled “Risk Factors” in HyreCar’s most recent Annual Report on Form 10-K and HyreCar’s other filings made with the U. S. Securities and Exchange Commission. All such statements speak only as of the date made. Consequently, forward-looking statements should be regarded solely as HyreCar’s current plans, estimates, and beliefs. Investors should not place undue reliance on forward-looking statements. HyreCar cannot guarantee future results, events, levels of activity, performance or achievements. HyreCar does not undertake and specifically declines any obligation to update, republish, or revise any forward-looking statements to reflect new information, future events or circumstances or to reflect the occurrences of unanticipated events, except as may be required by applicable law.