HyreCar Provides Business Update and Indication of First Quarter 2020 Revenue - Seite 2

Many would-be driver applicants don’t have a car and commercial insurance required to work for these services. HyreCar’s commercial insurance policy provides drivers access to coverage that protects them while driving for these platforms. Most importantly, many personal auto insurance policies don’t provide the coverage that HyreCar’s insurance provides, leaving drivers exposed to liability and physical damage in the event of an accident. HyreCar’s platform and insurance solutions seamlessly allow drivers access to thousands of vehicles so they can take advantage of the current opportunity in delivery. We’re early in these initiatives, but we see considerable opportunities in this space and it’s part of the reason we’ve normalized our active rental days. We believe that this will remain a larger part of our business even when the COVID-19 situation allows people to start using rideshare again in numbers that we saw in the first quarter.

In addition, we are in the process of submitting our application to our banking partner as a preferred existing client under the SBA Payroll Protection Program, and expect to qualify for funding to support fixed costs like payroll, rent and utilities through the second quarter, which we believe will ultimately be forgiven. This coupled with reductions to large portions of our variable costs will improve our already strong cash position. We are experiencing significantly lower expenses, including insurance costs, in just the past few weeks. Finally, with cost-cutting measures including a meaningful reduction in the compensation of our management team as well as considerably lower operating expenses like marketing and travel, we are confident in our position to weather this historic event as a company and emerge even stronger.

About HyreCar

HyreCar Inc. (NASDAQ: HYRE) is a nationwide leader operating a carsharing marketplace for ridesharing, food, and package delivery nationwide via its proprietary technology platform. The Company has established a leading presence in Mobility as a Service (MaaS) through individual vehicle owners, dealers and OEM’s, who have been disrupted by automotive asset sharing. By providing a unique opportunity through our safe, secure, and reliable marketplace, HyreCar is transforming the industry by empowering all to profit from Mobility as a Service. For more information please visit hyrecar.com.