BAYER MOTOREN WERK ADR EACH REPR 0.33333 SHS (OTCMKTS:BAMXY) has announced plans to launch its own ride booking service, to counter Uber Technologies Inc. The company revealed that it plans to start the service from Seattle and then expand to other US cities, becoming the first luxury car maker to do so. The service is to be named ReachNow and would come with a chauffeur.

Peter Schwarzenbauer, the head of BMW’s AG Mini brands, stated that the service would make the life of commuters in big cities easier. He also revealed the service’s mission was to use a single source to provide mobility when needed. The company is also operating a similar service in Europe, under the name of DriveNow.

It is expected that the launch in Seattle would offer a similar kind of free-floating car sharing, as DriveNow in Europe. BAMXY has also confirmed that the Seattle fleet would host 370-autos, which would include Mini and i3 electric cars. The mobile app and other services would be provided by RideCell, in which BMW holds a minority stake.

However, RideCell is not the only technology company that BMW has engaged with. Recently, it was revealed that the automaker had become a customer of Microsoft, employing its Azure technology. This is also the technology being used in the company’s latest mobile app, BMW Connected, despite the fact that the application runs on iPhone and iPads.

The application not only identifies the quickest routes and calculates the travel time, but can even direct the driver from a parking place to the final destination, along with traffic conditions of the selected route. The application uses data analytics to do so. Finally, the app also allows users to remotely lock the doors, sound the horn or flash lights, amongst other options.

BAYER MOTOREN WERK ADR EACH REPR 0.33333 SHS (OTCMKTS:BAMXY) had a trade volume of 19,866 and reported an increase of 0.75%, to reach a close at a share price of $28.36 on April 11.

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Steve Kanaval: Portfolio Manager/Writer/ Market Analyst Steve began his career in the Trading Pits in Chicago making markets at the Chicago Mercantile Exchange (NYSE:CME) the Chicago Board of Trade and the CBOE in the early 80’s. He ran the Morgan Stanley Derivative Prop Trading for the firm specializing in Index Arbitrage. He continued his career as a Trader/Portfolio Manager for multiple Hedge Funds during the Internet Boom of the 90’s managing large portfolios. Steve is known as an expert in MicroCap Technology Stocks and the emerging Digital Currency markets as a Portfolio Manager for his Family Office. Steve has managed portfolio’s in volatile asset classes for 3 decades as a commodity trader, hedge fund manager and digital currency trader and miner. Steve publishes his views on the asset classes in a public forum and has published more than 10,000 articles simplifying these complex and volatile assets for readers. His work is published on multiple sites including Bloomberg,,, CryptoCurrencyNews as a paid contributor. His work includes research, journalism and archived video on important market volatility related to stocks, digital currency and other volatile misunderstood asset classes. He offers a humorous, unique insight and the related back stories and drivers for readers interested in volatility and emerging market assets. Full disclosure Steve is long 25 digital currencies and sits on the board of multiple public companies involved in digital currencies, and owns shares in these companies from time to time.