RideShare Rental Inc (OTCMKTS:YAYO), acting through its wholly-owned subsidiary Rideshare Car Rentals LLC, is moving its headquarters to a larger facility in the Los Angeles area.
Company operations will be moving from its current location Hollywood to Beverly Hills. The new office space will significantly expand its operational square footage, which will facilitate its rapid growth strategy.
RideShare, formerly YayYo Inc, said the new site will include four service bays, which will allow it to service its own vehicles on-site. Since vehicle maintenance is one of the company’s top three expenses, the savings it will realize from on-site maintenance will immediately improve profit margins.
READ: RideShare Rental CEO Ramy El-Batrawi increases his stock position by 5 million shares in the company
The facility can also accommodate up to 75 vehicles, which will help, given the company’s expansion into electric vehicles. Up to 15 charging stations will be on-site.
“We are excited to relocate to our new, larger facility,” RideShare Rental CEO Ramy El-Batrawi. “This move represents a significant milestone for our fast-growing and diverse operations. Our new location can much better accommodate our organic growth and our entry into new markets and services.”
El-Batrawi added: “The expansion of Rideshare Rental into electric vehicles will be much easier from our new location. We can then partner with ride-hailing companies such as Uber and Lyft in reducing the emissions caused by their existing fleet of cars. Given the high number of miles logged by ride-hailing vehicles, the environmental benefit a zero-emissions vehicle provides is obvious. Ride-hailing companies are aggressively seeking to increase the number of electric vehicles used in their industry and Rideshare Rental is well-positioned to capitalize on this market trend.”
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Story by ProactiveInvestors
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