DropCar, Inc. (“DropCar”), a provider of app-based automotive
logistics and concierge services for both consumers and dealers,
today announced the launch of DropCar Premier, the first
subscription-based total car care and valet service. For a simple
monthly fee of $499, new monthly consumer subscribers can join
DropCar’s existing and rapidly growing base of 1,400+ members (up
176% Year over Year) to receive complete vehicle maintenance and
care services performed on as-needed, or at OEM-recommended
intervals, saving members significant time and money, while keeping
their vehicles well-maintained.
The DropCar Premier plan offers the ultimate in convenience and
service, including the following:
Parking & Valet Services
- Parking in a secure, covered facility
- 20 round trips per month
- Unlimited airport pickup & dropoff
- New York State inspection services
- Case of FIJI® water (monthly)
Vehicle Maintenance
- Fueling & charging, at cost/no additional service fee
- Fluids monitored & topped off, as needed
- Oil change, twice annually
- Tire patching, as needed
- Tire rotation/balancing, as recommended
- Wiper replacement, as needed
- Wheel alignment, as needed
Vehicle Care
- Wash & vacuum (once per month)
- Scratch buffing (as needed)
- Detailing (once per year)
DropCar maintains parking spaces in garages around the New York
Metro area. Subscribers use the DropCar mobile app to schedule
pickup and dropoff of their vehicles by professionally-trained
valets, either on-demand or with as little as an hour advance
notice. While the vehicle is in storage, DropCar schedules,
performs or sources the required vehicle services, ensuring that
when the owner is ready for the vehicle, the vehicle is ready for
the owner.
Since December of 2016, DropCar revenue from its original
subscription offer, which was limited to parking and select valet
services, is up 193%. Revenue from its service offerings, including
fueling and washing (which were offered ad-hoc to parking
subscribers) is up 412% since December 2016.
DropCar’s unique service model comes at a time of
convergence. Urban populations are growing (especially in
fast-growing cities) making parking more expensive and challenging
to secure; service centers and dealers are increasingly being
pushed to the suburbs, making it less convenient to get recommended
maintenance; and people are holding on to cars longer (the average
age of a typical car in the U.S. is 11.6 years, according to IHS
Markit), meaning they need more maintenance and services. DropCar’s
service addresses all three of these challenges by wrapping
parking, maintenance and care into a single monthly
subscription.
“Bundling in the full spectrum of auto services into a single
monthly fee is a next step toward our goal of transforming car
ownership into a subscription model,” Spencer Richardson, DropCar
Co-founder and Chief Executive Officer. “If you own a car in the
city, there’s no reason to waste time parking it, changing the oil,
rotating the tires and many of the other hassles of ownership. With
DropCar Premier, you just drive.”
DROPCAR’S PROPOSED MERGER WITH WPCS IS ON
TRACKThis unrelated DropCar Service launch update follows
the effective declaration, on December 14, 2017, by the U.S.
Securities and Exchange Commission of the registration statement on
Form S-4 (File No. 333-220891) associated with DropCar's proposed
merger with WPCS International Incorporated (“WPCS”).
A Special Meeting of WPCS stockholders to vote on the merger is
scheduled to be held on January 17, 2018 at 9:30 a.m. Eastern Time
at the offices of Morse, Zelnick, Rose & Lander, LLP, 825 Third
Avenue, 16th Floor, New York, NY 10022. WPCS stockholders of record
as of the close of business on December 14, 2017 are entitled to
vote at the Special Meeting.
About DropCarFounded and launched in New York
City in 2015, DropCar 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 valets 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.
Forward-Looking Statements
This 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 combined 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 the risk
factors included in the proxy statement/prospectus/information
statement, dated December 14, 2017, filed by WPCS international
Incorporated (“WPCS”) in connection with the proposed merger of
WPCS and DropCar (the “Merger”) as well as WPCS’ most recent Annual
Report on Form 10-K, and WPCS’ recent Quarterly Report on Form 10-Q
and Current Reports on Form 8-K filed with the Securities and
Exchange Commission (the “SEC”). DropCar and WPCS can give no
assurance that the Merger will be consummated. Except as required
by applicable law, DropCar and WPCS undertake 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.
No Offer or Solicitation
This communication is not intended to and does not
constitute an offer to sell or the solicitation of an offer to
subscribe for or buy or an invitation to purchase or subscribe for
any securities or the solicitation of any vote in any jurisdiction
pursuant to the proposed transaction or otherwise, nor shall there
be any sale, issuance or transfer of securities in any jurisdiction
in contravention of applicable law. No offer of securities
shall be made except by means of a prospectus meeting the
requirements of Section 10 of the United States Securities Act
of 1933, as amended. Subject to certain exceptions to be approved
by the relevant regulators or certain facts to be ascertained, the
public offer will not be made directly or indirectly, in or into
any jurisdiction where to do so would constitute a violation of the
laws of such jurisdiction, or by use of the mails or by any means
or instrumentality (including without limitation, facsimile
transmission, telephone and the internet) of interstate or foreign
commerce, or any facility of a national securities exchange, of any
such jurisdiction.
Additional Information about the Proposed
Merger and Where to Find It
In connection with the proposed Merger, a WPCS
registration statement on Form S-4, which contains a proxy
statement/ prospectus /information statement was declared effective
by the SEC on December 14, 2017 (SEC File No. 333-220891).
Investors and securityholders of WPCS and DropCar are urged to read
the proxy statement/prospectus/information statement, which
contains important information about WPCS and DropCar, before
making any voting or investment decision with respect to the
proposed Merger. The proxy statement/prospectus/information
statement and other relevant materials, and any other documents
filed by WPCS with the SEC, may be obtained free of charge at the
SEC web site at www.sec.gov.
In addition, investors and securityholders may
obtain free copies of the documents filed with the SEC by WPCS by
directing a written request to: WPCS International
Incorporated, 521 Railroad Way, Suisun City, CA 94585, Attention:
Chief Financial Officer.
Participants in the
Solicitation
WPCS and DropCar, and each of their respective
directors and executive officers and certain of their other members
of management and employees, may be deemed to be participants in
the solicitation of proxies in connection with the proposed
transaction. Information about WPCS’s directors and executive
officers is included in WPCS’s Annual Report on Form 10-K for
the year April 30, 2017, filed with the SEC on July 21, 2017. These
documents can be obtained free of charge from the sources indicated
above.
Media Contact
John Williams, Scoville PR for DropCar
jwilliams@scovillepr.com (206) 625-0075
Investor Relations Contact
Daniel Gelbtuch, VP of Corporate Finance for DropCar
daniel@dropcar.com (917) 509-9582
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