For YOYO Co-Founder and CEO
"People are already experimenting with new consumption models because they're sick of all of the hassles related to car ownership," says Iyer. "It's a lousy asset to own. People value their time much more than physical assets, and they would much rather access a newer, professionally maintained car when they need it instead of dealing with the headaches and high fixed costs that come with owning it."
The sharing economy has indeed paved the way for a number of major-name innovators the likes of
"Ridesharing works great as an alternative to taxis. But let's face it - most people can't
The primary benefit
"The working class families in our country, who are extremely price-conscious and not normally in a position to purchase newer cars, are wholly dependent upon mobility for their livelihood," says Iyer, "As our business model evolves over time, we see an opportunity to address this lack of access to newer, fuel-efficient, and more reliable vehicles, which is a massive pain point for a very large, yet generally ignored, segment of our population.
The two YOYO Founders combine decades of car industry and startup expertise between them. A
The concept of
"The more we researched the problem and spoke to consumers, the more it became clear to both of us that the entire model of personal car ownership is broken, and we set out to fix that," says Arora, "Our attempt to dissolve all the car-related headaches for the consumer and disrupt a 100-year old broken car consumption model eventually led to the formation and launch of
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