SEASON 9 EPISODE 7
free electric car sharing service
Zoli Honig and Isaac Deutsch
$500,000 for 2%
$500,000 loan at 12% interest + 2% equity
WaiveCar is the first all electric car sharing company offering drivers free car rentals. Drivers can drive free for the first two hours before paying an hourly rate of $5.99/hr. The company boasts the lowest rate in the car sharing industry which is made possible by income generated from ads displayed on the digital billboards mounted atop its fleet of electric cars.
Its unique business model and use of digital out of home advertising has made WaiveCar a potential disruptor in the advertising and car sharing industries. The company, which was founded in January 2015, has since received $3.5 million in investment funding and has a current valuation of $6.7 million.
Prior to appearing on Shark Tank, WaiveCar had secured partnerships with Chevrolet and Hyundai for use of the Chevrolet Spark EV and Hyundai IONIQ Hybrid as part of its 20 car fleet. The partnership has worked well for both parties as its given the auto giants an opportunity to showcase their electric car models.
Following their appearance of Shark Tank, WaiveCar rolled out a fleet of 19 electric cars in Los Angeles and another 3 in New York. In 2019, WaiveCar and California State University teamed as part of the university’s zero-emission vehicle sharing program. But as of January 2020, WaiveCar’s car sharing services were suspended at its Los Angeles campus while the company works towards renewing the insurance on its fleet of electric cars. But it seems the issues for WaiveCar don’t end there.
The WaiveCar app has suddenly disappeared from the Google Play Store and App Store leaving users to wonder what has happened to the promising company. Whether or not the WaiveCar has gone through a pivot remains unclear.
The company has since introduced WaiveWork – an affordable car rental service for people with driving centered careers. WaiveWork is geared towards people who rely on driving for work, but don’t have or want their own car. For $40/day – which covers the cost of insurance and maintenance, drivers have access to one of WaiveCar’s Hyundai IONIQ Hybrid electric cars.