Carsharing marketplace HyreCar announced the launch of HyreCar Select, a program where existing and new owners can list and rent higher-value cars through the platform. Previously, vehicle owners on the HyreCar platform were limited to listing standard vehicle offerings such as the Toyota Prius, Nissan Altima, and Hyundai Elantra.
While car prices have started to soften, used vehicle values increased by 88% during the pandemic with the higher values disqualifying many newer, desirable vehicles from being listed on the platform. According to a statement by the company, with the launch of HyreCar Select, owners with diversified fleets will now be able to list a greater share of their overall inventory and benefit from gig drivers looking for newer or premium vehicles.
HyreCar Select complements the company’s focus on increasing electric vehicle (EV) supply by providing its drivers and owners access to more EV options while actively reducing carbon emissions in partnership with rideshare and delivery companies. HyreCar Select now allows more EVs, which are typically higher-value cars, to be added to the marketplace.
“Our owner community and drivers have consistently voiced their desire for more makes and models on the platform," said Eduardo Iniguez, chief financial officer and Interim CEO With HyreCar Select in the statement. "We are now able to provide owners with an opportunity to monetize and expand their fleets through a single platform while giving drivers access to cars with greater earning potential. We expect HyreCar Select to improve marketplace quality and attract a more diverse driver base while exponentially increasing overall vehicle supply and utilization.”
The program is being launched concurrently with new risk-mitigation initiatives that allow the company to better identify and qualify drivers at the point of registration as well as based on platform behavior and rental history. Eligibility for HyreCar Select vehicles will be limited to those drivers who qualify based on set criteria.
The program will launch in California and Georgia followed by additional states in the coming weeks.