A former chief operating officer with Elio Motors has co-founded a mobile-based on-demand, pay-per-mile vehicle subscription service.

YOYO announced its official launch Tuesday, and the company likened its model to “checking out books at the library.”

Members use a mobile app to choose a vehicle and delivery location, then a YOYO agent drives the vehicle to the user. Once the user is done with the vehicle, he or she requests the vehicle to be picked up. The user can also choose to swap out the vehicle.

YOYO members pay for the miles they actually drive.

“People are already experimenting with new consumption models because they're sick of all of the hassles related to car ownership,” YOYO co-founder and chief executive officer Hari Iyer, formerly with Elio, said in a news release.

“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,” he said.

YOYO co-founder and president Ro Arora explained how the company differs from services like Uber or Lyft or peer-to-peer ridesharing services.

“Ridesharing works great as an alternative to taxis. But let's face it — most people can't Uber and Lyft their way around everywhere on a full-time basis. It just doesn't work for most pocketbooks,” Arora said in a news release. “While P2P carsharing may work occasionally, it has its own set of issues which run the gamut of logistical and scheduling challenges, liability coverage issues, unreliable cars that haven't been well-maintained, no access to rides during peak demand times, ongoing wear and tear responsibilities, you name it. It's exactly all these issues that YOYO directly solves.”

Iyer added: “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. 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.”