YayYo, Inc., Expands its Rideshare Rental Fleet Partnership with LMP Automotive Holdings with an increased Line of Credit

Rhea-AI Summary

YayYo, Inc. has expanded its fleet of vehicles and refinanced 96 cars, significantly lowering monthly payments from $566 to $190, enhancing profitability and cash flow. The increase in the line of credit through LMP Automotive Holdings (LMPX) has added $2 million to its automotive inventory, boosting it by 45 cars. CEO Ramy El-Batrawi expressed satisfaction with the growth and credit facilities, highlighting strong demand and a successful quarter for the company.

Positive

• Expanded fleet by 45 vehicles through a $2 million credit increase.
• Refinanced 96 vehicles, reducing monthly payments from $566 to $190.

Negative

• None.

The Company expands its fleet of cars and refinances 96 cars at significantly reduced monthly payments, increasing the Company's cash flow and profitability.

BEVERLY HILLS, CA / ACCESSWIRE / September 15, 2020 / YayYo, Inc. ("YayYo" or the "Company") (OTC PINK:YAYO), a leading provider of vehicles to the rideshare and delivery gig economy industry, through its wholly-owned subsidiary, Rideshare Car Rentals, LLC, today announced the Company has increased its line of credit through the Company's fleet partnership with LMP Automotive Holdings (NASDAQ:LMPX)

The initial relationship with LMP included sourcing cars under a $2.5 million-dollar program. The increase in credit line added another $2 Million to the program that resulted in immediately increasing our automotive inventory by 45 cars. YayYo's nationwide rideshare rental fleet continues to grow, as the company serves drivers for Uber, Lyft, Grubhub, Postmates, and other gig economy leaders.

The Company also refinanced 96 vehicles, reducing the monthly payments per vehicle from $566 a month to $190 a month thereby greatly improving the Company's profits and cash flow.

"Demand continues and these additional vehicles will support our growth. We are experiencing one of the best performing quarters since the formation of the Company," commented Ramy El-Batrawi, Chief Executive Officer of YayYo. "We are very happy with the increased credit facilities and look forward in expanding it even more."

About YayYo, Inc.
YayYo bridges the gap between rideshare drivers needing a suitable vehicle and rideshare companies that depend on attracting and keeping drivers. YayYo uniquely supports drivers in both the higher and lower economic categories with innovative policies and programs. YayYo seeks to become the preeminent provider of rental vehicles to drivers in the ever-expanding gig economy.

YayYo Inc provides SEC filings, investor events, press and earnings releases about our financial performance on the investor relations section of our website (yayyo.com).

About LMP Financial Services
LMP Leases Vehicles and describes its business model as "Buy, Rent or Subscribe, Sell and Repeat." This means that we "Buy" pre-owned automobiles primarily through auctions or directly from other automobile dealers, and new automobiles from manufacturers and manufacturer distributors at fleet rates.

Forward-Looking Statement Disclaimer
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this press release are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "potential," "continue," "is/are likely to" or other similar expressions. The company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the company cautions investors that actual results may differ materially from the anticipated results.

Public Relations Contact:
Ramy El-Batrawi
Phone: 888-209-5643
Email: investors@yayyo.com

SOURCE: YayYo Inc.

View source version on accesswire.com:
https://www.accesswire.com/606084/YayYo-Inc-Expands-its-Rideshare-Rental-Fleet-Partnership-with-LMP-Automotive-Holdings-with-an-increased-Line-of-Credit

FAQ

What recent financial changes did YayYo, Inc. announce regarding its fleet partnership with LMPX?

YayYo announced a $2 million increase in its credit line with LMPX, expanding its fleet by 45 vehicles and refinancing 96 cars to lower monthly payments significantly.

How does the refinancing of vehicles impact YayYo's profitability?

Refinancing 96 vehicles reduced monthly payments from $566 to $190, thereby greatly improving YayYo's cash flow and profitability.

What is the impact of the increased credit line on YayYo's operations?

The $2 million increase in credit allows YayYo to expand its automotive inventory, supporting growth in the rideshare rental sector.