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WaiveCar: What Happened After Shark Tank?

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We have all heard about renting cars with Petrol and Diesel. Have you ever come across an Electric Car rental – then here you go!

WaiveCar became the first all-electric car rental sharing company offering drivers free for the first two hours before paying an hourly rate of $5.99/hr. Waive Car also proudly claims it’s the lowest rate in the car-sharing industry and this was possible due to a unique marketing scheme. Would like to know how they did it? Let’s get started …

Waive Car at a glance:

EPISODE NOSeason 9 Episode 7
BUSINESS IDEA First all-electric car rental sharing company
FOUNDERZoli Honig And Isaac Deutsch
ASKED FOR$500,000 For 2%
ACCEPTED OFFER$500,000 Loan At 12% Interest For 2.25% Equity + 80% Discount On Unsold Ad Space
SHARKKevin O’Leary
BUSINESS STATUSIn Business
WEBSITEWaiveCar

Index:

Who owns WaiveCar?

WaiveCar was founded in 2014 by the duo Zoli Honig and Issac Deutsch. Zoli is not new to entrepreneurship as he already has several companies under his belt before the Waive car stint had begun. WaiveCar has launched the program in 2016 with 20 cars in May 2016 and is the world’s first free electric car-sharing service.

In the initial days, based out of Santa Monica, allows customers to drive their first couple of hours for free, followed by pay per hour. This was possible from their innovative marketing platform that allows businesses to promote their products on the cars directly.wai

WaiveCar has a unique proposition that the firm does not depend on clients for profits but is solely derived from digital advertisements displayed on-screen located on top of vehicles. These are to the vinyl advertisements displayed and digital billboards on top of electric cars.

It’s a win-win situation for both Customers and firms as it serves well for a short period of time and others can immediately use the vehicle afterward. Firm benefits from the advertisement revenues.

Did WaiveCar get a deal on Shark Tank?

Both Zoli Honig and Isaac Deutsch, Waive car founders pitched in the shark tank episode for an investment of $500,000 at 2% equity. No wonder they did secure a deal with Kevin O’Leary for a $500,000 loan at 12.5% interest for 2% equity in the most awaited electric car, ride-sharing company.

What Happened to Waive Car After Shark Tank?

Post the shark tank appearance, WaiveCar expanded its car fleet with the inclusion of 19 Chevrolet and Hyundai electric cars in Los Angeles and another 3 in New York.

WaiveCar teamed up with the California State University team in the university’s zero-emission vehicle sharing program. This was short-lived as the sharing services were suspended due to insurance issues. The Covid streak impacted the business too as there was a lack of demand for such opportunities. The business which took its flight could not last long as suddenly the Waive Car app seems to be found neither in the Google Play store nor App Store.

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The business has taken a turn towards WaiveWork – which is an affordable car rental service for drivers who want to rely on rental cars for an income. The rental costs of  $40/day – include the cost of insurance and maintenance with the access of WaiveCar’s Hyundai IONIQ Hybrid electric car to the driver.

How much is Waive Car worth?

The company valuation started at $3.5 million and has now grown to $6.7 million. Waive Car is now on a hiatus. Definitely Waive Car concept was an extremely unique business model which leveraged digital out-of-home advertising to create a pioneer in the advertising and car-sharing industries. Since its inception in 2016, Waive Car has received $3.5 million in investment funding (Venture Capital) and had a current valuation of $6.7 million in 2020.

WaiveCar Shark Tank update
WaiveCar valuation

Competitor’s analysis of Waive Car:

WaiveCar did well than their competitors in the initial days, which were Cart2Go and Zipcar managed in their early months.

  • Cart2Go still has a vanilla website with book options and Get Quote.
  • Zipcar is flourished business story that has a well-developed website to offer customer bookings, returns, and feedback, etc.

Waive Car Product Analysis:

The whole idea on which WaiveCar was bundled upon was marketing and advertising wonder. Allowed the firm to get revenues from the sponsors and at the same time allowing the consumers the least price to avail for their short trips. Starting with $5.99 per trip after two hours, towards the Waive work idea of $280 per day rental did work well. However, the rental business could not thrive due to the unavoidable Covid which crippled the business environment.

Waive Car revenue:

The unique business model made a great start as the cost per automobile was approximately $1000 per month and the break-even point was at $1500 per month. They did earn $300,000 each year and wanted to grow their fleet to earn more revenues.

Waive Work which results in $280 a day had been profitable, but the Covid outbreak has brought the business to a standstill.

Is Waive Car still in business?

Waive Car needs to rediscover itself and is currently gone into a hiatus. The founders are working on a new project, REEF, which transforms static parking facilities into better mobility and logistical hubs.

The company founders recently updated the Instagram post with a truly relaunch attitude to declare that the company is working on “something magical”.

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Related Articles:

What is WaiveCar?

WaiveCar became the first all-electric car rental sharing company offering drivers free for the first two hours before paying an hourly rate of $5.99/hr.

Who founded WaiveCar?

WaiveCar was founded in 2014 by the duo Zoli Honig and Issac Deutsch. Zoli is not new to entrepreneurship as he already has several companies under his belt before the Waive car stint had begun.

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