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DropCar Provides Update on Consumer Self-Park Conversion

September 6, 2018

NEW YORK, Sept. 06, 2018 (GLOBE NEWSWIRE) -- DropCar, Inc. (NASDAQ:DCAR), a leading provider of app-based mobility services and logistics for both automotive business providers and consumers, today provided an update on the progress of the conversion from its previous consumer-focused “STEVE” valet parking program to the higher-margin self-parking initiative with optional valet service.

According to DropCar CEO Spencer Richardson, “Since announcing last month that, on September 1, 2018, we would begin offering substantially discounted monthly parking at selected garage facilities in New York City, whereby vehicle owners can save upwards of 50% on the cost of parking, we’ve pre-sold over 700 spots through August 31, 2018. Focusing exclusively on our existing consumer subscriber base this past month, we’ve converted just over 50% of our loyal subscribers so far. We will now be expanding our local marketing efforts to the general public in the metro New York area to increase potential volume.”

A recent article in Crain’s New York indicated that, according to the Metropolitan Parking Association, an industry trade group, over the past year and a half Manhattan garages have experienced a 10% decrease in the number of “transient units” - cars that park by the day or hour. Those cars make up the bulk of business at commercial parking lots.

“Garage owners are facing an array of new challenges which has resulted in our working in partnership with a growing number of garage owners throughout the New York City and Brooklyn markets to help them fill their excess capacity. We currently have many additional spaces available that are conveniently located throughout Manhattan, Brooklyn and the Bronx and we fully expect the number of parking spaces and coverage area to expand significantly over the coming months as garage owners look to counter increases in unused inventory” stated David Newman, DropCar’s Chief Business Development Officer.

“In addition to saving money and time on parking, vehicle owners can still take advantage of DropCar’s door-to-door service by accessing the “WILL” valet and concierge service and arrange for convenient vehicle pick-up and drop-off, available for only $19.00 an hour,” Newman concluded.

Download the DropCar in the App Store (IOS) or Google Play (Android) and tap “Monthly Subscription” in the navigation menu to see parking garage availability and to secure a space.

About DropCar

Founded and launched in New York City in 2015, DropCar’s mission is to power the next generation of mobility by bringing the automotive industry’s products and services to everyone’s front door. DropCar’s core Vehicle Assistance & Logistics (“VAL”) platform, and integrated mobile apps help consumers and automotive-related companies reduce the cost, hassles and inefficiencies of owning a car, or fleet of cars, in urban centers. Consumers use DropCar’s mobile app to ease the cost and stress of owning a car in the city. Dealerships, fleet owners, OEMs and shared mobility companies use DropCar’s enterprise platform to reduce costs, streamline logistics and deepen relationships with customers. More information is available at https://drop.car/ 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.

Investor Contact: Spencer Richardson Chief Executive Officer 646.919.4890 

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