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The Dropcar Merger

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I have chosen to find a new technology start up that has become popular within the last ten years. I feel it is important to stay up to date on new technological advances due to the fact that it could make your life much simpler. I found a company called DropCar. It is a new app developed in 2015 that offers people a variety of ways to store, park, or ride their car. I know that sounds confusing at first, but it is quite effective within large cities. Currently it is only active in New York City, but I believe it will spread to others. It started with the idea of letting people allow others to drive their car around the city instead of paying to park. In New York, parking can get quite pricy, sometimes even as much as thirty dollars for …show more content…

It is a for profit company operating with less than 500 total employees. Back in September of 2016, DropCar announced its merger with WPCS International Incorporated (WPCS). This merger was meant to provide financial flexibility for DropCar to continue its growth. Since then, DropCar has been making headlines all across New York City, including deals with Mahattan Motorcars, Toyota of Manhattan, and Lexus of Queens, just to name a few. In December of 2017 they enhanced their vehicle assistance and logistics (VAL) platform with a new toolset. Just this past January, they rolled out the idea of what they call DropCar Premier. This is a service they provide at a cost of $499 per month and includes complete vehicle maintenance and care along with valet pickup and drop off. At the end of January, DropCar completed their merger with WPCS and finally acquired its symbol for the Nasdaq Stock Market. DropCar is now currently used by leasing companies, dealerships, auto manufacturers, and shared mobility …show more content…

If someone sees the success they are having in New York, they could very easily create their own app that is very similar and put it in place in LA, Dallas, Chicago, etc. If DropCar doesn’t reach out and hit those markets soon, somebody else will for sure. It would be very similar to Lyft taking some of Ubers’ business. In most areas, Uber is the go to option, but Lyft was able to attack the smaller cities before Uber could get to them, taking away a lot of potential business for Uber. I feel that same problem could happen to DropCar if they don’t act

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