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Dropcar puts its foot down after business update

Last updated: 13:47 16 Feb 2018 EST, First published: 08:47 16 Feb 2018 EST

Hand holding a spanner
The company whacked up its prices for STEVE from US$349 a month to US$379 a month last month

Car parking, maintenance & repairs logistics app developer DropCar Inc (NASDAQ:DCAR) soared on Friday after providing a business update following its merger with WPCS.

DropCar's consumer and enterprise automotive segments (excluding WPCS’s contracting unit) delivered strong results in 2017, while growth prospects continue to expand, Dropcar said.

Overall consumer automotive movements exceeded 28,000 during the fourth quarter of 2017, up from roughly 10,700 in the same quarter of 2016.

Quarterly enterprise movements topped 5,700 versus some 2,000 a year ago.

DropCar's consumer subscription services, such as STEVE (monthly parking subscription service) and Premier (higher-end parking and service subscription package) almost tripled its base to more than 1,400 monthly subscribers, up from around 500 at the end of 2016.

The company whacked up its prices for STEVE from US$349 a month to US$379 a month last month and also added a premier plan that costs one dollar shy of 500 bucks a month.

What DropCar calls its “captive consumer base” - that's car drivers desperately looking for somewhere to park in Brooklyn and Manhattan – of around 1,400 continues to generate incremental opportunities in adjacent markets, ranging from auto repair (e.g. a qualified network of mechanic/repair servicing with volume discounted pricing) to luxury real estate, the company said.

The shares, which listed at the end of January on Nasdaq, shot up 25% to US$2.873 on the update.

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