NEW YORK and WASHINGTON, May 29, 2018 (GLOBE NEWSWIRE) -- DropCar Inc. (NASDAQ: DCAR ), the provider of app-based mobility services and logistics for automotive consumers and enterprises, announced today it is expanding into Washington D.C. The initial focus in the city will be on vehicle movements and logistics for an existing Tier One car sharing partner.
In Washington D.C., DropCar will be marketing its Enterprise Vehicle Assistance and Logistics (VAL) platform to auto dealerships, car rental companies and car sharing brands. VAL is a turnkey cloud-based system, with both mobile and web-based interfaces, that dispatches professionally-trained and insured drivers to pick up, deliver and return vehicles to/from dealerships, between rental/sharing locations and to/from vehicle consumers.
DropCar’s VAL service enables dealerships to not only increase revenue and lower costs associated with service requests, but also extends and expands their customer relationships beyond the showroom point of sale. VAL enables fleet owners (such as car rental companies, car sharing operators and OEM-sponsored vehicle subscription programs) to efficiently and cost effectively ensure the right vehicles are in the right place at the right time, optimizing utilization and revenue.
“Our expansion into D.C. is the result of continued growth among an existing Tier One car sharing partner, and provides a solid foundation from which to further expand our B2B services and ultimately launch our B2C model,” said Spencer Richardson, co-founder and CEO of DropCar. “Together, these services can solve a major pain point for consumers, unlock the potential of new on-demand, subscription-based mobility services, and help flip today’s dysfunctional relationship between cars and cities on its head.”
DropCar will initially focus on car dealerships, car rental, shared mobility and other automotive industry-related enterprises as it builds out its staff of full-time employee drivers.
DropCar also plans to launch its consumer-facing services, which remove the high cost and hassle of owning, parking and driving cars in major urban centers like New York, San Francisco, and Washington D.C. With DropCar’s “Steve” service, consumers’ cars are parked in a secure, covered and 24-7 staffed location. The owner uses the app to request the time, date and location for the car to be delivered as well as picked up and returned to the garage. As an add-on, DropCar can also perform fueling, maintenance, light repairs and even licensing and registration tasks while the vehicle is under its care. DropCar’s “Will” service dispatches a driver to meet a customer at a location, like a restaurant or ballgame, wait with the car and return it to the owner upon request from the mobile app.
About DropCar Founded and launched in New York City in 2015, DropCar (NASDAQ: DCAR ) offers its Vehicle Support Platform (VSP), a cloud-based platform and mobile app that help consumers and automotive-related companies reduce the cost, hassles and inefficiencies of owning a car, or fleet of cars, in urban centers. Its technology platform blends the efficiency and scale of cloud computing, machine learning and connected cars with the high-touch of highly trained drivers to move cars to/from fully staffed, secure garages to/from the people (or businesses) who own them. Consumers use DropCar’s mobile app to ease the cost and stress of owning a car in the city. Dealerships, leasing companies, OEMs and shared mobility companies use DropCar’s enterprise platform to reduce costs, streamline logistics and deepen relationships with customers. More information is available at www.dropcar.com .
Forward-Looking Statements
This press release contains “forward-looking statements” that involve substantial risks and uncertainties for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release regarding strategy, future operations, future financial position, future revenue, projected expenses, prospects, plans and objectives of management are forward-looking statements. Such statements are based on management’s current expectations and involve risks and uncertainties. Actual results and performance could differ materially from those projected in the forward-looking statements as a result of many factors, including, without limitation, the ability to project future cash utilization and reserves needed for contingent future liabilities and business operations, the availability of sufficient resources of the company to meet its business objectives and operational requirements and the impact of competitive products and services and technological changes. The foregoing review of important factors that could cause actual events to differ from expectations should not be construed as exhaustive and should be read in conjunction with statements that are included herein and elsewhere, including the risk factors under the heading “Risk Factors” in DropCar’s filings with the Securities and Exchange Commission. Except as required by applicable law, DropCar undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
