Companies Offer Gig Economy Drivers Extra Revenue

Companies see opportunities to help gig economy drivers become even more digitized, offering them more apps, screens and electric cars.

In one recent example, Hyundai and Firefly announced April 4 that they are collaborating to promote to rideshare fleets and drivers Hyundai vehicles equipped with Firefly’s in-car and on-car screens used for advertising.

In this pilot program, fleet owners and individual drivers can buy a new vehicle, have the screens installed, and then earn advertising revenue during the time they spend on the road. The companies report that those who participate can earn up to $ 3,600 a year.

“We’re very pleased to work with Firefly on this program, as we are both dedicated to completely changing how cities look and function with automotive-centered technology,” said Fred DePerez, vice president of product line management and sales planning at Hyundai Motor America. , said in a statement.

Renting Vehicles, Providing Additional Opportunities

With the announcement, Hyundai and Firefly join other companies that have rolled out programs offering products and services specifically aimed at gig economy drivers.

Hertz announced in October that it had partnered with Uber to make up to 50,000 Tesla electric vehicles available by 2023 for Uber drivers to rent. The program offers participating drivers a preferred weekly rate, elimination of the need to buy or lease a car and access to discounts on electric vehicle charging.

Read more: Hertz Expands Investments in the ‘Modern Mobility Ecosystem’

“We’re seeing strong driver interest, and participating drivers are generating higher earnings,” said Mark Fields, who at the time was Hertz interim CEO, Feb. 23 during the company’s quarterly earnings call.

Another company, EVmo, is dedicated to providing rental vehicles to both rideshare and last-mile delivery drivers and delivery companies in the gig economy. The company is active in seven metropolitan areas across the US, has a fleet of 600 vehicles and says the total addressable market for renting vehicles to gig economy drivers is between 300,000 and 500,000 vehicles.

See more: Gig Economy Drivers Rent More Than 300,000 Vehicles

In November, EVmo launched a crowdsourced delivery app that provides renters on its platform with exclusive access to delivery opportunities.

“We expect the rideshare industry metrics related to end customer and driver of vehicle demand to continue to improve,” EVmo CEO Stephen Sanchez said March 31 during the company’s quarterly earnings call.

Providing Scalable Monetization Opportunities

The new Hyundai and Firefly collaboration focuses on drivers and fleets in the shared mobility, taxi, ridesharing, food, grocery and last-mile delivery segment.

The companies noted that the bonus income the drivers can earn with advertising revenue can help them cover the monthly car lease or financing costs for new Hyundai vehicles.

The pilot program, dubbed “Hyundai Drive by Firefly,” is supported by Hyundai CRADLE, the automaker’s open innovation hub that partners with and invests in global startups.

“At CRADLE, we understand that greater options for mobility significantly improve people’s lives,” said Henry Chung, senior vice president and head of Hyundai CRADLE, in a statement announcing the partnership. “Hyundai Drive by Firefly will provide scalable monetization opportunities for the future of mobility and accelerate the adoption of Hyundai vehicles among Firefly’s drivers and fleets.”

A

NEW PYMNTS DATA: THE FUTURE OF BUSINESS PAYABLES INNOVATION STUDY– APRIL 2022

Plastiq - The Future Of Business Payables Innovation: How New B2B Payment Options Can Transform The SMB Back Office - April 2022 - Learn how all-in-one payment solutions can help businesses streamline B2B transactions and remove AP and AR management frictions

About: While over half of SMBs believe that an all-in-one payment platform can save them time and improve visibility into cash flows, 56% believe that the solution could be difficult to integrate with existing AP and AR systems. The Future Of Business Payables Innovation Report, a PYMNTS and Plastiq collaboration, surveyed 500 SMBs with revenues between $ 500,000 and $ 100 million to explore how all-in-one solutions can exceed SMBs’ expectations and help future-proof their businesses.

Leave a Reply

Your email address will not be published.