First into the tank are Zoli Honig and Isaac Deutsch of WaiveCar, seeking $500,000 for two percent equity.

WaiveCar is a free, electric car-sharing service. Available on both the App Store and Google Play, users simply book a car through the app, drive for two free, ad-supported hours and drop it off at a charging station or parking spot—depending on the car’s charge level. Once dropped off, drivers select the “End Ride” button and follow an end-of-the-ride checklist. They offer a Chevrolet Spark and Hyundai IONIQ, both of which use Bluetooth technology. Currently, rides can only start and end in Santa Monica, with a 20-mile travel radius in between for drivers.

They have done no marketing and already have 4,300 users. Mark Cuban likes the idea but finds too many challenges in the advertising model. He goes out, followed by Lori Greiner for proprietary concerns. Kevin O’Leary and guest shark Chris Sacca like the idea as well, but Sacca goes out.

O’Leary ultimately decides to offer $500,000 as a 36-month loan at 12 percent interest with four percent equity, in addition to any unsold space. Barbara Corcoran then jumps in with an offer of $500,000 for 10 percent. The duo counters Corcoran at five percent equity, which she declines. They then counter O’Leary at one percent equity with an 80 percent discount on any unsold space. They ultimately settle on two percent, which O’Leary accepts.

Social Media Reacts to WaiveCar’s Appearance on “Shark Tank”

Each week on “Shark Tank,” budding entrepreneurs have the opportunity to pitch their emerging businesses to multi-millionaire and billionaire investors, known as sharks: Mark Cuban, owner of the Dallas Mavericks; Daymond John, fashion mogul and founder of FUBU; Kevin O’Leary, self-proclaimed Mr. Wonderful and founder of O’Leary Financial Group; Barbara Corcoran, real estate maven; Lori Greiner, queen of QVC; and Robert Herjavec, technology guru and founder/CEO of the Herjavec Group.

Philanthropist and Virgin Group founder Richard Branson, Spanx founder Sara Blakely, Skinnygirl Cocktails founder and Real Housewife Bethenny Frankel, Vitamin Water founder Rohan Oza and former MLB player Alex “A-Rod” Rodriguez are also slated to appear as guest sharks this season.

“Shark Tank,” which is based on “Dragons’ Den,” is produced by Mark Burnett and first debuted in 2009. To date, the sharks have invested more than $100 million in various companies after engaging in numerous bidding wars and shark fights. A new episode airs each Sunday at 9 p.m. on ABC.

Would you use WaiveCar? Sound off in the comments section below!