HyreCar Inc. (HYREQ)

Overview

HyreCar Inc. was a company operating in the United States, specializing in a car-sharing marketplace that bridged the gap between car owners with idle vehicles and drivers for ride-sharing services seeking to rent a car. Founded in 2014 and based in Los Angeles, California, the company targeted both individual and commercial vehicle owners, including car dealerships and fleet operators, to supply cars for its marketplace. This business model was aimed at optimizing the use of idle vehicles while providing drivers for ride-sharing services like Uber and Lyft with more rental options. However, after encountering financial difficulties, HyreCar Inc. filed for Chapter 11 bankruptcy on February 24, 2023, in an initial attempt to reorganize. This effort did not yield the desired turnaround, leading to the conversion of its bankruptcy filing to Chapter 7 on August 29, 2023, signaling the liquidation of the company's assets and the cessation of its operations.

Products and Services

• Car-Sharing Marketplace for Ride-Sharing Service Drivers

  HyreCar's flagship service was its online marketplace that connected car owners with idle vehicles to drivers in need of a car for ride-sharing services. This platform facilitated the rental process, making it easier for drivers to access vehicles on a flexible basis, matching the demand from ride-sharing service drivers with the supply of available cars from both individual and commercial owners. The service catered to people who wanted to earn money from their idle vehicles as well as drivers who required a vehicle but did not wish to commit to purchasing one.

• Vehicles Sourcing from Individual and Commercial Owners

  Aside from connecting individual car owners with drivers, HyreCar extended its sourcing to commercial owners. This included partnerships with car dealerships and fleet owners who wished to rent out their vehicles through the HyreCar platform. This approach allowed the company to significantly increase the number of available vehicles on its marketplace, providing a wide variety of cars for drivers to choose from and enhancing the scalability of its service.