SANTA MONICA, Calif.--(BUSINESS WIRE)--Autonomy™, the nation's largest electric vehicle (EV) subscription company, is announcing its partnership with EV Auto, the nation’s fastest-growing EV-only car dealership located in Utah and expanding nationally. This collaboration aims to expand access to affordable and hassle-free EV ownership in dealerships across the country.
A recent Deloitte study titled, “The Future of Automotive Mobility” shows a shift in consumer preferences, with 43% of respondents between 18-24 years old expressing an interest in replacing traditional vehicle ownership in favor of a simplified subscription model. This offers the convenience of a single monthly payment covering all aspects of the service, making it an increasingly attractive option.
“With interest rates skyrocketing, EV residual values being almost impossible to predict, and a sea change in how people think about owning vs. subscribing, now is the perfect time to support the dealer community through the subscription model,” said Scott Painter, Founder and CEO of Autonomy. “It’s the third leg of the stool that gives dealers a way to serve and monetize customers who might not be the right fit for traditional loan and lease instruments.”
EV Auto was selected as the first EV-only dealership because of its innovative approach to capturing the used EV market and aggressive growth plans. Through this partnership, EV Auto can serve a broader range of customers, including those who may not qualify for conventional loans or leases. Autonomy's technology platform empowers dealerships like EV Auto to diversify their services, addressing the needs of customers seeking flexible alternatives to traditional financing. As a result, the customer base of EV Auto is significantly expanded.
"Finding the perfect EV for our customers has always been at the core of EV Auto's values, and for some, that means we need a new way to do that," said Alex Lawrence, CEO and Co-Founder of EV Auto. "Our collaboration with Autonomy lets us serve customers who might otherwise have been turned away.”
The subscription package provided through Autonomy includes a suite of benefits, including vehicle insurance, maintenance, wear and tear coverage, and roadside assistance. These services simplify the EV ownership experience, effectively reducing the potential barriers that customers might encounter when transitioning to electric mobility. EV Auto can deliver all of these things and more as a partner with Autonomy in providing vehicle delivery, service, and support.
"Subscription is undoubtedly the future," emphasized Georg Bauer, Chairman and Founder of Autonomy. "We’re excited to work alongside innovators like EV Auto to make EVs accessible to all. This is pivotal in our journey to disrupt the automotive industry.”
This partnership underscores the benefits for dealerships nationwide as they embrace the future of automotive mobility. Subscription models represent a significant shift in the automotive landscape, offering dealerships a versatile and customer-focused approach that redefines how we think about traditional car ownership. This is a new option for dealerships looking to adapt to changing consumer preferences and evolving market dynamics.
“It isn’t a question of whether or not the industry is fully transitioning to EVs, it’s how customers will access them,” said Redic Thomas, CFO of Autonomy. “Our mission is to make EVs more affordable through a debt-free, no long-term commitment option, which is why our fleet currently runs at 93% utilization with an 83% Net Promoter Score that is higher than Amazon and Apple.”
Autonomy is a mission-driven company that uses technology to accelerate the adoption of electric vehicles by making them more accessible and affordable. The company was founded by Scott Painter and Georg Bauer, disruptors in the auto retail, finance, and insurance industries who pioneered the Car-as-a-Service (CaaS) category with the first-ever used-vehicle subscription offering, Fair. Building upon that experience, Autonomy is up-leveling its commitment to carbon neutrality and financial inclusion. Its customers have driven over 11 million miles to date, saving more than 9.7 million pounds of CO2 from being emitted into the earth’s atmosphere. Easier to qualify for than a lease, its low commitment, 100% digital solution allows people to pay monthly on their credit card and aims to get more people driving EVs who otherwise might not be eligible or interested in traditional lease or loan products. And unlike leases of loans, everyone who qualifies is charged the same rate regardless of FICO score. Autonomy believes that the future of mobility is electric. It exists to enable that transition more rapidly through innovations in technology, finance, and insurance. Autonomy relies on partnerships with AutoNation and Tesla to bring easier and more affordable ways for people to access electric vehicles. Autonomy is based in Santa Monica, California.
About EV Auto
EV Auto is all about bringing the FUN back into the car buying process. In a relaxed atmosphere and a commitment to a no-pressure culture, EV Auto is quickly gaining a reputation as an organization that's all about making the customer experience better. Offering the nation's most innovative and unique way to buy a used EV, and with a wide selection of brands and prices to choose from, EV Auto's growth is picking up speed. At a time when trust in car dealerships has taken a hit, EV Auto is working hard to earn it back. EV Auto is based in Bountiful, Utah.
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