Earlier this week, DriveItAway announced its newest program for employers to enable vehicle ownership as both a means and incentive for potential new employees to get to work.

On Thursday, the mobility platform with its subscription-to-purchase technology for dealers made an even more dramatic announcement — new ownership.

Creative Learning Corp. and DriveItAway along with its existing shareholders executed an agreement and plan of share exchange under which Creative Learning would acquire all of the issued and outstanding common stock of DriveItAway by issuing one share of Series A convertible preferred stock for each outstanding share of DriveItAway common stock.

As a result of the share exchange, DriveItAway will become a wholly-owned subsidiary of Creative Learning upon the closing of the transaction, and shareholders of DriveItAway will become the beneficial owners of approximately 85% of the company’s common stock following the closing.

Upon the closing, DriveItAway, with its revolutionary subscription to purchase technology, will become the operating business of Creative Learning and will be led by the DriveItAway management team, which will focus exclusively on automotive mobility technologies and programs.

Closing of the share exchange is subject to a number of conditions, and is expected to occur in January, according to a news release.

“Our technology and platform is unique in the marketplace, as it enables those that are cash or credit challenged the ability to buy the vehicle of choice, from any car dealer chosen, in a transparent, easy and risk free subscription to ownership way, building credit and equity with every payment,” DriveItAway founder and chief executive officer John Possumato said in the news release. “This transaction will allow us to expand much more rapidly and help more people on a national basis.

“We believe the timing for this strategic initiative is perfect, as DriveItAway just recently launched a national ownership program for employers to help them relieve their labor shortage issues with its 'pay as you go' vehicle purchase program, which will help entry level employees get to work and enable employers to hire and incentivize new workers in an ESG mission-based way,” Possumato continued.

“DriveItAway is also soon to launch a pilot program enabling cash or credit challenged consumers the ability to ‘drive to own’ EV vehicles, as up until now entry level consumers have been left out or ignored in participating in current EV vehicle growth,” he went on to say.