Car rental services have been around for decades, but the traditional model of renting cars has not changed much over the years. Customers have to pay a fixed amount for a certain period and return the car at the end of the rental period. However, a new player has entered the market, and it is disrupting the traditional car rental industry. WaiveCar is a car sharing service that allows customers to rent cars for free.
What is WaiveCar?
WaiveCar is a Los Angeles-based car sharing service that was founded in 2015 by Isaac De Luna and Zoli Honig. The company’s mission is to revolutionize the car rental industry by offering free car rentals to its customers. WaiveCar achieves this by displaying advertisements on the cars that customers rent.
Customers can rent a WaiveCar for up to two hours for free. If they want to keep the car for a longer period, they can do so by paying a small fee. The company currently has a fleet of electric vehicles and offers its services in Los Angeles and San Francisco.
How Does WaiveCar Work?
WaiveCar’s business model is simple. Customers can rent a car for free for up to two hours by booking it through the company’s mobile app. When they pick up the car, they have to pay a small deposit, which is refunded when they return the car on time and in good condition.
The cars that WaiveCar offers are electric vehicles that are equipped with advertisements. The company works with advertisers who are interested in displaying their ads on the cars. This allows WaiveCar to offer free car rentals to its customers while generating revenue through advertising.
How Did WaiveCar Get on Shark Tank?
WaiveCar appeared on Shark Tank, a popular television show where entrepreneurs pitch their business ideas to a panel of investors. The company’s founders, Isaac De Luna and Zoli Honig, appeared on the show in 2017 and made a deal with investor Mark Cuban.
During their pitch, the founders explained how their business model works and how they plan to disrupt the traditional car rental industry. They also talked about the potential for growth and expansion of their business. Mark Cuban was impressed with the concept and the potential for revenue generation through advertising. He made an offer of $500,000 for 10% equity in the company, which the founders accepted.
What Are the Benefits of WaiveCar?
WaiveCar offers several benefits to its customers. Here are some of the most significant ones:
- Free Rentals: Customers can rent a car for up to two hours for free, which can save them a lot of money compared to traditional car rental services.
- Electric Vehicles: WaiveCar’s fleet consists of electric vehicles, which are eco-friendly and have a low carbon footprint.
- Advertising: WaiveCar’s business model is based on advertising, which allows it to offer free rentals and generate revenue at the same time.
- User-Friendly App: WaiveCar’s mobile app is user-friendly and easy to use, making the booking process hassle-free.
Conclusion
WaiveCar is a disruptive player in the car rental industry, and it is changing the way people rent cars. Its business model, which is based on advertising, allows it to offer free rentals to its customers while generating revenue at the same time. The company’s appearance on Shark Tank helped it gain more visibility, and its partnership with Mark Cuban has helped it grow and expand its business. With its eco-friendly fleet of electric vehicles and user-friendly app, WaiveCar is poised for success in the future.
Related video of WaiveCar Shark Tank: Revolutionizing Car Rental Services
https://youtube.com/watch?v=t52W0_H94ic