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Consumer Services - Menlo Park, California, United States
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YOYO (http://joinyoyo.com) is an on-demand pay-per-mile car subscription startup. We started YOYO because of our belief that the automotive consumption model we've been used to for decades is broken, and the personal vehicle industry is due for a shake-up. The problem that we see in the marketplace is that the family car is a massively underutilized asset, a fast-depreciating boat anchor around our necks that sits in the driveway most of the time, but costs an arm and a leg every month, whether it's used or not. Moreover, the entire experience of buying, financing, insuring and repairing a car is a harrowing and painful process. We believe that about a third of the spend in the $1.5T annual personal vehicle market represents the fat and inefficiency in the industry. However, Uber'ing, Lyft'ing and Zipcar'ing around on a full-time basis doesn't work for most pocketbooks. Today's consumers who value access over ownership are clamoring for a better way to drive.And YOYO has built that better way. We are fixing the headaches of car ownership with our on-demand pay-per-mile car subscription service as a much cheaper alternative to traditional car buying or leasing for folks around the country who clearly prefer access over ownership. An all-inclusive pay-per-mile subscription to your car dramatically shifts the cost of driving, in some cases to less half the cost of owning a car, and without any of the hassles. We have taken a large and fixed monthly cash outlay and turned it into a small and variable SaaS-like payment for our customers. The family car is now a true utility - you can turn it on or off on demand. From a user experience point of view, it works much like checking out books from a public library - members select any car and delivery location with a couple of clicks on our app, and a YOYO agent drives it to them. When they're done with it, they press a button and we come pick it up, or if they want, swap for another car.
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