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The company says its screening “is stricter than Uber and Lyft’s background check.” Drivers are not locked in to long-term contracts. Car owners make money out of a car that would otherwise sit idle. HyreCar makes its money charging drivers a 10% fee and car owners a 15% fee. HyreCar is an “emerging growth company,” and its prospectus is filled with language advising investors that buying into it involves a “high degree of risk.” For starters, the company recognizes that its business model could be taken over by the very ride-hailing companies it seeks to serve. See also: Will Uber and Lyft make ‘car cutting’ the new cord cutting? It also acknowledges it has no written agreement with either of the two leading ride-sharing companies, although it detailed an arrangement with Lyft to get drivers on the road in as little as one business day. Other risks include changes in government regulation and competition. Moreover, HyreCar’s auditor has included a “going concern” paragraph in its note on the company’s audited financial statements, warning that the company may not survive primarily due to its losses, limited working capital, and expectations of more “significant” losses to come in the next 12 months. That language is no less worrying for being required. ‘Unique’ insurance product is the highlight HyreCar’s competitive advantage, however, lies with its commercial automobile insurance policy covering both car owners and drivers, the company said. That policy is designed to cover the period of time in which a driver is using an owner’s vehicle while not actively driving for a ride-sharing platform.
For the original version including any supplementary images or video, visit https://www.marketwatch.com/story/hyrecar-ipo-3-things-to-know-about-the-company-aiming-to-be-the-airbnb-of-cars-2018-05-24
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