AP NEWS

DropCar and STEER Tech Launch Autonomous Vehicle Partnership at CES

January 7, 2019

NEW YORK--(BUSINESS WIRE)--Jan 7, 2019--DropCar, Inc. (Nasdaq:DCAR), a leading provider of last mile logistics technology, mobility services and cloud based software for both the automotive industry and consumers, today announced that it is has entered into a partnership through a Memorandum of Understanding with autonomous vehicle and parking technology provider STEER Tech to integrate autonomous vehicle technology into DropCar’s Mobility Cloud platform.

DropCar CEO Spencer Richardson stated, “We are thrilled to partner with STEER. Together our goal is to provide fleet owners, dealers, car sharing solutions, OEMs, and retailers with a single destination to manage their current mobility programs using DropCar’s last mile logistics platform and safety drivers, while simultaneously leveraging autonomous capability to optimize their operations. It is a great stepping stone to a wider array of autonomous applications as they become mainstream. STEER brings that capability to activate and add an autonomous layer to our service.”

STEER Tech has created the first fully-autonomous parking technology to transform everyday cars into driverless vehicles that can valet themselves and self-park in designated lots. The technology provides level 4 automation for a range of other last mile functionalities that may add further excitement to the partnership.

“With STEER’s fully automated parking technology, DropCar is able to provide next level luxury to their consumers, lower parking accidents and scale a larger fleet owing to the added driverless capability. DropCar’s trusted logistics platform for tier-one mobility programs and large group of consumers that subscribe directly to their mobile app for parking & personal chauffeur services will all benefit from the STEER - DropCar partnership. Our technology can be a critical part of extending the value of these programs to include the benefits of fully autonomous vehicles in a stepwise manner,” noted STEER CEO Anuja Sonalker.

About DropCar

DropCar’s mission is to power the next generation of mobility by bringing automotive based products and services to everyone’s front door. DropCar’s core Mobility Cloud platform and driver network helps fleet owners, dealers, OEMs, retailers, and shared mobility companies manage their last mile logistics and launch new consumer services. DropCar’s consumer mobile app (on IOS & Android) helps busy urbanites reduce the overhead of owning a car in the city while unlocking its full potential, at the tap of a button.

Learn more at https://drop.car/.

About STEER Tech

STEER builds products that will massively enable autonomous features in mainstream vehicles, galvanize smart transportation and stop automotive cyber threats now and in the future. The first application from STEER is a fully automated driverless parking technology for cars that allows users to enjoy their experiences without having to worry about parking their cars. Combined with a growing network of service points, the technology activates an ecosystem of users and infrastructures that benefit from space and time efficiency, reduced costs, enhanced experiences and even new revenue.. The network ecosystem also offers deep insights and analytics that can further refine consumer experience. STEER is headquartered in Columbia, Maryland.

Learn more and see the technology in action at www.STEER-Tech.com.

Forward-Looking Statements

This press release contains “forward-looking statements” that involve substantial risks and uncertainties for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release regarding strategy, future operations, future financial position, future revenue, projected expenses, prospects, plans and objectives of management are forward-looking statements. Such statements are based on management’s current expectations and involve risks and uncertainties. Actual results and performance could differ materially from those projected in the forward-looking statements as a result of many factors, including, without limitation, the ability to project future cash utilization and reserves needed for contingent future liabilities and business operations, the availability of sufficient resources of the company to meet its business objectives and operational requirements and the impact of competitive products and services and technological changes. The foregoing review of important factors that could cause actual events to differ from expectations should not be construed as exhaustive and should be read in conjunction with statements that are included herein and elsewhere, including the risk factors under the heading “Risk Factors” in DropCar’s filings with the Securities and Exchange Commission. Except as required by applicable law, DropCar undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

View source version on businesswire.com:https://www.businesswire.com/news/home/20190107005320/en/

CONTACT: DropCar Business DevelopmentInquiries

David Newman

contact@DropCar.com

(646) 342-1595DropCar Media & Investor Relations

Spencer Richardson

ir@DropCar.com

(646) 916-4595STEER Business DevelopmentInquiries

Christina Roderick

partner@steer-tech.com

(240) 844-3577STEER Media & Investor Relations

Anuja Sonalker

media@steer-tech.com

(240) 844-3578

KEYWORD: UNITED STATES NORTH AMERICA NEW YORK

INDUSTRY KEYWORD: TECHNOLOGY SOFTWARE OTHER TECHNOLOGY TRANSPORT OTHER TRANSPORT LOGISTICS/SUPPLY CHAIN MANAGEMENT AUTOMOTIVE FLEET MANAGEMENT OTHER AUTOMOTIVE GENERAL AUTOMOTIVE

SOURCE: DropCar, Inc.

Copyright Business Wire 2019.

PUB: 01/07/2019 07:00 AM/DISC: 01/07/2019 07:01 AM

http://www.businesswire.com/news/home/20190107005320/en

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