Arista Financial Corp. already had a division focused on financing in the trucking industry. On Monday, the company added a new executive who will be leading the charge for its newest subsidiary aimed at helping individuals who need vehicles to be employed in ridesharing and related industries but cannot secure the needed financial means through other sources.
Arista appointed William Caragol as its new chief financial officer. The company highlighted Caragol has extensive experience with growth stage microcap companies in finance, mergers and acquisitions, business development and accounting.
The company announced last October that it intended to enter the mobility industry through a newly created majority owned subsidiary, Arista Mobility Group (AMG). With the addition of Caragol, Arista said on Monday it now will move forward with the formal incorporation of this entity in anticipation of commencing its activities in the mobility industry.
The company mentioned that it expects to provide further details regarding its plans for the mobility industry “soon.”
The company said it has evaluated the carsharing market, which has been estimated to grow to $12 billion by 2024, according to Global Market Insights.
Arista added that it determined that the expertise and experience of the AMG management group combined with the company’s experience in the transportation industry, provides an outstanding opportunity for growth in 2020 and beyond.
Arista reiterated that it currently operates in the transportation industry through its wholly owned subsidiary, Arista Capital, which provides trucks mostly to owner-operators that would otherwise be unable to obtain these vehicles. The company said it sees a similar opportunity through AMG to provide vehicles on a rental basis to drivers for ridesharing and delivery companies such as Uber, Lyft and Door Dash, who otherwise are unable to obtain these vehicles through other sources.
Now the company believes it has the leader in place to generate its growth.
“Bill Caragol is an excellent addition to the Arista team as he brings a wealth of financial knowledge and public company experience to this role,” Arista Financial chief executive officer Paul Patrizio said in a news release.
“I am very confident that this tremendous addition to the executive management team will accelerate our move into the next chapter of the Company’s growth,” Patrizio continued.