HyreCar Inc., a downtown Los Angeles-based company allowing prospective ride-share drivers to temporarily lease vehicles from dealerships, announced Nov. 8 its third-quarter revenue grew 224 percent to $2.7 million over last year.
At the close of 2017’s third quarter, HyreCar reported $0.8 million in revenue.
That said, HyreCar’s net loss increased by 38 percent to $1.8 million from third quarter 2017.
The third quarter report indicated HyreCar’s rental days grew 136 percent to 105,261 over 2017, and that the firm boosted its pool of drivers 32 percent to 2,424 in the third quarter compared to 1,836 in the second quarter.
“HyreCar currently generates more than 30,000 new driver leads per month, representing an immense growth opportunity as we continue to scale and bring institutional vehicle supply online. We are continuing our steady pace of operational execution throughout all areas of our business,” said HyreCar Chief Executive Joe Funari.
HyreCar filed a $14.5 million initial public offering in June, and in July it partnered with a Cambridge, Mass., vehicle auction platform which granted it access to independent car dealerships in 34 states.
“As automotive dealers are faced with more change and uncertainty than at any point in their existence, the incentive to list vehicles on the HyreCar platform and participate in the exciting mobility as a service industry is greater than ever before. This represents a significant opportunity in our goal to gain critical mass in the marketplace,” Funari said.
Tech reporter Samson Amore can be reached at firstname.lastname@example.org or (323) 556-8335. Follow him on Twitter @samsonamore.
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