HyreCar

HyreCar

Carsharing marketplace for rideshare drivers

About HyreCar

Simplify's Rating
Why HyreCar is rated
C+
Rated C on Competitive Edge
Rated B on Growth Potential
Rated C on Rating Differentiation

Industries

Automotive & Transportation

Consumer Software

Company Size

51-200

Company Stage

IPO

Total Funding

$1.5M

Headquarters

San Francisco, California

Founded

2014

Overview

HyreCar operates a carsharing marketplace tailored for the ridesharing industry, connecting vehicle owners with idle cars to rideshare drivers in need of vehicles for services like Uber and Lyft. The platform allows car owners to earn passive income from their unused vehicles while providing drivers with flexible rental options without the burden of long-term commitments or high upfront costs. HyreCar generates revenue by charging fees to both car owners and drivers for facilitating these transactions. Additionally, the company offers a commercial solution for fleet owners, enabling businesses to list multiple vehicles on the platform. To enhance user experience, HyreCar provides insurance coverage during rentals, ensuring security for both parties. The goal of HyreCar is to create a seamless and secure carsharing experience that promotes entrepreneurship and flexibility within the ridesharing market.

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Simplify's Take

What believers are saying

  • Growing gig economy increases demand for flexible vehicle access, benefiting HyreCar.
  • Urbanization trends decrease car ownership, boosting demand for car-sharing services.
  • AI integration in fleet management can optimize costs and improve efficiency for HyreCar.

What critics are saying

  • HyreCar's U.S. operations wind-down may lead to loss of customer trust.
  • Financial instability due to liquidity issues could impact HyreCar's sustainability.
  • Competitive pressure from Uber's market expansion may strain HyreCar's customer base.

What makes HyreCar unique

  • HyreCar offers a unique peer-to-peer car-sharing model for gig drivers.
  • The platform provides flexible vehicle access without long-term commitments for drivers.
  • HyreCar includes insurance coverage, ensuring security for both car owners and drivers.

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Funding

Total Funding

$1.5M

Below

Industry Average

Funded Over

5 Rounds

Acquisition funding comparison data is currently unavailable. We're working to provide this information soon!
Acquisition Funding Comparison
Coming Soon

Benefits

Competitive salary & company stock grants

Medical, Dental, & Vision benefits

Quarterly Mental health days

401K

Unlimited PTO & paid company holidays

Professional training & education reimbursement

Company News

PYMNTS
Feb 13th, 2025
Carsharing Marketplaces Getaround And Hyrecar Wind Down Us Operations

Carsharing marketplace Getaround and its HyreCar business are winding down their U.S. operations.Getaround will continue to provide carsharing services in its European markets, the company said in a Tuesday (Feb. 11) press release.“Despite significant improvements in overall profitability and extensive restructuring efforts, the company has faced an ongoing lack of liquidity which has made U.S. operations no longer viable,” AJ Lee, interim CEO and chief operating officer at Getaround, said in the release.The company aims to streamline its operations and focus on its European business, which it said is the leading carsharing platform in the region.Lee said in the release that the European business “continues to unlock efficiencies and scale as an innovative and category-defining player in car-sharing.”Getaround launched in 2011 and, before the beginning of the wind-down, was available in more than 1,000 cities in eight countries, including the U.S. and Europe, per the release.A message on the home page of HyreCar, which allowed customers to list their cars to be rented by rideshare and delivery service drivers, said: “We regret to inform our customers that rentals and extensions are unavailable at this time, due to changes in HyreCar’s insurance program. Please return your vehicle immediately.”Most of the employees of Getaround’s U.S

Coverage
Feb 12th, 2025
Getaround’S Official Email On Us Shutdown

Last night,. Getaround <i class="fa fa-info-circle company-popover" data-content="h3Getaround/h3. div

Gazette News
May 29th, 2024
Uber expands into Colchester worrying taxi drivers

Uber expands into Colchester worrying taxi drivers.

Daily Mail
May 25th, 2024
Adelaide asthma sufferer Fanny Jacobson who almost died in the back of an Uber begins hunt for driver who she says saved her life

A woman who suffered a severe asthma attack in the back of an Uber while on her way home is on the hunt for the quick-thinking driver who saved her life.

Towards Justice
May 16th, 2024
RELEASE: Towards Justice Files Complaint with the Federal Trade Commission

The companies claim these fees are necessary as a result of a new Seattle ordinance passed to provide DoorDash and Uber delivery drivers with minimum pay protections (the "PayUp Ordinance").

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