YayYo, Inc., Enters a Rideshare Rental Fleet Partnership with LMP Automotive Holdings
Wednesday, December 18, 2019 8:30 AM
The Company expands into Texas and increases California footprint with the opening of San Diego Location
BEVERLY HILLS, CA / ACCESSWIRE / December 18, 2019 / YayYo, Inc. ("YayYo" or the "Company") (NASDAQ:YAYO), a leading provider of vehicles to the rideshare industry through its wholly-owned subsidiary, Rideshare Car Rentals, today announced California expansion with the opening of a San Diego office, and it's first entry into the lucrative Texas market with a Dallas location. The territory extension was facilitated by a new fleet partnership with LMP Automotive Holdings (NASDAQ:LMPX).
The recently established relationship with LMP included sourcing cars under a $2.5 million-dollar program that resulted in automotive inventory delivered this month with an additional delivery scheduled for January. YayYo's nationwide rideshare rental fleet continues to increase, as the company serves drivers for Uber, Lyft, Grubhub, Postmates, and other gig economy leaders. Each YayYo car lists at approximately, $1,700 a month for each vehicle with gross margins exceeding 40%.
The Company also received the first of almost 100 vehicles from a program announced earlier this month. YayYo deployed those vehicles in Chicago, Los Angeles, Oakland, Seattle and Las Vegas.
Commenting on the announcement, Jon Rosen, Chief Executive Officer of YayYo, states, "Demand for better, full-service vehicles by rideshare drivers continues to climb, supporting our growth. This month alone we added two new large-market offices and doubled cars in Seattle and Las Vegas." He added "We're very happy to be associated with LMP Automotive. They have a tremendous ability to source an array of vehicle types, across multiple lines and geographies."
Gabriel Peer-Drake Sr., General Manager for LMP Holdings states, "LMP is well-suited to provision large, growing fleet owners like YayYo with fast inventory growth, through all types of vehicles and programs. When they need multiple car types in multiple states quickly, we're pleased they turned to us".
About YayYo, Inc.
YayYo bridges the gap between rideshare drivers needing a vehicle and rideshare companies that depend on attracting and keeping drivers with quality vehicles. YayYo uniquely supports drivers in both the higher and lower economic categories with innovative policies and programs. YayYo is becoming the preeminent provider of rental vehicles to drivers in the ever-expanding ridesharing economy.
About LMP Financial Services
LMP Leases Vehicles and describes its business model as "Buy, Rent or Subscribe, Sell and Repeat." This means that we "Buy" pre-owned automobiles primarily through auctions or directly from other automobile dealers, and new automobiles from manufacturers and manufacturer distributors at fleet rates. We "Rent or Subscribe" by either renting automobiles to our customers or allowing them to enter into our subscription plan for automobiles in which customers have use of an automobile for a minimum of thirty (30) days. LMP's all-inclusive vehicle subscription membership includes monthly swaps and covers insurance, maintenance and upkeep. It offers the flexibility to upgrade your vehicle to a more premium model or downgrade for a lesser cost model when you like. We "Sell" our inventory, including automobiles previously included in our rental and subscription programs, to customers as well, and then we "Repeat" the whole process.
Forward-Looking Statement Disclaimer
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this press release are forward-looking statements. These forward- looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the company cautions investors that actual results may differ materially from the anticipated results.
Public Relations Contact
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SOURCE: YayYo, Inc.