WaiveCar Update
Company Updates Season 9 

WaiveCar Update | Shark Tank Season 9

Andrew Smith

Owners and entrepreneurs, Isaac and Zoni, came to Shark Tank to pitch their company, WaiveCar, which connects drivers to free electric cars. There is no fee for renters to drive the car, as the advertisements on the car are paid for by companies who want their ads driven around. Users can drive the car for free for up to two hours and continue driving for an additional fee, if they need the car longer. Will the sharks go for a ride with this new company? Let’s find out in this WaiveCar update.

Shark Tank WaiveCar Update

WaiveCar Update

  • Entrepreneur: Zoni Honig and Isaac Deutsch
  • Business: Free electric rental cars with paid advertisements on the car
  • Ask: $500,000 for 2% equity
  • Result: $500,000 as a loan for 12% interest with 2% equity and 80% off of any unused advertising space
  • Shark: Kevin O’Leary

WaiveCar is based out of Santa Monica, CA, where shark Lori Greiner had seen it in the short five months it had been in business. The business works by the cars being parked in paid parking, which is free for electric cars. Through an app, users answer a few different questions and get on their way.

Mark Cuban felt that the advertising space was saturated and he dropped out. Lori thought the model would be very easy to copy and knock off, so she dropped out. Guest shark and Uber investor, Chris Sacca, didn’t think anything they were doing was better than Uber or anyone else, so he dropped out as well.

Kevin O’Leary liked the business, and in true Mr. Wonderful fashion offered a loan of $500,000 for 12% interest plus 4% equity in the company with a contingency that he would be able to use any advertising that hasn’t been sold.

Barbara Corcoran offered $500,000 for 10%, and said she wouldn’t budge on that equity offer. Zoni countered with $500,000 for 5%, she declined. He then countered Kevin’s offer with $500,000 as a loan for 12% interest with 1% equity and 80% off of any unused advertising space.

Kevin came back with 2.5% interest, Isaac said 2%, Kevin said 2.25%, Isaac said 2% and they made a deal.

Since the appearance on Shark Tank, let’s get a WaiveCar update and see where the company is at now. Unfortunately, the company is no longer in business, but Zoli and Isaac have joined ReefDrive and rented out “fun utility vehicles” as opposed to the older-style electric cars. They are located in LA and Miami and are still in Santa Monica.

It looks like this will be our final Shark Tank WaiveCar update!

You can find the other company updates from Season 9 Episode 7 here:

Don’t forget to take a look at our Season 9 products page! We’ve got more company updates from Shark Tank Season 9.

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Andrew Smith
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Andrew Smith is the founder and owner of Shark Tank Recap. He is a longtime Shark Tank fan that has been watching it for years and has seen every episode multiple times. His friends know him as the Shark Tank expert, because he can answer any question about the show! His favorite Shark Tank products are Bertello's pizza oven and Bug Bite Thing!