HyreCar: Flexible Model Creates Near-Term Opportunity [Seeking Alpha]
HyreCar Inc. (HYRE)
Last hyrecar inc. earnings: 3/25 04:10 pm
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Source: Seeking Alpha
SummaryUnlike its competitors, HyreCar allows its drivers to rent its cars to make money by driving for non-ridesharing services like Amazon, Postmates, or DoorDash.While ride-sharing services like Uber and Lyft completed 70% fewer trips due to COVID-19, HyreCar's Q1 outlook sees ~57% revenue growth and a 66% increase in rental.HyreCar drivers have recouped some of the lost income due to COVID-19. 60% of them have now shifted to food and package delivery services.OverviewHyreCar (NASDAQ:HYREThe business model is disrupting the traditional car rental market filled by the likes of Hertz (NYSE:HTZCARCompetitionThere are several direct competitors to HyreCar, such as Fair, Hertz, FlexDrive, and Avis. All these services allow drivers to rent their cars for ride-sharing purposes. However, HyreCar is different in that:As a result, HyreCar has a more diversified use case and a light-asset model that increases its defensibility.CatalystIn the near term, the flexibility that allows the drivers
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