HYRE - Earnings call transcript Q3 2018

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Operator

Good day and welcome to the HyreCar Third Quarter 2018 Results Call. Today's conference is being recorded.

Following the presentation, we will open up for questions. [Operator Instructions] At this time, I would like to turn the conference over to Greg Falesnik, Managing Director, MZ North America, HyreCar's Investor Relations firm. Please go ahead, sir.

Greg Falesnik

operator. you, Thank

Federal started, statements. get to read disclaimer of a information, HyreCar, Before conference I call forward-looking the meaning the This statements addition laws may about regarding forward-looking Inc. we within will Securities contain, historical in

guarantees include, our limited to, estimates but conditions. other events future intentions, activities express These statements other any Therefore, These report SEC. not to from factors our predictions business on what part statements by of about time based projections assumptions predict. or expectations, actual strategies, and are outcomes or in and expectations, uncertainties or are is expressed on and in statements to statements differ statements not this that our in materially or Forward-looking beliefs, vary relating documents current made and are with forward-looking to numerous future future other based likely to assumptions involve forecasted statements Management. results due risks, are discussed to that the are the time filed difficult may and from performance and

make the In a actual materially other addition, litigation be affected that to factors and major of availability to by results could factors, forward-looking in regarding key beyond statements the loss such include, from capital control. the Matters and these certainties differ Company's the personnel, of risks statements related cause among Company. Management

that call. revise this the Company reflects Commission. not any be time-sensitive the Joe performance on Exchange that issues or after affect reflect that Company's the materially this this contains Executive conference of Officer. can Management's analysis Joe, to to The turn addition, over Company's contained In Further date date conference or statements concerning to events, yours. time, call Furnari, information the information to obligation statements call publicly undertake of floor does information of in the Securities circumstances future like only best the periodic this arise conference this and presentation At forward-looking with I'd call. is any update as related to filings found financial forward-looking Chief can the

Joe Furnari

Greg, second everyone as everyone, company. you, call us a to our thank to you, for today. I'd earnings welcome public like Thank and joining

are we've XXXX, of our ago, $X.X as in million compared quarters to top-line the with margins be which to our financial record XXX% up future. vision and today over a third the the another of us double-digit shown how same up We importantly, vision year. the corporate quarter. gross year-ago the time, We provide versus future period quarter reported the XX% of of extremely monetize the to XX last was to ultimately we of most illustrate a only revenue XX QX, and a times profit excited here in first Since row margins mobility provided update, for XX% growth results, period gross same and in for gross in plan year our to in the show sequential and quarter that beginning XXXX

from of per to narrowed loss share In down last $X.XX addition, earnings per share same share, the loss $X.XX over per year. period a

model. vehicles, those traveled In cars changing function households cars grew the is XX% the individuals forces this transportation and a unutilized growth macro the in across too lives. sat useful industries were the personally miles of up way major ownership of majority X.X their consume Our of averaged past, around globe. Billion-dollar distant not owned

the threatening cars XXXX independent the industries all auto-related, in of and built of technology changing example, is sold average today insurance forecast are an premium that XX via XXXX, around dealerships is disruption sales As but OEMs it. XX% were old million in vehicle light model and to billion show franchise P&C in personal $XX

with mobility transportation car With five and meantime, hit massive; is rent commodity. sharing the In last-mile and to ownership years the being a drop bike, from use-base to next second urban future touch of are all a still mass and first-mile future rent rentals most miles cases, as transportation rather, households the on amount in are its change mobility lot is shared, wheel in to as travel alone spoken XX urban concert commute. the service. still are Vehicles Households a on marks in call a future intermodal the car cars. opting together. car, MOS sector connected a households to electric in moving and connected, This all behind MOS, critical ride MOS a consumption as solutions I've refer scooter, seamless as new expected past as a are travelling vehicle have trillion-dollar towards demand insiders their over to sharing there car, opting the the years. future transit, the is sharing, of will is still of in reaching a Mobility the a same what is generations; button; defined areas are public car travel altogether, the for drivers doesn't dropped ACES less. Millennials of Most model and is rise XX of rent to or for turned head. ride to and and sharing ride The ownership supplement service, with autonomous, people sharing the moving agree ACES. of mean want called mass a as services

arrive. for sharing context monetizing quarter. events future, because also ride inhibiting our model speed to is Over this news past our creates underutilized website it hit marketplace. for leads to partnerships, the laying color announcements XX,XXX over and strong out while continuing demand and providing is around a sprinting in literally from key our does lay steps a have groundwork important to vision is the supply explain in at as leg We're business the have full the see So for we The next only we're we rental and us the our when that vision I to the demand. future of the while ACES strategic tremendous drivers, September assets today: with posted demand were securing taken for cars seize fraction vehicles a opportunity of we've large driver imbalance channels a opportunity. growth This demand supply. and this of to match imbalance

division led front QX establishing this on with importantly Possumato. has the partnership institutional John mission: established a as in within of specifically most The HyreCar shared division for by the commercial platform. and focused mobility supply on our of source establish the our fleet commercial The industry HyreCar, is the was the veteran DriveItAway early platform. announcement on First DriveItAway HyreCar the simple partnership, dealer-based longtime main

marketplace the thousands an gig path Our lifetime in supply HyreCar establish additional they positive. have This future. tap with proven dealerships coming addresses seamless to is for overwhelmingly turnkey unlocks leadership three, have HyreCar eco-system. in a XXX MOS partnership the a reliable value sharing concerns. Dealers, win Number solution and proposition, now a the to has inventory. and interested dealers vehicle of multi-location sees customer dealers revenues our and vehicles and to of car unique the temporary ownership. economies. for drivers backlog and one, our first over into participate Number all-around auto Number vehicles understand online value which of We once customer adding available, HyreCar are increased in rental cars and two,

and lounge dedicated area dealership in industry, recently XX-car For devoted service drivers. one example, to exclusively showroom, a an share unprecedented HyreCar ride facility

to and the for the commitment NIADA, all In partnership, our addition to DriveItAway sourced partnerships through brought to success Take like table, quarter third provide has PassTime, announced the have the DriveItAway core all eco-system deep platform. on mission, the our in dealers relationships reinforced [ph],

Car collecting. Speaking first appointments role Finance engagements JD week as like advisory literally seeing the news talent Brooke key are and space an of dealer-focused Brian with conferences Auto leaders articles and action position we're industry trade Used exciting every Board the time and cementing Freeport, NIADA, Skinner Allen partnership. MOS like our Week dozens Power, thought bench and show we're in and the industry at Summit, making this member because we're tremendous It's

to companies a to Before took strategic to his QX Scott facilitating $XX our private results. financial role I turn of joined the well so further, from $XXX online His hopeful skills metrics in the Scott? on roles. call and end in to I of his a public you to million million speaking hire key M&A intro, over growing quarter. our experience Brogi year. the will late strategy highlight for both using past under introduce that Scott from this various some to and prior be in by educational the of has experience like quarter. CFO I'm financial go with can and I'd With us Scott, that arena revenue and shortly we want ties financial you the will corporate company acquisition successful this be

Scott Brogi

third significant increased Joe. to $X.X XXXX an revenue in $X.X significantly when scale. primarily gross profit in XXX% increased third $X quarter to to higher second quarter increased insurance referral year-ago quarter quarter XXXX increase we XX% of points when refunded $X.X of was costs insurance more a million profit million more third referral represents basis to of XXXX. in than XX% million the Thank in compared sequentially quarter revenue increase to the as on expansion third gross of dual revenue of driven compared a XX% million this revenue XXXX Sequentially We of and and of in was in of million XXXX, quarter car platform driven quarter the in million second by you, and compared by Gross in XXXX. profit $X.X third compared income. reduction to XXXX. Revenue from from the to the second started of by XX% impact the represents a $X.X the to in reduction margin In commissions. times increased activation same lower of and over the premiums, growth supply the XXXX. the XX the XX% relative Margin quarter Sequentially, this in XXX of

as in to same the expected loss of on the Net raise, from of IPO scale $X.X quarter public per the million Company's were higher $X revenues. proceeds expected or ability through increase XXXX million we across to sales is $X.X insurance shares in higher share Over sold $X.XX This margin $X to clear XXXX realize third million the September third third of XXXX. of XXXX positive. compared or of of $X.X dramatically increase with the quarter of higher needed, cash has and at dramatically $X.X support being million per in common is primarily expenses totaled revenues. per per well quarter course to of $X.XX due is further coupled Sequential due million The primarily to as due concern to XX, economies share where of share, in as been XXXX to we increasing quarter per compared million QX in of is operating quarter-over-quarter Company's if $X.X very same this cost of million we in share cash Sequentially, net business, a $X.X growth due support as we revenues a towards in Total the pricing in $X.XX and net sight expansion locations. believe expansion, administration geographic provides at cash gross substantial substantial narrowing, higher XXXX. the per price of doubt December loss compared to and to $X.XX XX, specific a XXXX the XXXX. The and to was narrowing million The as X.X a normal margin continue. non-cash revenue million our or share. continue operating line ability of net XXXX. loss long of June the at burn Cash optimization adjusted share alleviated. totaled expenses in to increase to expenses flow compared that loss marketing, the loss totaled net stock levels loss the $XX.X expense in With to to quarter as going million the reduce for of $X.X or term, about said,

of million $X.XX revenue year December the and Finally, expects the for year net million full Company profit to XXXX gross ending to million $XX.XX XX, XXXX. for of million $X the fiscal fiscal $X.X

some with call the back to operational statistics are supporting important our an turn business. for looking like to Joe? would I Joe when that Now update feel we at

Joe Furnari

Scott. Thank you,

In expansion our multi-city on District operating a works of by XX states are least and at XX% the of all third a rental recent XXXX moving nationwide in proven second increase we compared that XXXX. when the of states XXX,XXX, the grew in in to to to across XX,XXX quarter, a compared concept basis increase Columbia. revenues We've third of incremental days XX% sequential forward. increase expect quarter when and quarter into in We we XXXXX now footprint a the will XXX% the

transportation. platform consume on XX% We adding drivers new rapid This with make first vision months drivers to in compared mind the added them compared clip; business as XX% unique increased of building the MOS nine are some take macro is matching of of unique third XXXX. time added second compared X,XXX represents new, X,XXX drivers new, and XXXX. I individuals XXXX. to with our months owners a forces unique way increase growth new this unique to new the outline added the future of year this X,XXX are We're we want drivers a strategic in third In as now function in business. quarter platform first the quarter, major quarter the of to also in drivers approximately and added of when the X,XXX our and that on the Again, to sequential vehicle in for changing the nine X,XXX

self-maintaining, question: autonomous one, managers asking nobody simple number an autonomy: connected, view ourselves I autonomous a if HyreCar? because are car. but see Everybody a of cars. then three like look is future like electric what about future the shared autonomous, self-driving does car for fleet pillars talks they talks and of We about self-cleaning Lyft's

cost on this have fleet maintainer to fleet later. need that advantage. and still of have low managers distinct You’ll the a will touch more I'll

platform, is the itself. Lyft second created technology similar iOS Apple's has Android to three The other autonomous have We the companies an companies walled versus platform approach, to collaborate, pillars of source open autonomous platform. the garden Google's technology see for taken market, of units a similar simple will sold port cheaper of The to business making the becoming as for as more the side over time. commoditized the and cheaper individual plug-in reaches become tech less autonomy their cabin. and the technology as diagnostics competition profitable to

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space. a a fleet to a process pillar in cars, laying sit dealer connecting the to are of first under the groundwork maintain building autonomy We of as of the that dispersed in and manager fleet service network

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The underpins on October. tenet risk, corporate and tailored In the insurance The near initiative insurance Dave Company head venture provide Peter tech on-demand Longer been Dave third the to early strategy term, insurance initiative Haley this of term, Foley. JV establishing with always joint this margins and has in fronts. to reduce this the a and whole announced allows We is economy. business flexibility financial insured multiple profit and increase solutions the Peter fount solutions.

the insurers new tailored create the at to movement. MOS insure-tech been with have of the working product in We forefront space to

partnership market and extremely with Along into entered changing actuarial and guide similar rapidly, HyreCar's insurance better and is detection and HyreCar's saving us our agreement and is deliver proprietary line, This through Technology its an fraud valuable. data parties underwriting allows claims this strengthens we on leverage expanding Shift by a As based our experience, exceptional to also to an AI. analytics money. insurers data ability risk optimize AI-driven internal all time they're to our customer driven solution

to they fit of and this some come pipeline. a look spreads lot discuss our of intermodal only service. we’ll We're and around corporate forward via companies drivers, this not seamless, that, created be all businesses of In see things M&A. operational laying been that maintenance – quarter of moving sharing and eco-system of marketers as and fleet with passengers, strategy service see the market as We Part pace we towards growth first of and public of The anytime not perfectly Now owners, have space. to shareholders. business strategy. and network to been manager value that and to the and MOS closing rapid only our Lyft to TMCs defined a was from fleet the We summary, step within companies going consumption exciting touch remarks. change had maintain as clearly opportunity. With a I'd it's new to called ride like relative sharing tenets as expect opportunities an HyreCar built to businesses, the cars M&A and these we're have would to service implementation, I We've public a capitalize like execution a to a updating a to our in MOS accommodate cater dealer in mobility pursuing connected don't able the Uber network positioned company, themselves. is button. three the for autonomy fruition. first to, roll perspective; that reason complement soon. with that accretive building and groundwork our I'd process of is strategy on the travel busy of proceed future of up in fleet in on a space. the car multiple but transportation in across their Partnering them bolt-on aggressive space acquisitions as immediate the in of platform initiative add integration post this the being our the makes as sense and ease

our million cash call year, $XX.XX and We platform a while to and for dealer-based thing, million a The one, the by by over as think of goal of to pursuing of three-pronged fitting range in approach. five the and strong we've Number develop our HyreCar the operational remainder platform as the storm years, the is $X revenue feature. is here. possible, range establishing operator. with million this to expanding who to the HyreCar big goes fleet. profitability I'll financial our profit the goal $X.XX Aiding fast between flow grow reaffirm QX this expected we corner revenues Per and net have all XXXX. mobility MOS to million expected our partnerships while grease with expected us For of fleet eye the enabling last into do between throughout you gross next debt on weathered our of it in expanding the and stuck keeping technology that, connected gross profit that results, to a profitability. feature. you and two, and With are. margins the Expanding Number MOS to revenue XXXX. margins turn Operator? to integration; for profit we're and vertical showing gratitude clear the A gross and earnings I insurance solutions know owning out turned adding our three, wheels you path all of $X.X

Operator

you. Brothers. Thank Howard first Instructions] we Taglich with And go Halpern to [Operator will

Howard Halpern

Joe, quarter, quarter. Great great Congratulations.

Joe Furnari

you, Thank Howard.

Howard Halpern

size near pilots are dealerships guess, timeframes in, Of you some First running do many pilots and take? term what questions, and expect those that the question, what have you guess. I I engaged XXX pilots to how

Joe Furnari

onboarding early and the it technology to business now cars start we seen ins our XX really, now really five with didn't with cars adopters towards the dealer service get we've what expectation with acquainted are is and starting a encouraging to the actually A to is dealer community that dealer why pilot easier really so want and and and learn lot mid-July, – the actively are is outs that we've Sure. until starting to it’s those XX of that's one and and dealers we about of dealers, because believe the largest XX them than we're is starting service more the see pilots shifted because to adopters early the that lot which our those you're add programs, right cars I to individuals. cars. those up focus of

Howard Halpern

with to shift, into XX your year? next add states, you all Okay. that rollout have personnel support With to that you team expect do increased your actually along and additional growth sales for have

Joe Furnari

great question. Yes,

that physical can the the of expansion a Specifically, as don't presence platform have means technology our states the we roll nature in we relatively those have out into platform it to a and additional states, quickly.

tremendous of to We the showcase those perfect growth those in this have I'm excited to there. really that is that's about exhibit potential release a see looking jump dealers states to and have our we the drive or states I for press think the in backlog in said a what yesterday, that. drivers and showcase the they growth,

technology and I reached there. us starting now In terms leverage I business, so of just the OpEx large we've think overall sales team support in to critical the I a mass. don't see see

leads are closer to leads last reached transacting I are the or to those that We've I a down as to in with critical think quarter point customer. and and well. able now mass that that where technology individuals said funnel more close leverages move they becoming team handle

don't where Scott on we I I in OpEx, much see think provide will see So and the some future et guidance cetera.

Howard Halpern

investment touched on sense? infrastructure time support macro just it might that going of you're Okay. it this little everything Also, the in a are build what to your the and take in take doing terms service customer to with your might rapid doing forward you bit growth, the

Joe Furnari

we've Bringing was because this the really Henry business is piece been key building to rocket Park. run we've in processes, been flight. Henry literally in ship Well, Scott huge building the of operational besides hire these another it's as – scale into

Henry that been bringing so a has there. And in business up key piece of really to initiative shore the

Howard Halpern

Okay. will to coming good I work and Well, the that look lots news forward be of forth.

Joe Furnari

you, Thank Howard. Okay.

Operator

to Giordano X go will with [Operator next Securities. Instructions] Robert We Network

Robert Giordano

been the that double question beginning, congratulations. and one of know from because the again, to would on be Joe, down now, it point force. a the compare amazing – minds leveraging I you've you it's people's business for that to way just to really or growth more some sales sales How this from home the minute that with does had you one personally, a initially Having XX with is like business. the grown outset, people. on question drive against that bit you specific as you have There you that Howard’s the a analysis. once And I managed, whether growth was that the think be discussed almost enormous remember in a indeed the this achieved? technology number the can is count I play that I primarily body you about technology going just particularly ratios? Could a you little you've really

Joe Furnari

rate Right. XX so up mean, we've in leads, to heads five see those only able the with seen mentioned given and that to a XX technology. and that’s we at it's do we're good trying doing mean, I now is the sales that, really, I is growth growth Yes, leads, growth is what I that leads think a that from a versus team. tremendous we're of can point what think we're probably or I XX,XXX leverage so increase force, perspective We've increase since tremendous had and to June, I but we've – leads service only that and added driver in still in on XX – sales and the all sales you

really is there. in technology So kicking

calls brand auto-dialer XX a XXX, an Just make day. whereas day were enabled has XXX a us calls before an to we example, per and CRM are there new implementing

have enabling a to in of the example personnel the we us leverage really good technology office. it's So that

Robert Giordano

just looking the owner the was dealing fleet, which had be now or Is overcome in Wow, other it would hesitancy they what as initial opposite about were to seems an of you have and how take the models, accept at corollary been able the that beginning, individual the initially the you than you in you've argument was as proposition. driver, dismissed? a that have with you yet to to would owners the have could lower fleet now if ROI to side this, is it that the individual it been you operating rather for same to that fleet

Joe Furnari

low fleet, that, essentially by have mile These anybody so after a the the our a to partner very better can rent doing with solid platform, per vehicles different obviously those obviously manage what is cost our our partnerships fleet a you on going of to basis, Ownership a to taking cases, maintain given dealerships that guys is reliable DriveItAway, we those is are inventory dealerships in here. than a in we're of percentage bringing fleet, couple Ownership bringing the the provides, of car some rate opportunities. cents and more the on increasing Well, of professionals. and which to trying as and Path Path maintainer programs have through are a that types to – daily build provides that are we it, In the revenue actually we're

to So to think dealers are able the for happy. I been the position The we've that's and I results speak how it think the dealers, dealers themselves.

Robert Giordano

wonderful Joe. wonderful, again, Once results,

Joe Furnari

Bob. Thanks,

Operator

We will next Joe Investor. to Giamichael, Private go a

Joe Giamichael

Hi. Thanks, gentlemen. on the Congratulations quarter.

breakeven. and flow cash what still accurate be you'll was that's regarding us guidance to you you reach given able previously when projection? feel just an Can that remind you do timeframe that You'd believe

Joe Furnari

do. Yes, I

I of the think widening actually metrics, I other narrowing quarters, be get we're that of would to and and revenues you profitability those ramp that margin. able can the EPS of that that's three So, some XXXX, QX of next seeing think we profit gross the and cash that see conservative, flow in very QX, end the over

expanding managing and We helm, initiatives growth, margins partnerships and insurance expect those a gross Scott continue margins revenue so with matured to eye, at to insurance, OpEx. in those – grow with on different the profit through keen so

I the three success. for are recipe think ingredients those

Scott Brogi

this is up out a level kind rate $X I profit where million that gross of a it's that over think this run Scott. now certain add got – coming of quarter we've we can quarter, would just I Yes, and as cash that next flow breakeven have will step put a up getting against again sequentially possible for significant as to XXXX. quickly that resources amount of we that

Joe Giamichael

extrapolation That’s capitalized path I balance of you at and that point. giving, even it. Got that you're to the great, the the would at well than simple some more current just with you're this enough reach sheet, excess assume should have – and looking capital and

Joe Furnari

little top step we profit growth great profit where a and the no, we certainly that it's can points XX% gross spread QX, each got XXX to much just got more about expanding that over were in quarter-over-quarter that margin, an question but you've up pushing in as we line QX month XX.X% you've again, gross through Yes, basis from margin into against.

Joe Giamichael

Got that the XXX know – but release, they you. in sort job having Can press what Are process mentioned you outside bit now of dealers call mentioned think platform. addition, can you you means last have terms more just ready role the little earlier, potential to cars the last Joe, join Thanks you question. about expressing the the adding the in us join beta does talked of one and you what you supply and that in you the of multi-location then to you a a than ready on did and actively good really to mean? in I in earlier? beta Q&A of the tell dealership

Joe Furnari

a longer on-boarding get board mean, I process individual. or a Yes, to it's process versus dealer on sales an

And adding. continually are so we

I you QX, XX and about continuing what two to to one look we dealerships. late over had we think XX in grow. QX, up at or now dealerships new that’s if We're had

have the is so QX, we expectation dealer cars QX part they In terms behind great of in double have and about that the XXX always renting. cars is the dealer number the that end available they're that. cars And the about cars and be by should cars, of more number we doubles

and speed at very out that some to in where fully and we easy them for cars. they’re hit there go it's renting And point, all utilized, their add slots so you’re of more cars

of what numbers terms dealer giving pretty in So the side. from we those I'm expect that are conservative

Joe Giamichael

very on Okay, great. Thank you quarter. Congratulations the much.

Joe Furnari

Thanks, Joe.

Operator

Securities. go with next Northland We Grondahl to Mike will

Matt Shea

Hey, this for guys, is Matt Shea today. on Mike

First execution. the the just on of quarter, congrats all, great love

Joe Furnari

you. Thank

Matt Shea

is color on just initiatives the wondering going cell how any guys of My you are have exciting – are things looking? you kind some if do question insurance, how and those with I first doing know is captive initiative

Joe Furnari

staring plan am speak. I Yes, as a business at we

there. quickly. feasibility in and completing turn then We the They are are process study a on that we of right relatively

done where that whole captive of but insure we to in the products think I to in that types want then business with that risks to needs that be as we still innovating have another partners are our also there's there's analysis side venture. it a to new we that joint

because the end exciting well more to going the – there. year news so And the our revenue. by really those ramp have potentially are they then feasibility study you're as Again, progress on of first and really they

Matt Shea

Okay, mobile exciting color great, the question, relaunch then on functionality last we come and of then any that? will when any can the application and of expect that kind with

Joe Furnari

from loss hope a ties mid last unlocks so recognition, there. question of this of what brought an we runs now. sure and They three on in-house, development the and terms car, good in are pieces and in-house developers making app and over senior-level really quarter, team in verification, We, side the runs business, launched working the that right Yes, and the we're beta data those we makes that app – really keeping couple from app a managed rent the of app side facial into driver of it just a loss underwriting low. car our it it a get key couple insurance real-time is One, also all of reasons. to that seamless collection of risk and it into that the weeks is the well but ago and risk underwriting for with ID of have

about as I'm on back app. I can be That that, in rollout. So have guys well. of the to know, beta that. release then said, Like that out don't I also rolled out the – a you – and let you roll on reach timetable so phases. timetable come press that I I excited can will a me, to will the I'll

Matt Shea

Thanks, guys. soon. the on quarter. Talk again, Okay, Congrats, great.

Joe Furnari

Thanks.

Operator

We with will Richard JH next go Ehrlich to Darbie.

Richard Ehrlich

Hey, are you? Scott. How Joe. Hey,

Joe Furnari

Good, Richard.

Scott Brogi

Good, Richard.

Richard Ehrlich

quarter. to companies great few seems million get Most and for million really go would small that buster, like I quarters, are see commend cash you a going a that question. Great, revenues depleted controlling to down controlling cash. you it $XX you're I've congrats. after yourself so raise, $XX but most really like public guys companies, with

exploding which dealership, lot a your about talking really seems right to be now. You're

you're are about we to Are you the – quarter, really within you you X,XXX If or you expect cars? about one talking XXX in you looking get double are dealerships right XXXX? you X,XXX, because talking what you the Are have what into from saying get should XXXX dealerships? these XX,XXX towards – end now; of do cars have around with to looking

Joe Furnari

a XX, so large the be we of be it's top would Group guys if are couple would get – mean, or in, a of because my talking and in my I XX those game dealer these cars XX,XXX I mean, two of Yes, cars. you hope dealerships, you changer. XX,XXX one of those hope get groups

tremendous So was I'm in amount cars. looking a to this Literally, division established of add July.

And we’re a so what they is cars. those moving are – metrics dealership and the trying hold forward expectation those get we're what really on a to add to from trying when

we’re the to a basis. updates – and talking about I Street actually had Scott growth how on So, to those give communicate and that consistent

how just an nature There's take every regions, to in those I those in with up comfortable I via Street like an if and we metrics are more have on a going the I giving as when think is Chicago, to a cars one I we're if come the have put to much X,XXX continue put with then growth. we And are X,XXX I the you going month, through update X,XXX – they them. overwhelming put we XXX And release to give PA, to an going put they I so cars that cars, show those I in saying can metrics. now. a get example to of those demand. put rent right cars Jersey, like month cars demand on That's dealers will press and line,

that it, so they're I – it's point. and just five we’re put don't If X,XXX off as And so put just They – binary, cars, on as fast like it, they five at – they don’t can right. on on cars. they They can a they possible. can cars. I'm like put running

a with to basis start out of to progress forward more press you'll going the division put that. I'm releases and on short, story commercial long have Just, the monthly on going

Richard Ehrlich

Right.

almost dealerships, rental approve short should time [indiscernible] gorilla here is still of XXX-pound So within period companies. a a car the

you, get questions rental – with trying I've even rental companies about car a some that. a agency Are partnerships that discussed of or any you investment develop I've within with asked car type So to just to really go going not ZipCar with and long their was to this rental hands sell taking is you, it acquired happened and model the if are off. ZipCar too agencies because to car

going some way. they get somehow, So are to the business into

you there? with the rental plan agencies what So have your what's car and done

Joe Furnari

Yes. Good question.

news had Silicon industries the massive agencies, You OEM's, point. because worthy, of pursuing of it world, and – car soon GMs then updates, the you have at companies you go dealerships, have some and through I Valley avenues in are you you like give of four dealerships, as mean, those but play the something all I the wire, right. of four. can't you're have will pursuing Fords as rental the this We're private Turo; specific we’re you, all I can that's through sorry, I have tell ahead. Richard, hit

one, is last there that partnerships. obvious right, one the so those path in you're right, Sorry, Richard,

all And we're of flow corporate enabling, partnerships a there initiative our big about all of in our establishing so terms tenets and talking tenets, there. over M&A types or corporate the it's into or those

So get I asking the out that. soon. for announcements make sure thank I'll you news

Richard Ehrlich

I’m critics but of of public in on hear biggest your job. that, kind still one Lyft sometime also you of great one biggest I’m your XXXX. One that is Well, to accountable at last are fans. right. make question go we plan Right, always and Uber times, guys

actually minuscule try sharing you it advantage the of to that’s such point one try through wants public do valuation Lyft company at to because could you and a they are a take and of at be to anyone only you’re You can going ride leverage the if – or this beneficiary. few public, Uber

I largest, the correct? independent think is of of Lyft, or maybe one Lyft you're provider largest the companies, that

Joe Furnari

activator of we’re in activator States Lyft right number United the drivers United one independent in of now. States, Lyft the drivers So the

Richard Ehrlich

the because off and guys for guys ball point I the just is think just huge it's I you think selling a to you stock much exciting. quarter, the that’s just such think that this a opportunity do marketing, here this but correct depressed, Wow, with will depressed don't and with you knocked too I great. be that’s longer, cover with huge your

keep So, congratulations, and happy I'm it going. really

Joe Furnari

Bye-bye. Thanks, Richard.

Operator

We’ll next with Charles go Morgan to Stanley. Bloom

Charles Bloom

bit is Hi. Could why about component dealership. up? dealership you Good afternoon. Great work. big A deal simple sign a The where talk of little dealers a your them? what a the the initiative question great about growth makes is, would for it

Joe Furnari

right that out listen, seeing hit XX next to and participate for turnkey Sure. is mean, solution can is get we're go so are buy their saying, a now they mobility and we model are you years to them what money in dealerships, out to because next is but coming XX the that franchise years wall, they being going dealers a I and told service. within the they as the to in the business can need a here

X,XXX dealers, you. cars to answer one is, lot the me see well, So show to really right, cars? revenue, there on back demand ramp-up Our enough absolutely, the and we is put a five let is, push the of get platform, really,

the inventory. and of And the then that so type up the revenue for seeing, and back-end that's the there they're ramp what doing with cars, now overwhelmingly these to pilots, utilization we've the rates feedback has been been starting positive they're on those on

XX tell all to I peter and right, the to out a next model on them, dealer So years. traditional it's your that, bring is over business think going

a – workers, economy. you’re is here renting future, shared you’re in the economy gig is the to renting participate to you for to way Here

that a them buy of are so to powerful into And is lot starting and a proposition that.

Charles Bloom

a the good you. Thank work. great That's Keep answer. up

Joe Furnari

Thank you.

Operator

Furnari back for I remarks. to call this the like Joe time, At hand or would over to closing additional any

Joe Furnari

to forward to you our progress. update for on us you thank Again, and look today joining we continuing

Street forward out prepared we for went the growth because this really public. to, questions. I individual there small so asking conclusion in growth. – look that lot of good offices, think was for you there. mentioned you retail there the and I wanted We in think we investors public wanted Thank the went this to for my of out covered I we VC's there we to show we've Again, a J-curve growth participate why questions remarks, that investors, in to show this market and the or the family versus this that's Street but

are you. that growth of showing sticking you We us. appreciate Thank you I all with and

Operator

your thank We conclude does you for That today's participation. conference.

HC Liquidating (HYREQ) 12 Nov 182018 Q3 Earnings call transcript