DropCar Inc (NASDAQ: DCAR) is flying early on in the market this morning, and for good reason. The company announced that it has entered into yet another partnership, only expanding its footprint. Of course, the news excited investors, leading the stock on a run for the top. Today, we’ll talk about:
- The newly signed partnership;
- what we’re seeing from DCAR stock as a result; and
- what we’ll be watching for ahead.
DCAR Announces New Partnership
As mentioned above, DropCar is having an overwhelmingly strong start to the trading session this morning after announcing that it has entered into a new partnership. In a press release issued early this morning, the company announced that it has entered into an agreement with Volvo Cars Manhattan. Under the terms of the agreement, the dealership will use the Enterprise Vehicle Assistance & Logistics technology platform developed by DCAR in order to automate the pickup and delivery of customer vehicles for service and maintenance. In a statement, John Kaufman, Vice President of Volvo Cars Manhattan, had the following to offer:
Volvo Cars Manhattan is committed to offering our customers the best and most convenient options when it comes to car service… The VAL platform developed by DropCar helps our service teams give customers a smooth, high-quality experience that builds loyalty and trust.
In the release, DCAR pointed out that Volvo Cars Manhattan is just one in a growing list of dealers in the Tri-State area that have licensed the company’s VAL platform. This list includes Manhattan Motorcars, Jaguar Land Rover Manhattan, Lexus of Manhattan, Lexus of Queens, Mercedes Benz of Manhattan, Toyota of Manhattan and Queensboro Toyota.
In a statement, Spencer Richardson, CEO at DCAR, had the following to offer:
We are excited to bring our platform to the great team at Volvo Cars Manhattan… With the touch of a button, their customers will now be able to schedule maintenance, track progress, and build long-term relationships with their dealer service department.
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 the case of DropCar, the news proved to be overwhelmingly positive. After all, another tri-state licensee of the VAL platform means that the company will see more revenue growth. That’s always a good thing! So, it’s no surprise to see that excited investors are sending the stock screaming for the top. Of course, our partners at Trade Ideas were the first to alert us to the gains. At the moment (8:06), DCAR is trading at $1.68 per share after a gain of $0.37 per share or 28.24% 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 growth we’re seeing in licensing with regard to the VAL platform. Nonetheless, we’ll continue to follow the news closely and bring it to you as it breaks!
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