LOS ANGELES –
HyreCar said its carsharing marketplace for ridesharing and delivery not only is back on a track the company enjoyed before the coronavirus pandemic arrived, but it’s also actually on a record-setting pace.
HyreCar also announced the completion of a new auto insurance program with Lloyd’s Apollo 1969 syndicate.
“We are very happy that our weekly rental days have now quickly rebounded to over 19,500, putting us back to pre-COVID-19 growth, and we set a new all-time high month with over 79,000 days in May,” HyreCar chief executive officer Joe Furnari said in a news release distributed on Tuesday.
“We believe this is because our business model and platform allowed us to leverage new opportunities within this crisis and create a larger market with ridesharing and delivery. As states reopen we should continue to see steady revenue growth in the second half of 2020,” Furnari continued.
HyreCar also just completed moving its primary and excess automobile insurance liability programs over to Lloyd’s Apollo 1969 syndicate, a leading insurance provider in the gig economy that provides insurance to many of the top companies in rideshare transportation and food delivery.
Hyrecar’s new insurance program was issued by Assurant, with the backing of Apollo 1969.
“We are excited to partner with Apollo 1969 to provide the very best insurance programs for our car owners and drivers, an important part of our value proposition,” HyreCar chief financial officer Scott Brogi said.
“Apollo is the clear leader with the most relationships in the gig economy space for ride-sharing and delivery, and working with them should significantly improve our cash flow going forward and allow us to operate at a more cash neutral basis and grow cash on the balance sheet for the remainder of 2020,” Brogi continued.
Christopher Moore, head of ibott at Apollo 1969 of Lloyd’s, added this perspective.
“We are excited to partner with HyreCar to provide insurance solutions that support their continued growth in an ever-expanding marketplace,” Moore said. “We believe that both companies will benefit from our goal to provide flexible insurance solutions to innovative growing companies.”
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Weekly Rental Days Update |
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|
Beginning Date |
Ending Date |
Weekly Rental Days |
||
|
12/30/19 |
01/05/20 |
16,912 |
||
|
01/06/20 |
01/12/20 |
16,995 |
||
|
01/13/20 |
01/19/20 |
17,156 |
||
|
01/20/20 |
01/26/20 |
17,271 |
||
|
01/27/20 |
02/02/20 |
17,447 |
||
|
02/03/20 |
02/09/20 |
17,804 |
||
|
02/10/20 |
02/16/20 |
17,923 |
||
|
02/17/20 |
02/23/20 |
18,352 |
||
|
02/24/20 |
03/01/20 |
19,942 |
||
|
03/02/20 |
03/08/20 |
20,071 |
||
|
03/09/20 |
03/15/20 |
19,580 |
||
|
03/16/20 |
03/22/20 |
16,280 |
||
|
03/23/20 |
03/29/20 |
14,319 |
||
|
03/30/20 |
04/05/20 |
14,141 |
||
|
04/06/20 |
04/12/20 |
14,602 |
||
|
04/13/20 |
04/19/20 |
15,800 |
||
|
04/20/20 |
04/26/20 |
15,961 |
||
|
04/27/20 |
05/03/20 |
16,808 |
||
|
05/04/20 |
05/10/20 |
17,293 |
||
|
05/11/20 |
05/17/20 |
17,776 |
||
|
05/18/20 |
05/24/20 |
18,317 |
||
|
05/25/20 |
05/31/20 |
18,553 |
||
|
06/01/20 |
06/07/20 |
19,247 |
||
|
06/08/20 |
06/14/20 |
19,587 |
||
Source: HyreCar