Partnership Increases Midway's Fleet Utilization and Addresses Rising Demand for Vehicles on the HyreCar Platform
HyreCar Inc. (NASDAQ:HYRE), the carsharing marketplace for ridesharing, food, and package delivery services, today announced a partnership with Midway Car Rental, Inc. HyreCar's innovative platform will increase utilization of Midway's inventory to take advantage of growing opportunities in commercial vehicle rentals.
Midway Rental Car, Inc. is the largest privately held rental car agency in Los Angeles and a part of the Hankey Group, with 8 rental locations in Southern California. The Hankey Group's interests include automotive, financial, technology, insurance, and real-estate enterprises and holds over $9.5 billion in assets.
"We have seen substantial growth in interest from rental agencies that are considering HyreCar's platform to increase fleet utilization," said Joe Furnari, HyreCar Chief Executive Officer. "We believe that significant opportunities will continue for vehicle rentals from food and package delivery drivers. For HyreCar, this will be incremental business as rideshare continues to recover."
"This partnership exemplifies our focus to provide innovative transportation solutions for almost any need at Midway. Our initial pilot program has proven successful with HyreCar and we intend to dedicate a larger portion of our inventory to meet the demand for Southern California," said Brett Lippel, president of Midway Auto, former TrueCar VP, as well as Enterprise Rent a Car executive. Mr. Lippel added, "Another benefit of the HyreCar partnership is that Midway can leverage the Hankey Group of companies to benefit from vehicle sales and financing for vehicle renters that eventually wish to become vehicle owners."