HyreCar provides update on joint venture with AmeriDrive

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.