HONK Finishes 2021 With 90% Growth in Revenue Fueled by New Services

PR Newswire

LOS ANGELES, Feb. 10, 2022 /PRNewswire/ -- HONK Technologies, the industry-leading digital roadside assistance and vehicle transport platform company, finished 2021 with exceptional growth over pre-pandemic levels, fueled in part by the success of two new services: Vehicle Transport Services and FirstOnScene Accident Information Services.

Q4 2021 was HONK's sixth straight quarter of revenue growth since the industry-wide downturn at the beginning of the COVID-19 pandemic. HONK's record 90% annualized growth rate in Q4 drove record revenues in calendar 2021, with growth of nearly 70% over 2020. While HONK's digital-first platform ensures efficiencies and quality through automation, HONK's hiring remained strong throughout the pandemic, and continues to be strong into 2022.

HONK also diversified its offerings releasing two new services:

Vehicle Logistics: Provides automotive retailers with transparent, trackable, and one-click scheduling for same-day vehicle transports to address complex logistics challenges.
This new service was HONK's fastest growing segment, winning four large customers in multi-million dollar deals that now comprise nearly one-third of HONK's revenues.
FirstOnScene Accident Information Services: On average, it takes a customer 7-10 days after an accident to report a claim and provide photos of the damage to their insurance carrier. HONK can reduce cycle time by three to five days and save insurers $500 to $800 per claim. Using HONK's FirstOnScene proprietary mobile technology, a HONK service provider can collect photos, video, and information detailing vehicle damage at the accident scene. These real-time data points and information are instantly available from the insurer's client dashboard, other integrated third-party AI tools, and claims management software.
This service is currently in the midst of rolling out with two of the 15 largest U.S. auto insurers.

"I'm very proud of the growth HONK achieved in 2021," said Corey Brundage, CEO and Founder of HONK. "2020 was a very challenging year for our industry, but instead of hunkering down, HONK leaned into the challenge and diversified with two new services, one of which already accounts for nearly one-third of our annual revenue. It's a testament to the passionate, innovative culture we've built at HONK."

About HONK Technologies
HONK, a flexible on-demand mobility platform, helps top insurers, fleets, automotive OEMs and retailers deliver modern, digital roadside customer experiences and meet scalable same-day vehicle transport demands. HONK's digital-first, modular approach is designed to optimize roadside assistance programs, auto claims processing, accident scene management, fleet maintenance management, vehicle logistics and transport, so businesses can increase efficiencies through advanced digital tools, customizable integrations, and HONK's high-performing service provider network to build brand-defining retention and loyalty engines.