Nowadays, the growth of traffic congestion and emissions has led to the emergence of an innovative and sustainable transportation service, called dynamic vanpooling. The main aim of this study is to identify factors affecting the travel behavior of passengers due to the introduction of dynamic vanpooling in the transportation system. A web-based mode choice survey was designed and implemented for this scope. The stated-preference experiments offered respondents binary hypothetical scenarios with an ordered choice between dynamic vanpool and the conventional modes of transport, private car and public transportation. In-vehicle travel time, total travel cost and walking and waiting time or searching time for parking varies across the choice scenarios. An ordered probit model, a multinomial logit model and two binary logit models were specified. The model estimation results indicate that respondents who are aged between 26 and 35 years old, commute with PT or are members of bike-sharing services were significantly more likely to choose dynamic vanpool or PT than private car. Moreover, respondents who are worried about climate change and are willing to spend more for environmentally friendly products are significantly more likely to use dynamic vanpool in comparison with private cars. Finally, to indicate the model estimation results for dynamic vanpool, the value of in-vehicle travel time is found to be 12.2€ per hour (13.4€ for Munich subsample).