HyreCar announced updates on progress of its joint venture with AmeriDrive and changes to its leadership team. On September 6, 2022, HyreCar closed a $100 million revolving line of credit with Credit Suisse and Medalist Partners for its fleet partner, AmeriDrive, to purchase cars for exclusive listing on HyreCar through a joint venture. Since October 19, 2022, the joint venture company has drawn $25 million on the line for the purchase of over 1,300 vehicles, with 1,000 vehicles already acquired. Over 200 net new cars have been in-fleeted with utilization approaching 70%. The balance of the vehicles, approximately 800, are expected to be in-fleeted within 60 days as they complete reconditioning and are moved to new markets.
Protect Your Portfolio Against Market Uncertainty
- Discover companies with rock-solid fundamentals in TipRanks' Smart Value Newsletter.
- Receive undervalued stocks, resilient to market uncertainty, delivered straight to your inbox.
Published first on TheFly
See the top stocks recommended by analysts >>
Read More on HYRE:
- HyreCar Focused on Sustainable Topline Growth and Profitability as In-fleeted and Net New Vehicle Counts Increase
- HyreCar Announces Financial Results and Highlights for the Third Quarter 2022
- HyreCar reports Q3 EPS (23c), consensus (19c)
- HyreCar to Report Third Quarter 2022 Financial Results and Provide Corporate Update
- HyreCar, Inc. Announces Participation in LD Micro Main Event XV Conference