BuyAutoInsurance.com recently shared research about uninsured motorist (UM) and underinsured motorist (UIM) insurance coverage, reporting that 13% of American drivers either have inadequate auto insurance coverage or none at all.
To help turn those kinds of trends, DriveItAway Holdings announced a partnership this week with DigiSure, a Protection-as-a-Service platform providing screening, insurance management and claims handling.
The DriveItAway platform was created for dealers to enable all consumers, regardless of credit score or cash down payment, to drive and buy a vehicle tailored to the individual’s choice.
By design, the program is geared to solve two of the biggest impediments for all buyers of electric vehicles, namely the higher upfront cost which is spread out while driving on a DriveItAway subscription, and the question of suitability or range anxiety.
The DriveItAway program allows for an unlimited “test drive” with the option to purchase available at any time with money paid in going towards the purchase price.
The partnership gives DriveItAway the confidence to add subscribers without increasing the risk of theft or other losses. DigiSure’s comprehensive screening process checks for identity and fraud, criminal history, insurance risk, and a subscriber’s ability to meet their financial commitments.
“With DriveItAway, ‘EVs for Everyone’ is not just jargon, it’s our company mission. DigiSure’s comprehensive digital screening platform will broaden the immediate onboarding of subscribers, looking beyond credit score or availability of down payment,” DriveItAway founder and CEO John Possumato said in a news release.
“DigiSure screening is a foundational part of growing a safe platform that connects interested drivers with inventory at dealerships to increase EV access and ownership to an underserved but deserving market,” continued Possumato, who is among the speakers on the docket for Used Car Week, which begins on Monday in San Diego.
DigiSure partners with innovators in the mobility, home rental, and shared economy who are reinventing the way consumers have access to vehicles and short-term housing by providing turnkey solutions for screening, underwriting, insurance, and claims. This is the third company to work with DigiSure on EV subscriptions and rentals.
“We are proud to help DriveItAway proactively manage their risk as they expand their dealer partnerships and locations,” DigiSure CEO Mike Shim said. “Our screening process allows them to meet consumer demand for EV inventory from dealers while ensuring that interested borrowers have already been screened and can use their recent and relevant driving and payment history to access lenders.”
DriveItAway Holdings made another advancement on Friday related to its mission “to make driving and owning an EV truly affordable for all.”
The provider of subscription-to-purchase technology announced that it recently launched its electric vehicle program with the Ford Escape Plug-In Hybrid, working with a new dealer partner, the Chapman Auto Group.
Focused on enabling all who want the benefits of immediately driving and owning an electric vehicle, DriveItAway is now rolling out the Ford Escape Plug-In Hybrid (PHEV) in conjunction with Chapman stores, with eight locations in the greater Philadelphia/New Jersey/Delaware region.
“This is a very special day for us, as not only are we expanding our program to plug-in hybrid vehicles with the new Ford Escape, we are also welcoming the esteemed Chapman Auto Group into our dealer focused program and platform, all in our mission to make EVs and PHEVs accessible for everyone today,” DriveItAway founder and chief executive officer John Possumato said in a news release.
“We are privileged to expand our dealer led subscription to ownership program with the Escape PHEV with Chapman Auto Group to make driving and owning an EV or PHEV truly affordable for all,” Possumato continued.
The Chapman Auto Group has been serving the greater Philadelphia community for more than half a century with eight locations featuring Ford, Chevrolet, Chrysler, Jeep, Nissan, Lincoln and Mazda franchises.
Chapman director of business development Keane Storey explained through the news release why the group chose to align with DriveItAway.
“One of the main aspects that sets the Chapman Auto Stores apart from the competition is our steadfast commitment to our employees, customers, and local communities,” Storey said. “We see DriveItAway’s technology and specifically the “EVs for Everyone” program as a way to enable more mainstream people to try out and buy EVs and PHEVs by spreading out the down payment while driving over an extended period of time before making the decision to purchase.
“In addition to the “EV for Everyone” program, we are looking at the DriveItAway platform to help us and our customers navigate the current landscape of vehicle shortages through short-term vehicle subscriptions while customers wait for their ordered vehicles. We think the flexibility of the technology allows dealerships a number of options with current and future inventory levels,” Storey went on to say.
DriveItAway’s EV subscription program, launched in the greater Philadelphia area, has now expanded to Connecticut and Michigan. The Ford Escape PHEV joins the General Motors Bolt/Bolt EUV and the Polestar 2 in the DriveItAway fleet, which will soon be available in many more markets throughout the United States.
DriveItAway explained its unique ‘EVs for Everyone’ program is the perfect “vehicle” to reduce the barriers to EV adoption for all drivers.
Its program is “perfect for people who are interested in an EV but are put off by the higher initial cost as compared to a gas vehicle or are concerned about suitability and range anxiety,” according to DriveItAway.
This episode of the Auto Remarketing Podcast delved into a topic so intricate that the conversation included two experts from RVI Group.
Wei Fan, senior vice president, passenger vehicles, and Dave McKay, vice president of business development and sales, tackled not only how subprime auto finance companies are faring nowadays, but also how those providers might be considering more electric vehicles in their portfolios.
To listen to the episode, click on the link available below, or visit the Auto Remarketing Podcast page.
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