Full text of our letter below: A letter from REO - The Case for a Simple Truck The vehicle we deserve. There is a vehicle missing from the American market. It is small enough for a real garage, big enough for a family or a day's work, cheap enough to skip the seven-year loan, and built well enough to outlast it. What is REO? In 1901, Ransom Eli Olds built America's first mass-produced car, and it sold for $650 — about $25,000 today. After being pushed out of Oldsmobile, he founded a new company on his initials in 1905, and for seventy years REO built some of the most respected trucks in America, including the 1915 Speed Wagon, the ancestor of the modern pickup. We're bringing REO back to do the same job in a different era. What Broke? The average new vehicle now costs over $50,000, and the cheapest new pickup opens above $28,000 before anyone touches the options sheet. None of this happened by accident. Fuel-economy rules rewarded bigger footprints, a 25% tariff walled off small imported trucks (and still does), dealers bury the sticker under fees, and the manufacturers walked away from the bottom of the market because the loaded trim pays better than the honest one. Toyota still builds exactly this kind of truck, brand new, on three continents — but you can't buy one here.The buyers didn't leave. The products did. What We're Building The Runabout carries the name of Olds' first car. It is a family of small, body-on-frame, mechanical-4WD utility vehicles powered by a combustion engine — built in Texas and sold direct, with no dealers, no markup, and a website price with no hidden fees. First comes the T4X, a two-seat work truck targeted at $21,500, with the T4C crew cab truck and the S4C compact family SUV to follow on the same frame. We call this class of vehicles the Ameri-Kei, as they're heavily inspired by the simplicity and utility of the Japanese kei trucks.Initial design work is underway, and you'll know a REO when you see one: steel, authentic, honest, all business. Why Gas? Every new car startup in America is electric, while 90% of American buyers are not. Those companies raised record money chasing a fraction of the market, and every American EV maker except Tesla now sits billions in the hole. We exist because of those failures, and we build for the everyday American who simply wants a vehicle that works.Gas refuels in five minutes in every town in America, and every mechanic in the country already knows how to fix these powertrains. When the law and the supply chain change, we'll add other powertrains — but we'll do it late and on purpose, because delayed adoption buys proven parts at falling prices. The same goes for autonomy. We'll never bolt beta software onto your truck. The Runabout is engineered to be modular and forward-thinking, with a roof and wiring ready to accept sensors without cutting metal — so when self-driving is boring and proven, an REO can take it. Tried and true is the strategy, whatever it happens to be bolted to. Built Open The Runabout is designed to be repaired and modified by the person who owns it. Every control is a physical switch or lever, and the only screen in the cabin is a small display for diagnostics and Apple CarPlay. There is no parts-pairing, which means no component is ever software-locked to your VIN, and the diagnostics read out in plain English on a $30 scanner. The parts catalog is public, fairly priced, and backed for twenty years, and the bumpers, door cards, headliner, and trim all come off in under five minutes with common tools. There are no subscriptions and no feature locks.And then we go somewhere no automaker has gone: the truck itself is fully open source. Anyone can build a part for it, because nothing on the vehicle checks where a part came from. On top of that, we run an authorized maker program. Makers who pass our quality verification get the factory mounting patterns and a spot on our online marketplace, where they sell directly to owners at fees lower than eBay, RockAuto, and Amazon. Verified makers competing on the same shelf means the customer wins twice — prices come down and quality goes up. And our owners' community will live in the same app as the marketplace, run by the factory in the open: no more Facebook groups to dig through, no more forums to chase. Other companies fight their aftermarket. We're building the Runabout around the customer, and we want the customer to talk to us — on a forum sponsored and monitored by us, the OEM, in the most transparent way possible. What We're Asking For Today We're opening reservations now, before the renderings are finished and before the configurator is live — and we're doing it on purpose, because REO gets built in the open. A reservation is $25, fully refundable, and we hold that money separate from the company and never spend it to operate, so it is always there to come back to you the moment you ask. You are not buying a finished truck. You are putting your name down early and watching it take shape, and we'll keep you posted as the design, the specs, and the configurator come online. There is no fixed delivery date and no final price yet, and we won't pretend otherwise. Cancel any time before you buy and the $25 goes back, no questions asked. Every reservation tells us — and every supplier, engineer, and partner this truck needs — that it should exist. We're REO. Let's build cars like they used to be. Sincerely, Zach De Bernardi Founder & CEO, REO Industries, Inc.