RideShare Rental provides drivers with the vehicles they need to make money in the gig economy-sanewnetworks
RideShare Rental Inc (OTCPINK: YAYO), formerly YaYo Inc, acts as a bridge between drivers looking for cars to work for companies like Uber and Lyft and fleet operators looking to rent in the ridesharing market.
The company, through its wholly owned subsidiary Rideshare Car Rentals LLC, rents out ridesharing cars to drivers and takes care of auto insurance and maintenance. For fleet operators, the company provides an online platform where they can rent their vehicles. RideShare offers daily, weekly and long-term rentals in major cities including Oakland, Los Angeles, Seattle, Las Vegas, Chicago and more, with more coming in the coming months.
Electric vehicles (EVs) are a priority for RideShare, especially after Uber and Lyft announced plans to switch to all electricity by 2030. Not every driver owns an electric vehicle, which makes RideShare rental a viable solution.
Drivers can use EV charging stations at RideShare points, or even switch completely to another vehicle. The company also runs an ambassador program whereby drivers can get a 10% discount on referrals from others. This accumulates, so you can rent a car for free if you have enough referrals.
RideShare Rental recently underwent a management change. On February 4, CEO Rami El-Batravi, acting through his holding company X LLC, agreed to sell 6 million shares of Acuitas Group Holdings LLC, giving him a controlling stake in RideShare.
Acuitas plans to appoint Terren Peiser, its sole board member, as executive chairman of the company. Pizer will replace Steven Sanchez, who is retiring to replace El Batravi as CEO.
In January, RideShare received a $ 2 million line of credit from ACME Auto Leasing LLC to fund additional passenger vehicles for the travel industry, including the purchase of high-roof transit cargo vans for so-called last mile delivery logistics.
The bulk of the funds will go towards the purchase of electric vehicles (EVs) to launch the company’s electric vehicle strategy for ridesharing. Over the next 18 months, the company plans to move almost exclusively to electric vehicles as it ramps up vehicle shipments, the company said, and more funding is expected in the future.
RideShare uses more than 95% of its vehicles in multiple markets, the company says, meaning that most of the vehicles it receives are leased to drivers in a short period of time, who in turn can ride Uber, Lyft , Grubhub, Classmates and others. Earlier this year, the company moved from Beverly Hills to a larger facility in the Los Angeles area. Looking ahead, the company’s top priority is to get its stock listed on the Nasdaq.
Current CEO Rami El Batravi believes electric vehicles are the future of the ridesharing industry and that RideShare Rental is in a better position to make a profit.
The expansion of Rideshare Rental to electric vehicles will not only further diversify the company, but also take us to the next generation of ride sharing, El Batravi said in February. There are clear climate benefits to using electric vehicles instead of gasoline-powered models for services such as Uber and Lyft . There are currently a limited number of electric vehicles in fleets to meet rapidly growing demand. We intend to be at the forefront of meeting this demand while helping to realize these important environmental benefits.