For Car Dealers
- Secure a sale for the prospect who doesn’t have the total cash on hand to buy
- Increase market share
- Gain a competitive edge against all competition
- Help all who come to the store to buy a vehicle
- Turnkey facilitation of an internal EV subscription and ultimately a used vehicle sale, fighting margin compression through a new and used vehicle sale for each EV unit in inventory
DriveItAway technology is the first of its kind to offer the best of a rental or lease—leading to a purchase—for all consumers.
We’ve all had people walk into the showroom, land on a car they want to buy, and ultimately need more cash down than they have on hand and no cosigner to help.
Before DriveItAway, all you could do was tell that customer to come back when they have more cash. This caused good folks, who would make loyal customers, to be turned down.
Now, with the DriveItAway subscription to ownership program, you can have these customers driving out of the store in a turnkey, app-based subscription/rental where you set the terms. Additionally, some of the money paid towards the rental is accrued towards the eventual purchase.
With DriveItAway, you can start the purchase process in an all-inclusive (insurance, maintenance), app-based, risk-free rental, gaining customers and sales with every listing.
For no set-up fees or fixed charges of any kind, DriveItAway does all the work, and you gain all the benefits.
How can I use DriveItAway to immediately leverage the used EV Tax Incentive to set up a profitable sale and gain market share?
You can truly create an “EVs for Everyone” store as a dealer by “manufacturing your own used EV cars” and taking full advantage of the unprecedented $4k or 30% tax incentive on used EVs and PHEVs that are two or more model years old.
All you need to do is put a new or used EV into your own subscription service and rent it to someone who needs to drive and wants to build equity to buy a vehicle. DriveItAway handles all the details, including providing full insurance for your organization or special LLC.
When you have written the EV or PHEV down with rental payments at or below the $25k sale price threshold, you now have a used vehicle with a $4k or 30% tax incentive, courtesy of the Inflation Reduction Act of 2022. The more you write it down with customer subscription payments, the bigger the percentage incentive—up to $4k or 30%. Write it down to $13k, and you have an extra $4k “in the deal.”
While some dealers are expressing that the $4k tax incentive is nice but not available with desirable EVs selling for over that threshold, smart dealers are using our DriveItAway platform to accelerate the cost reduction on great EVs. This means you’ll have a portfolio of EVs to sell next year, leveraging the tax incentive.
Which do you want to be: Someone who waits years, or someone who profits from the new incentives today?
Designate the vehicles you want to put on the program, install the telematics (with ignition cut off), and we do all the rest. No startup fees and no fixed fees of any kind.
We verify and qualify your potential renter (DMV checks, background checks, income verification, even payroll deduction for payments when available), we collect all periodic payments in advance (you set the intervals), and everything is done in the app, the easiest most transparent way to “sell” a car (as a rental, no “wet ink” signatures required).
You use the Web-based admin platform to set the terms, payment schedule, and more, and we take it from there! We’ll monitor for safe driving, make sure payments come in when due, bill for any excess mileage, and collect and forward insurance payments.
We make our money on a small revenue share, so you are never out of pocket.
Just call (203) 491-4283 or email firstname.lastname@example.org for next steps….
It’s as easy as registering as a dealer, letting us know what company you want to be listed as for our fleet insurance policy, and giving us instructions on where you want payment received (all payments are digitally deposited through Stripe). Set up a vehicle or vehicles to be displayed under your dealership in the app—which is done by integration with HomeNet or listing vehicles individually—and then set up your rental subscription terms.
It’s that easy—with no set-up fees and no fixed fees of any kind—and you install the GPS/cut-off technology after a confirmed booking (an easy half-hour install).
For Automotive Partners, OEMs, and Finance Companies
How can I use the DriveItAway platform to gain an edge on the competition by expanding market share with mainstream prospects and taking on very little risk?
Financing a rental on the DriveItAway program before making a permanent loan or transfer of ownership expands the potential for a performing portfolio, taking very little risk, and creating prescreened desirable customers. All dealer-run DriveItAway vehicle candidates are screened for driving record, background checks, stability, income versus payment ratios, and, once accepted, make rental payments in advance on a periodic schedule. Miles, vehicle condition, and driving patterns are monitored continuously (insurance is paid per mile, as are additional mileage usage fees), with state-of-the-art live time telematics. Best of all, you are nurturing a brand-new purchase customer with a “free look” at payment, driving patterns, and care of the collateral, which is monitored on a regular basis.
How is this process and platform better than any AI-driven program to separate the good risks from the bad in subprime?
Many new AI technologies claim to give new insight into predicted payment risk based on additional criteria beyond credit score—but what could be better than actually monitoring payment history on the vehicle selected for purchase for an extended period of time before ownership is transferred? In this way, you can easily eliminate the few “bad eggs” quickly and nurture new, solid customers with a real payment track record.
How would it work to create an “EVs for Everyone” Program, and how does the DriveItAway program break down the two biggest impediments to mainstream EV sales?
While EV sales are up dramatically in the US, as Mary Barra CEO of General Motors herself has noted, 98% of EV sales last year were luxury or premium luxury vehicles, and 98% of the buyers owned at least two other vehicles.
Bottom line: It’s easy to “take the plunge” on an EV if you are rich and have two other gas-engine vehicles in your garage—but what about the rest of us?
Studies have shown that the two biggest impediments to entry-level and mainstream EV adoption are the higher price (on average 20% higher than a gas vehicle), and the suitability or “range anxiety” of an EV purchase. While it’s a fact that most people commute less than 25 miles each day, questions persist.
The DriveItAway subscription to (optional) ownership platform and program takes away these impediments by spreading out the price over a period of time while driving the vehicle, giving the renter the right, but not the obligation, to buy the EV at any time. Any time the buy option is exercised, a good portion of the money paid in is applied towards the purchase price.
Prices of new EVs are getting lower and used EVs now written down at or below a $25k sales price have a $4k or 30% tax credit for qualified buyers.
DriveItAway provides the final piece of the puzzle for mass EV adoption—the purchase method that makes it all work and relieves purchase barriers in an all-digital, transparent turnkey way. It’s like an unlimited test drive that pays you.
Just call (203) 491-4283 or email email@example.com for next steps….
We welcome collaborative, innovative, and strategic opportunities to work with Automotive Partners, OEMs, and independent finance companies, and can tailor our turnkey platform to suit specific applications and needs.
Just reach out to us directly to explore any new ideas you might have on how to use our platform, technology, and program to meet the needs of a new generation of vehicle users.