DropCar Provides A Preliminary Q1 2018 B2B Business Update
April 18 2018 - 7:00AM
DropCar, Inc. (NASDAQ:DCAR), a provider of app-based
automotive logistics and mobility services for consumers and the
automotive industry, is providing a preliminary Q1 (ended March 31,
2018) update on its enterprise automotive business. DropCar will
soon schedule the release of its Q1 results and associated
conference call, which will take place by mid-May, and will cover
both its automotive and low-voltage contracting businesses.
B2B Drives Robust Growth in Q1DropCar's
enterprise automotive segment (excludes the consumer auto and
low-voltage contracting units) delivered strong results in Q1,
driven by organic growth of existing customers and the onboarding
of new B2B partners.
Mercedes Benz, which is the first of DropCar’s four Tier-One
corporate customers, increased its volume by 46% year-over-year
(YoY) during the first quarter of 2018.
DropCar’s addition of multiple car dealerships over the last few
quarters drove ~240% year over year growth in dealer-related B2B
job volumes (~2,500 in Q1).
Meanwhile, during the second-half of Q1, DropCar began
generating revenues from its third and fourth Tier-One corporate
B2B customers.
DropCar’s Demonstrable Consumer Standing Keeps Driving
Enterprise GainsAs car companies scramble to address
disruptive car ownership and usage models, DropCar’s concierge
services and robust logistics platform offer compelling solutions
for automotive enterprises.
Major automotive brands and car sharing companies are
increasingly looking to outsource logistics (e.g. car movements) to
companies like DropCar, which offer high-quality and efficient
services to help them reduce costs and streamline vehicle
logistics.
In addition, DropCar intends to expand its B2B platform (valet
services and logistics software) into new metropolitan markets in
the upcoming quarters. These expansions will be driven by, and
built upon, existing partnerships with Tier-One automotive
brands.
Management expects to update investors about its Q1 results and
forward-looking outlook by mid-May.
About DropCarFounded and launched in New York
City in 2015, DropCar (NASDAQ:DCAR) offers its Vehicle Support
Platform (VSP), a cloud-based platform and mobile app that help
consumers and automotive-related companies reduce the cost, hassles
and inefficiencies of owning a car, or fleet of cars, in urban
centers. Its technology platform blends the efficiency and scale of
cloud computing, machine learning and connected cars with the
high-touch of highly trained drivers to move cars to/from fully
staffed, secure garages to/from the people (or businesses) who own
them. Consumers use DropCar’s mobile app to ease the cost and
stress of owning a car in the city. Dealerships, leasing companies,
OEMs and shared mobility companies use DropCar’s enterprise
platform to reduce costs, streamline logistics and deepen
relationships with customers. More information is available at
www.dropcar.com.
Investor Relations ContactDaniel Gelbtuch, VP of Corporate
Finance for DropCardaniel@dropcar.com (917) 509-9582
Media ContactJohn Williams, Scoville PR for
DropCarjwilliams@scovillepr.com (206) 625-0075
Forward-Looking StatementsThis
press release contains “forward-looking statements” that involve
substantial risks and uncertainties for purposes of the safe harbor
provided by the Private Securities Litigation Reform Act of 1995.
All statements, other than statements of historical facts, included
in this press release regarding strategy, future operations, future
financial position, future revenue, projected expenses, prospects,
plans and objectives of management are forward-looking statements.
Such statements are based on management’s current expectations and
involve risks and uncertainties. Actual results and performance
could differ materially from those projected in the forward-looking
statements as a result of many factors, including, without
limitation, the ability to project future cash utilization and
reserves needed for contingent future liabilities and business
operations, the availability of sufficient resources of the company
to meet its business objectives and operational requirements and
the impact of competitive products and services and technological
changes. The foregoing review of important factors that could cause
actual events to differ from expectations should not be construed
as exhaustive and should be read in conjunction with statements
that are included herein and elsewhere, including the risk factors
under the heading “Risk Factors” in DropCar’s filings with
the Securities and Exchange Commission. Except as required by
applicable law, DropCar undertakes no obligation to revise or
update any forward-looking statement, or to make any other
forward-looking statements, whether as a result of new information,
future events or otherwise.
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