AmeriDrive Partners with HyreCar on $100M Revolving Line of Credit Joint Venture to Grow its ...
AmeriDrive Holdings, Inc., one of the largest private fleets dedicated to serving gig drivers, announced today a joint venture with HyreCar, Inc. (NASDAQ:HYRE), through which it will significantly grow its fleet and geographic footprint. HyreCar, Inc. and AmeriDrive recently announced closing a $100 million warehousing line of credit with a premier global investment bank and Medalist Partners. Under the agreement, AmeriDrive will use this facility to purchase vehicles for exclusive listing on the HyreCar platform
MIRAMAR, Fla., Sept. 20, 2022 (GLOBE NEWSWIRE) -- AmeriDrive Holdings, Inc., one of the largest private fleets dedicated to serving gig drivers, announced today a joint venture with HyreCar, Inc. (NASDAQ:HYRE), through which it will significantly grow its fleet and geographic footprint. HyreCar, Inc. and AmeriDrive recently announced closing a $100 million warehousing line of credit with a premier global investment bank and Medalist Partners. Under the agreement, AmeriDrive will use this facility to purchase vehicles for exclusive listing on the HyreCar platform.
The announcement follows the recent addition of industry veteran Daniel Florence as Chief Operating Officer of AmeriDrive, who will work closely with the HyreCar team to lead the joint venture as AmeriDrive scales its fleet by adding 6,000 to 7,000 cars over the next 12 to18 months. Under Florence’s leadership, AmeriDrive will focus on optimizing the company’s fleet operations to add inventory quickly and sustainably while maintaining high utilization. Through the new warehouse line of credit, AmeriDrive anticipates opening 40 more locations with a footprint in markets across the United States over the next 18 months.
Florence was previously Chief Operating Officer of Sixt North America, a global mobility company offering leisure rentals, car subscriptions, car service, and other transportation products and services. Before Sixt, Florence also held senior leadership positions at Mercedes Benz-owned car2go, Hertz, and Dollar Thrifty Automotive Group. “I am thrilled to join AmeriDrive at a time when the company is poised for explosive growth,” said Florence. “This new warehousing line allows us to continue building best-in-class operational infrastructure and I am looking forward to working with the company’s exceptional team to scale our business and deliver on the vision of a frictionless rental process.”
"We are excited about growing our fleet and geographic footprint over the next 18 months," said Carlos Hernandez, CEO of AmeriDrive. "We've spent the last two years refining our processes and technology to support this growth. This strategic partnership with HyreCar favorably positions the two companies to achieve meaningful and rapid scale."
