RideShare Rental, Inc. Announces $2 Million Extension of ACME Auto Leasing LLC Line of Credit
January 21, 2021 at 01:45 pm
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RideShare Rental, Inc. formerly YayYo, Inc. acting through its wholly-owned subsidiary, Rideshare Car Rentals, LLC announced that ACME Auto Leasing LLC has increased their line of credit to the company by $2 million. The extension will be used to fund additional passenger vehicles for the rideshare industry, including the purchase of transit high top cargo vans for last -mile logistics. The bulk of the funds will be allocated towards the purchase of electric vehicles (EV) to launch RSR's EV strategy for the rideshare space. Rideshare Rental has entered into a leasing arrangement for the new vans with PDQ Logistics, LLC, a limited liability company whose managing member is Mr. El-Batrawi. In addition, Mr. El-Batrawi has provided ACME Auto Leasing with a personal guarantee on any borrowings on the expanded line of credit being used to finance the acquisition of the vehicles. These relationships constitute "related party transactions" under current SEC rules and regulations.
YayYo, Inc. is a holding company engaged in the ridesharing and transportation industry. The Company operates through its subsidiaries, Distinct Cars, LLC and Rideshare Car Rentals LLC, and is a provider of standard rental vehicles to drivers in the ridesharing industry. It operates in two business segments, Rideshare Platform, and Fleet Management. Through the Rideshare platform, the Company develops a peer-to-peer online booking platform to rent standard passenger vehicles to self-employed ridesharing drivers. It serves as a central marketplace that connects the Company's fleet management vehicles, other fleet owners and selected individual car owners with Rideshare drivers seeking rental vehicles. Through the Fleet Management segment, the Company focuses on the maintenance of a fleet of standard passenger vehicles that are commercially available through the Rideshare platform. The Company's subsidiaries also include Savvy LLC, and Rideyayyo LLC.