WaiverCar, a startup that mixes on-car ads with EV car sharing will be receiving a massive boost from Hyundai in the near future. The company rents ad-laden electric vehicles for free and it is being reported that it will gain 400 Hyundai Ioniq cars to its company fleet by the end of 2017. This boost will help WaiverCar increase its service reach in L.A. and expand to three new cities.
Auto News announced this week, the move marks significant expansion plans for WaiverCar, which began its services in Santa Monica, California earlier this year. At that point in time (in January) the company had a small fleet of only 20 EV Chevy Sparks. As per WaiverCar’s CTO, Zoli Honig, with this Hyundai addition, the company can move towards other markets, including downtown L.A.
The startup currently rents on-demand EVs for two hours at zero cost.
Drivers can enhance rentals for $5.99/hr. The company relies on revenues from other organizations that purchase ads on the vehicles. Choices for ads include digital display that are mounted on the roof of these automobiles or car wrap ads. These ads are targeted geographically depending on the vehicles’ location, weather conditions, and time of day.
Still, with the limited amount of cars in their fleet, the organization was having a trying time when it came to landing larger advertising partners.
As Honig explains, while larger brands loved their innovative concept around advertising, the 20 cars simply weren’t enough for the type of ad campaign they were looking for. He added the Hyundai deal will now expand on this.
The company plans on adding 150 Ioniqs in L.A. during the first-half of next year. By the end of the year, another 250 cars will enter this market, which will further help the company expand into three (unspecified) new cities. The financials around all this were not revealed.
And it really does seem like a win-win situation for all involved. Hyundai higher ups see this as a good way to increase exposure around their new Ioniq; a vehicle that is offered in EV versions, as well as hybrid and plug-in hybrid. WaiverCar solely works with EVs in their fleets currently, as well.
The Ioniqs that are being offered to the company will provide a range of approximately 124 miles. Honig did note that the company is thinking about adding plug-ins and hybrids for those drivers that require a longer range.