HyreCar Inc (NASDAQ: HYRE) is climbing early on in the market this morning, and for good reason. The company announced that it is expanding its dealer-focused “path to ownership” program with car dealerships in six cities. Of course, the news proved to be a source of excitement for investors, sending the stock on a run for the top. Today, we’ll talk about:
- The expansion news;
- what we’re seeing from HYRE as a result; and
- what we’ll be watching for with regard to the stock ahead.
HYRE Announces Expansion
As mentioned above, HyreCar is having an incredibly strong start to the trading session this morning after the company announced expansion news. In a press release issued early this morning, the company announced that it is expanding its “path to ownership” program with dealerships in six cities throughout the United States. According to the release, this expansion could add 500 vehicles or more to the platform.
Through the HYRE partnership with various dealerships, users are now able to rent and drive-to-own vehicles that are listed on the HyreCar platform by participating dealerships. Through the partnership between HYRE and DriveItAway, customized sign up kiosks are being set up inside partnership dealerships. At these kiosks, potential rideshare drives can apply to drive. Once approved, drivers will be able to participate in the program, being provided a temporary vehicle by the dealership through the HYRE platform in order to raise money through rideshare driving that will cover the down payment to buy the vehicle of their choice regardless of credit history. In a statement, Joe Furnari, CEO at HYRE, had the following to offer:
The reception to our dealer enabling program has been overwhelming… As a result, we are mobilizing very quickly to meet dealer demand all over the United States. These dealer additions will help us meet the increasing demand for ridesharing-approved vehicles, while also adding additional vehicles to our growing platform.
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 leads to moves. In the case of HyreCar, the news proved to be overwhelmingly positive. After all, the DriveItAway partnership that was recently announced is leading to incredible expansion. So, it comes as no surprise that excited investors are sending the stock on a run for the top. Of course, our partners at Trade Ideas were the first to alert us to the gains. Currently (9:50), HYRE is trading at $3.60 per share after a gain of $0.83 per share or 29.97% 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 HYRE. In particular, we’re interested in following the story surrounding the company’s continued expansion into dealerships around the United States as well as the continued organic growth of their platform. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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