HyreCar Announces Strategic Partnership with PassTime to Launch Dealer-Focused Vehicle Tracking and Inventory Management Solution

September 19, 2018

LOS ANGELES--(BUSINESS WIRE)--Sep 19, 2018--HyreCar (Nasdaq: HYRE), the carsharing marketplace for ridesharing, through its alliance with DriveItAway and its dealer-focused shared mobility mission, announces a strategic partnership with PassTime, a leading provider of GPS Solutions. This partnership offers advanced vehicle asset tracking and management to car dealers and fleet owners who are leveraging Mobility as a Service (MaaS) through the HyreCar platform.

HyreCar is the first platform to enable automotive retailers with a turnkey, cost effective tool allowing dealers to easily enter and learn the MaaS business. This gives dealers the opportunity to profit from the growing need for vehicles of rideshare drivers, while simultaneously giving rideshare drivers a “Path to Ownership” for a vehicle purchase. DriveItAway’s “Drive for Your Down Payment” program provides ridesharing drivers the ability to earn a down payment for their vehicle through driving for ridesharing services like Uber and Lyft, through dealer rentals.

“As we see an increasing demand in the ‘Path to Ownership’ program through our partnership with DriveItAway, it became clear that our dealer partners needed access to a more comprehensive MaaS solution with asset tracking and management,” said Joe Furnari, CEO of HyreCar. “As one of the leaders in telematics for over 25 years, PassTime was a natural fit to give our dealers the leveraged advantage that they need to maximize opportunities in this space.”

“PassTime is excited to enter the emerging Shared Mobility market through its strategic partnership with DriveItAway and HyreCar,” says Kevin Carr, VP of Financial Service at PassTime. “We look forward to providing dealers with a turnkey solution, leading the way through the application of our telematics innovations.”

PassTime has set up a special-order portal for DriveItAway - HyreCar dealers to procure vehicle telematics units, and will be integrating all of the PassTime telematics services within its dealer focused vehicle administration platform for easy vehicle specific applications.

About PassTime

PassTime GPS has been in business for more than 25 years in the global transportation industry. Its wireless GPS telematics products are available for multiple sectors of the automotive industry including auto dealers, auto finance companies, auto leasing companies, insurance companies and fleet transportation providers. Its products are available in the USA, Canada, Europe, Latin America, Asia Pacific and the Middle East. The company designs, engineers, manufactures and distributes its own products and has more than 25 patents protecting its technology.

About HyreCar

HyreCar Inc. (Nasdaq: HYRE) is the carsharing marketplace for ridesharing through its proprietary technology platform. The Company is establishing a leading presence in Mobility as a Service (MaaS) through vehicle owners and institutions, such as dealers and OEMs, who have been disrupted by automotive asset sharing. HyreCar currently operates in 34 states and Washington, D.C. providing a unique revenue opportunity for both owners and drivers. By providing a safe, secure, and reliable marketplace, HyreCar is transforming the industry – one driver, one vehicle, one road at a time. For more information, please visit  www.hyrecar.com.

Forward Looking Statements

Statements in this release concerning HyreCar Inc.’s (“HyreCar” or the “Company”) future expectations and plans, including, without limitation, HyreCar’s expectations regarding its strategic partnership with PassTime and DriveItAway, its ability to add and maintain additional car listings 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. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, as well as those risks more fully discussed in the section entitled “Risk Factors” in HyreCar’s prospectus, dated June 26, 2018, that was filed with the U.S. Securities and Exchange Commission under File No. 333-225157, as well as discussions of potential risks, uncertainties, and other important factors in HyreCar’s subsequent filings with the U.S. Securities and Exchange Commission. All such statements speak only as of the date made, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

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PUB: 09/19/2018 08:05 AM/DISC: 09/19/2018 08:05 AM


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