Serial auto retail, auto finance, and insurtech entrepreneurs Scott Painter and Georg Bauer, who founded NextCar Holding Company (NXCR), a fintech and insurtech vehicle subscription platform, have launched an electric vehicle and zero emissions vehicle subscription program starting with the Tesla Model 3.
“Electric vehicles have reached a tipping point, and it’s clear that the Tesla Model 3 is this generation’s Prius,” said Scott Painter, founder and CEO of Autonomy. “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.”
After a three-month minimum term, Autonomy’s Tesla Model 3 automobile subscription program offers a month-to-month contract. It is intended for users to be able to order their vehicle in under ten minutes by supplying their driver’s license and a digital form of payment, and for the vehicle delivery or dealership pickup to take less than twenty minutes. The mobile app allows consumers to manage their full vehicle subscription digitally.
The initiative offers new EV manufacturers and legacy OEMs a new distribution channel for their vehicles, as well as a flexible and affordable way for a growing “EV curious” market to drive and test an electric vehicle. This is especially true as electric vehicles (EVs) become more common in used car markets.
Consumers can sign up for Autonomy’s Tesla Model 3 subscription service at Autonomy.com. In California, the program will be featured on TrueCar.com (operated by TrueCar, Inc.(Nasdaq: TRUE)) and AutoWeb, Inc., two significant automotive marketplaces accessed by in-market consumers when searching for a vehicle.
The announcement follows the Biden administration’s recently passed infrastructure bill, which includes $7.5 billion to build a national charging infrastructure to support EV adoption, as well as last August’s presidential executive order setting a goal for zero-emission vehicles to account for half of all new vehicles sold by 2030. Consumers will benefit from these characteristics, and the economics of operating a big fleet of electric vehicles will improve.