Question 1

I've not learned my way around Wefunder. Is this raise Reg CF?

Accepted Answer

Yes, this is also RegCF similar to StartEngine. WeFunder though are Preferred Shares vs. Common. We are looking at how to convert StartEngine shareholders so everyone can be on a level playing field.

Question 2

How is EV rental car different from normal car renting? What is your unique value?

Accepted Answer

Thanks for the question. Renting a normal car meant that renters could fill up gas at any gas station and the responsibility was on them. WIth EVs, they are integrated into the EV charging networks with dedicated accounts. For example, if I charge a Tesla at a Tesla SuperCharger or a Mercedes EQS at ElectrifyAmerica, it automatically recognizes the Joulez car and account without the renter needing to input any payment information. This creates logistical challenges around: (1) How do rental c...

Question 3

What is proprietary about this model? Or, what is stopping larger rental companies from doing the same thing with a better brand?

Accepted Answer

I would argue that the brands, particularly Hertz, are vulnerable to a newcomer. Turo has done a great job at disrupting the industry, and Turo's success shows that there is very little brand loyalty to the traditional brands. We are partnered with Turo as a point to mention as we feel that while we will compete with them on other sales channels, they have become a valuable source of marketing our vehicles for rent. In some of the responses above I mention a number of key elements that are pr...

Question 4

Where are the raised money going? Only purchase the fleet? Which is the value of a classic car renting company?

Accepted Answer

Thank you for the question. The funding is going toward: (1) down payments for vehicles (we have debt financing secured if we have sufficient down payments); (2) technical integrations with the OEMs that give renters the ability to experience the OEM app and associated functionality as if they were an owner of the vehicle (traditional rental car companies do not provide any OEM app integration, which is becoming the primary way OEMs are allowing drivers to interact with a car); (3) technical ...

Question 5

Wasn't the startengine raise at a $20 million valuation?

Accepted Answer

For the first $1M there is a marked down valuation. StartEngine and WeFunder have different ways of achieving this. StartEngine had Bonus Shares and we issued Bonus Shares that effectively brought the valuation down below $10M for either larger investors or anyone who invested in the first few months of the StartEngine campaign. There were a number of investors who invested via StartEngine who got a valuation that was effectively like $7-8M. We wanted to do something special for early WeFunde...

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