NXCR rebrands, launches Tesla subscription program aided by AutoWeb
There’s now more juice in the subscription market for electric vehicles.
NextCar Holding Co. (NXCR), the fintech and insurtech vehicle subscription platform founded by Scott Painter and Georg Bauer, has a new brand and offering with the initial rollout tailored to specific consumers in a particular part of the country.
Now operating under its newly acquired consumer brand, Autonomy, the company has launched an electric vehicle and zero emissions vehicle subscription program, starting with the Tesla Model 3.
Initially, the program will be available to consumers in California, with plans to rapidly expand to larger U.S. markets, according to a news release from Autonomy.
And Autonomy already has another industry relationship in place to gain more momentum for this subscription offering.
According to a separate announcement, AutoWeb and Autonomy have entered into a new business relationship to provides shoppers visiting any of AutoWeb’s automotive web properties, including Car.com and Usedcars.com, the opportunity to subscribe with Autonomy to drive a Tesla Model 3 on a month-to-month basis after a three-month hold period.
“Electric vehicles have reached a tipping point, and it’s clear that the Tesla Model 3 is this generation’s Prius,” said Painter, who is chief executive officer of Autonomy, which recently raised $83 million in debt and equity financing to support the launch.
“Financial responsibility and the avoidance of debt is also at an inflection point and subscriptions have become a pervasive, sustainable business model and a cornerstone of modern digital life,” Painter continued.
“Autonomy is a big idea, and whether it’s freedom from long-term debt, commitment, complication, confrontation, or fossil fuels, everyone can relate to the desire for more autonomy in life,” Painter went on to say.
To recap, Autonomy’s Tesla Model 3 vehicle subscription program features a month-to-month contract after a three-month minimum term. It is designed for consumers to be able to order their vehicle in 10 minutes by providing their driver’s license and a digital form of payment, and for the vehicle delivery or dealership pickup process to transpire in less 20 minutes.
Consumers can manage their entire vehicle subscription digitally through the mobile app, which now has the Autonomy branding. The company secured both the top-level global domain name Autonomy.com and acquired the phone number 1-800-AUTONOMY (1-800-288-6666).
Autonomy sees its program as providing new EV manufacturers and legacy OEMs a new distribution channel for their vehicles, one that also allows a growing “EV curious” marketplace to have a flexible and affordable way to drive and test out an electric vehicle.
“This is especially relevant as EVs start to appear in greater volumes in the used-vehicle marketplaces,” Autonomy said.
Further details of the Autonomy subscription program for Tesla Model 3 include:
— Available models: At launch, low mileage Model 3 Teslas, with later expansion to other Tesla models.
— Subscription pricing: All subscriptions include routine maintenance and roadside assistance. Consumers have flexibility to customize their monthly payments to as low as $550 a month (with a $5,500 start fee) up to $1,000 per month (with a start fee as low as $1,000). A $500 security deposit is required when the subscription is activated.
— Reservation: Fully refundable $100 deposit (applied to security deposit at activation).
— Term: Month-to-month with a three-month minimum.
— Availability: In California with new markets opening soon.
— How to subscribe: Reservations can be made at Autonomy.com.
“The future of transportation is zero emissions vehicles. At Autonomy, we are accelerating the shift toward sustainable mobility by giving consumers flexible access to electric vehicles at affordable monthly payments," said Bauer, who serves as president of Autonomy. “Vehicle subscriptions reduce the barriers to adoption of electric vehicles, providing a low-commitment option with lower upfront costs. It is perfect for people who are interested in EVs but are not ready to make a long-term commitment due to concerns around cost or range anxiety.”
The program will also be featured on leading automotive marketplaces visited by in-market consumers when they are shopping for a vehicle, including in California through TrueCar.com and AutoWeb.
As one of the largest new-vehicle lead generation providers in the automotive industry, AutoWeb has a nearly 30-year history developing longstanding relationships with OEMs and dealers throughout the U.S. to connect them with in-market auto shoppers.
AutoWeb’s recently launched used-vehicle acquisition business extends the organization’s matchmaking capabilities to include consumers looking to dispose of their current vehicle, in addition to those seeking to purchase or lease a new vehicle.
And now AutoWeb is working with Painter, Bauer and Autonomy.
“As more of the vehicle transaction process shifts online, our business continues to evolve toward transactional monetization opportunities. We also remain focused on growth-oriented segments of the market — from new vehicle acquisition offerings to electric vehicle adoption — to stay relevant with these shifts in consumer preferences,” AutoWeb CEO Jared Rowe said.
“Our relationship with Autonomy is at the core of these radical shifts in the industry, providing our car shopping audience with a completely digital and affordable way to get access to a Tesla Model 3,” Rowe went on to say.