Program Addresses Recent Tax Law Change and Improving Commuting Employee Productivity & Retention
NEW YORK, NY / ACCESSWIRE / October 23, 2018 / DropCar, Inc. (NASDAQ: DCAR), a rapidly growing provider of app-based mobility services and logistics for both automotive business providers and consumers, today announced that it would begin offering New York City urban-based businesses its cost-saving parking program and time-saving "WILL" by the hour car concierge service.
According to a recent report by TransitCenter.org, about 44% of workers in the 24 largest cities in the United States use a vehicle as their main mode of transportation for commuting with employers paying about 90% of cost of employee parking. In New York City alone, businesses spend $78.9 million for commuter parking benefits in midtown, and $55.4 million downtown, respectively. A survey by the International Foundation of Employee Benefit Plans (IFEBP) found that of those employers that offer transportation incentives, 31% are located in jurisdictions with mandatory commuter benefit ordinances.
CEO Spencer Richardson stated, "Many businesses in major central business districts (CBDs) across the United States already walk a fine line between supporting programs to attract talent that often requires a commute, while at the same time being held accountable for the traffic these programs create. Now compounding this challenge are the changes to the tax code, chiefly those aimed at the $7.3 billion per year in federal income tax exclusions for employer-provided and employer-paid commuter parking which in many cities and localities, including New York City, Washington, D.C., and San Francisco, have mandates requiring most employers to continue offering these benefits."
"To help companies deal with this issue, DropCar is extending its Self-Park Spaces program, launched for consumers last month in New York City, to employers who are required to, or want to, offer parking to their employees. Moreover, we are also offering our 'WILL' car concierge service to companies which can help provide front door car pickup, dropoff and curbside waiting for clients and customers that visit their offices," added David Newman, Chief Business Development Officer.
Working with many parking garage owners throughout Manhattan, Bronx and Brooklyn, DropCar has been expanding its number of parking spaces available and geographic garage coverage. Its parking program can save businesses significantly off their monthly parking garage costs; while, its on-demand "WILL" car concierge service is available with its wait-in-car or convenient valet pick-up and drop-off service to a partner garage. Looking forward, the Company hopes to expand these corporate services to other urban markets where it has an existing market presence.
For more information, visit https://selfpark.drop.car/
About DropCar
Founded and launched in New York City in 2015, DropCar's mission is to power the next generation of mobility by bringing the automotive industry's products and services to everyone's front door. DropCar's core Mobility Cloud platform, and integrated mobile apps help consumers and automotive-related companies reduce the cost, hassles and inefficiencies of owning a car, or fleet of cars, in urban centers. Dealerships, fleet owners, OEMs and shared mobility companies use DropCar's last mile logistics platform to reduce costs, streamline logistics and deepen relationships with customers. More information is available at https://drop.car/
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 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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SOURCE: DropCar, Inc.