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DropCar Provides Update on B2B Managed Services and SaaS Initiatives

September 13, 2018

NEW YORK, Sept. 13, 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 issued an update on the progress being made with its B2B managed services and SaaS efforts.

“Last week, we announced the positive results we have seen in our B2C business as we began shifting to our higher-margin consumer self-park program, which has the optional valet component for consumers. This transition has enabled us to accelerate our emphasis on building out our SaaS technology and B2B pipeline while reducing burn and growing positive margins,” stated DropCar CEO Spencer Richardson.

In 2016, DropCar ( www.dropcar.com ) launched its B2B managed services program by offering automotive partners mobility logistics services in New York and has since expanded its B2B managed services program to Washington, D.C, San Francisco and Los Angeles. In July 2018, DropCar announced it would start marketing a stand-alone SaaS product, Mobility Cloud, where clients who manage their own drivers and vehicle movements are charged a recurring monthly subscription fee to utilize DropCar’s vehicle assistance and logistical support platform.

In addition to supporting automotive dealers, who are finding their value proposition and profit centers shifting towards maintenance and service operations management, rather than traditional vehicle sales, the Mobility Cloud platform is also designed to be a plug-and-play system. The Mobility Cloud supports operations management and accountability for the rapidly multiplying wave of new businesses looking to develop new shared mobility models. According to a McKinsey&Company report, “the automotive revenue pool will significantly increase and diversify toward on-demand mobility services and data-driven services,” with an estimated $1.5 trillion contribution to industry revenues by 2030, up from a current estimate of $30 billion today.

According to David Newman, Chief Business Development Officer, “On the SaaS side, last month we commenced an aggressive outreach focused on automotive dealerships nationwide which we believe will start generating new paying accounts over the coming months. Meanwhile, we have seen strong interest continuing to build in our managed services pipeline which includes not only automotive dealers but car sharing programs, fleet management firms, car rental companies, corporate fleets for municipalities and other vehicle centric enterprises which include, but are not limited to, proposals for:

-- Multi-city rollout of comprehensive onboarding, vehicle movement and car maintenance services for a car sharing company; -- Movements for a pre-owned vehicle subscription program; -- Airport logistics for a major rental car company; and -- Fleet management services for a major U.S. city municipal vehicle fleet including car charging and car care.

Management believes that DropCar is ideally suited to resolve the broad spectrum of challenges facing these nationwide players in urban cities and has proven its expert logistical and technology capabilities for its growing roster of existing and potential B2B clients in key urban markets across the country.”

For more information about DropCar’s Managed Services or Mobility Cloud, contact Trevor Swaine, Vice President of Enterprise Sales, at trevor.swaine@dropcar.com or (860) 479-1361, or visit https://business.drop.car/ to set up a demo.

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. 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.

Contact Investor Relations ir@DropCar.com (646) 916-4595

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