Meet Joe. He’s a boxer. His dream is to open up a boxing studio. While he pursues his passion, he drives for Uber. Because Joe can’t afford a full-time rental car contract that takes half of his earnings, he rents through HyreCar.
Meet Robert. He lives in Los Angeles. He owns four cars. He offers one of his vehicles for daily rent through HyreCar. He rents to Joe.
HyreCar is a new economy company with a safe online marketplace that brings together for-hire drivers with car owners interested in making money from their vehicles. In its first year of operation, the company is already increasing the hourly earnings of Uber and Lyft drivers and providing safeguards to owners that their vehicles are in good hands.
The on-demand economy is propelling HyreCar’s success. HyreCar founder Abhi Arora explains, “There was a huge supply and demand challenge. Our goal was to make an open platform that would connect owners with people actively searching to use their cars, then to continually add services to improve their experiences.”
Across 26 states, HyreCar now connects four different constituents:
- Drivers – 70% of HyreCar customers have two jobs and need the flexible hours that Uber and Lyft offer. HyreCar makes driving more profitable by eliminating long-term car leases and advance reservation requirements while lowering insurance rates.
- Car owners – By making their assets available online, owners earn income. At the same time, HyreCar monitors driver safety.
- Insurers – Safety information collected through HyreCar gives insurers the data they need to offer drivers better rates than they might qualify for individually.
- Uber / Lyft – HyreCar is helping to grow the fleets of these market leaders.
Zendrive enhances the HyreCar application
HyreCar’s commitment to improving its marketplace means adding services. For example, the company began sourcing ways to measure driver performance to give car owners extra peace of mind. While the company wanted a software-based solution that would easily fit into a driver’s lifestyle, what it found was hardware solutions that had to be installed and maintained. Only after HyreCar engineers built their own simple, proprietary solution to monitor driver safety did the company discover Zendrive.
According to Arora, Zendrive was an ideal solution for HyreCar to leverage to gain insights from driver data and analytics. HyreCar’s goal with ZenFleets is to monitor driver focus, caution, and control on the road. Together the Zendrive technology and HyreCar application will provide a dashboard that allows the marketplace company to see when Uber or Lyft pickups occur and optimize for insurance savings.
“Already ZenFleets data has helped us prove to insurers that we are committed to safety. Without Zendrive, we couldn’t have gotten the great insurance terms that we got, and in our competitive environment, cutting costs on insurance is a real advantage,” says Arora.
Just like other innovative companies that we introduced you to previously, the HopSkipDrive ride-sharing service for kids and Urgent.ly for on-demand roadside assistance, the smart professionals at HyreCar are taking advantage of new online opportunities and Zendrive capabilities to further their new economy business.
If you’re thinking of driving for Uber or Lyft and need a car or you’re an owner with a vehicle to rent, HyreCar is for you. Check out the requirements and the Zendrive safety features.