Dealer-focused SaaS shared mobility company DriveItAway says that through its new partnership with trade-in lead generation company Accu-Trade, more than 5,000 dealers can list vehicles for sale, rent or rent-to-own to rideshare drivers who download the DriveItAway app.
DriveItAway says that through the partnership, DriveItAway gig economy app users now have access to specific vehicle detailed valuation, pricing and sales history on all used vehicles.
Dealers can now immediately “wholetail” or rent a vehicle to a mass of retail buyers, to turn trades “at the curb,” or aged inventory, to more than just wholesale buyers.
The company said that for the attraction and “quick transaction decisioning” for what it describes as the massive market of gig economy drivers and renters, DriveItAway app users will have access to full transparent information on all used vehicles for sale or rent.
That includes the additions/deductions for specific attributes, such as mileage, color, and nicks and dents. DriveItAway describes that access as “an industry first.”
The company explains that unlike non-gig economy drivers, that clearly defined information does not necessarily detract from a sale. That is because those vehicles, at least in part, are purchased or rented for their income-producing attributes.
“In this case, an educated consumer is truly a dealer’s best customer,” DriveItAway stated in news release.
DriveItAway chief executive officer and founder John Possumato said his company’s announcement marks a historic occasion as a new tool for dealers to fight what he describes as “profit compression,” in their choice for immediate vehicle sale or rental opportunities.
“For the first time instead of just offering a higher mileage, off-brand, or other non-retail type trade in, or over aged inventory, to other dealers on the wholesale market, Accu-Trade dealers, with one click can push a car to millions of Uber, Lyft and other gig economy drivers, either for purchase, rent or rent-to-own,” Possumato said in a news release.
He went on to note that his company is bringing retail buyers to the table for dealers as a new liquidation channel. Those are people who “usually don’t mind a higher mileage, off-brand, or out of favor retail vehicle — as we know the car will be used partially as tool for transport — and therefore will gladly pay a ‘wholetail’ price,” Possumato said. “It’s win/win for all.”
Possumato said many gig economy drivers are credit-challenged and can’t afford to buy a vehicle immediately, and he said his company set up its platform to provide turn-key rental and rent-to-own opportunities for dealers as well. That creates another option for an Accu-Trade dealer, he said.
“What dealer couldn’t use an extra $1,000 a month (our average rental rate) to write down a ‘lot aged’ unit with the likelihood of selling it to the renter as he or she accrues extra down payment cash through driving, while at the same time improving personal credit scores with the free credit repair/remediation DriveItAway provides?”
R. Hollenshead Auto Sales owner and Accu-Trade founder Robert Hollenshead said his company built Accu-Trade for car dealers to be the ‘VIN-Dow’ for used vehicles: “built on speed, accuracy and transparency,” he said.
“Our platform has a user-focused, real-time, 17-digit specific valuation engine to reflect the most precise information for used vehicle valuation, and provide car dealers the ability to easily and digitally push vehicles to market to achieve profitable liquidity,” Hollenshead said.
He added, “We are excited to now offer our Accu-Trade dealers one more tool, to allow them to push a vehicle to an informed ride share buyer or renter, thereby increasing sales and income options, for the first time beyond normal wholesale channels. This goes beyond what is done now to make just the wholesale transaction more efficient, and opens up new, high-volume, easy-to-implement ‘wholetail’ opportunities.”
Possumato added that the partnership “is a true evolution and win for both dealers and consumers, the first dealer exclusive platform to recognize and develop a true Mobility as a Service eCommerce solution to harness the new massive market impact of new ‘gig’ economy drivers, for the benefit of dealers and drivers.”
A brief video/podcast introducing the partnership is available at https://youtu.be/GtOe3FgDPjU