LOS ANGELES – December 18, 2017 – YayYo, Inc today announces the formation of RideShare Car Rentals, LLC under which it has launched its own platform www.RideShareRental.com to rent out the fleet of YayYo cars out of YayYo’’s previously announced subsidiary, Distinct Cars, LLC. RideShare Car Rentals, LLC is a wholly owned subsidiary of YayYo, Inc.
The www.RideSharerental.com platform is also a peer-to-peer platform where individuals and fleet owners can list their cars to rent to rideshare drivers. RideShare Rental plans to launch the app version in the first week of January.
YayYo’s fleet is almost 100% rented out. YayYo plans to order additional cars for its fleet. With the addition of the peer-to-peer platform, YayYo has commitments from other fleet owners to make their cars available to RideShare Rental, allowing YayYo to expand much more rapidly. RideShare Rental charges a transaction fee to the driver and owner thus making it a profit center.
Approximately 35% to 50% of the drivers that apply to drive for Uber or Lyft do not have a car that qualifies for those companies. With the hyper growth of these rideshare companies the demand will continue to grow dramatically. YayYo is positioned to take advantage of this growth.
Demand for drivers and cars for the rideshare industry have been strong since the start of this disruptive industry, by adding the peer-to-peer capability it will help meet demand beyond just our own fleet of cars.
“We originally tested out the business model on another platform, after seeing how big the market place was for cars to rideshare drivers, we knew immediately that the direction the company was going into was the right one,” said Ramy El-Batrawi, CEO. “We put as much resources as we could to complete and launch our own platform”
Mr. El-Batrawi stated, “Putting the cars on our own platform increased our revenue per car by almost 40%. This is a significant milestone for our company. Our strategy for YayYo is working and we are building value for our shareholders.”
Those interested in renting cars can go to www.RideShareRental.com
The Company was also qualified on March 17th, 2017 by the Securities and Exchange Commission for a Regulation A+ Initial Public Offering to raise gross proceeds of $50 million. Interested investors can purchase shares directly at www.YayYoIpo.com.
YayYo, Inc., also recently announced that the Company has filed an application to list its common stock on the NASDAQ Capital Market..
This release contains certain statements that are, or may be deemed to be, forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934, and are made in reliance upon the protections provided by such Acts for forward-looking statements. We have identified forward-looking statements by using words such as “expect,” “believe,” and “should.” Although we believe our expectations are reasonable, our operations involve a number of risks and uncertainties that are beyond our control, and these statements may turn out not to be true. Risk factors associated with our business, including some of the facts set forth herein, are detailed in the Company’s Form SEC filings.