DropCar Inc (NASDAQ: DCAR) is having an overwhelmingly strong start to the trading session this morning after the company announced that it has moved forward with expansion into a new city. Of course, the news led to excitement among investors, sending the stock screaming for the top. Today, we’ll talk about:
- The company’s expansion;
- what we’re seeing from DCAR as a result;
- and what we’ll be watching for ahead
DCAR Moves Into San Francisco
As mentioned above, DropCar is having an incredibly strong start to the trading session this morning after the company announced that it has expanded its audience. In a press release issued early this morning, the company announced that it has expanded to San Francisco, where its initial focus will be on vehicle movements and logistics for a Tier One car sharing partner.
In the release, DCAR said that it will be marketing its Enterprise Vehicle Assistance and Logistics platform to dealerships, rental companies and car sharing brands in San Francisco. The company’s services enable dealerships and other companies not only to increase revenue and reduce costs associated with service requests, but extends and expands their customer relationships beyond the showroom point of sale. In a statement, Spencer Richardson, Co-Founder and CEO at DCAR, had the following to offer:
Our logistics platform leverages mobile apps, cloud-based processing, artificial intelligence and a human workforce to help overcome the complex and costly challenges for anyone or any company who owns, drives, parks, services or manages a car or fleet of cars in San Francisco… Cars are breaking cities, but we believe our approach is a key part of the solution, and we’re thrilled to be bringing it to San Francisco.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to dig into the market is that the news causes moves. In this particular case, the news proved to be overwhelmingly positive. With the expansion into San Francisco, DropCar will expand its audience greatly, likely leading strong revenue and earnings growth ahead. So, it’s no surprise that investors are excited and sending the stock screaming for the top. At the moment (9:34), DCAR is trading at $1.68 per share after a gain of $0.17 per share or 11.23% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on DCAR. In particular, we’re interested in following the story surrounding the company’s expansion into San Franscisco as the expansion will likely prove to be a great value addition for the company and its shareholders. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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