YayYo Inc (OTCPINK:YAYO), through its wholly owned subsidiary Rideshare Car Rentals LLC, has increased its line of credit through its fleet partnership with LMP Automotive Holdings (NASDAQ:LMPX)
The California-based company, which is a leading provider of vehicles to the rideshare and delivery gig economy industry, said the initial relationship with LMP included sourcing cars under a $2.5 million program.
The increase in credit added another $2 million to the program, allowing the company to immediately expand its automotive inventory by 45 cars.
YayYo said its 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 said it refinanced 96 vehicles, reducing the monthly payments per vehicle from $566 to $190 -- thereby greatly improving its profits and cash flow.
"Demand continues and these additional vehicles will support our growth,” said CEO Ramy El-Batrawi in a statement.
“We are experiencing one of the best performing quarters since the formation of the company. We are very happy with the increased credit facilities and look forward in expanding it even more."
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