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New Company Lets Rideshare Drivers Rent Vehicles

Published on Feb 24, 2021 at 8:34 am in News.

Rideshare drivers who need cars in order to work for Uber or Lyft can rent vehicles from Rideshare Rental Inc, formerly known as YaYo Inc. Auto fleet operators who want to rent to the rideshare market can also utilize the company’s services. According to the company, most vehicles are rented to drivers for a short period of time for Uber, Lyft, Grubhub, Postmates, and others.

Rideshare Rental Inc operated through its wholly-owned subsidiary Rideshare Car Rentals LLC. The company rents to rideshare drivers and takes care of auto insurance and maintenance. When it comes to fleet operators, the company offers an online platform on which operators can rent their vehicles.

Currently, Rideshare Rental offers daily, weekly, and long-term rentals in Oakland, Los Angeles, Seattle, Las Vegas, and Chicago. The company expects to expand to additional cities in the upcoming months.

With Uber and Lyft both having announced plans to go entirely electric by 2030, Rideshare Rentals is prioritizing electric vehicles. While not every driver has access to an electric vehicle, the company is looking to expand the availability. For those who do have access to an electric vehicle, drivers can charge up at Rideshare Rental locations or swap with another vehicle.

Current CEO Ramy El-Batrawi released the following statement regarding the expansion of the company: “The expansion of Rideshare Rental into electric vehicles not only further diversifies the company, it takes us into the next generation of rideshare. Deploying electric vehicles instead of gasoline-powered models for services Uber and Lyft provides obvious climate benefits. At present, there are a limited number of electric vehicles in the ride-hailing fleets to satisfy the rapidly growing demand. We intent to be in the vanguard of meeting this demand while at the same time helping to realize such important environmental benefits.”

Prior to the announcement of the expansion, El-Batrawi agreed to sell 6 million shares of stock to Acuitas Group Holdings LLC, which gives Acuitas a controlling stake in the company. Acuitas will be nominating Terren Peizer, the sole member of the board, to be executive chairman of the company. Peizer will replace Stephen Sanchez, who is resigning to replace El-Batrawi. Over the next 18 months, the company plans to transition to nearly 100% electric vehicles.