Autonomy Expands Electric Vehicle Subscription Service Beyond California, Debuts Service in Florida

Rhea-AI Summary

Autonomy, the largest EV subscription company in the U.S., expands to South East Florida, including Miami, Fort Lauderdale, and West Palm Beach. This move follows its successful launch in California, which dominates EV registrations. Florida, with its growing EV market, ranks second nationally. Autonomy aims to provide affordable access to EVs without long-term commitments, addressing a significant barrier for consumers. The company has partnered with AutoNation for vehicle services and has a massive order of 23,000 electric vehicles worth over $1.2 billion to enhance its fleet.

Positive

• Expansion to South East Florida taps into a large market for electric vehicles.
• Partnership with AutoNation enhances service delivery and maintenance capabilities.
• Significant order of 23,000 EVs from multiple manufacturers strengthens fleet diversity.

Negative

• None.

SANTA MONICA, Calif.--(BUSINESS WIRE)-- Autonomy™, the nation’s largest electric vehicle subscription company, today announced that it is expanding its geographic footprint to South East Florida, including Miami, Fort Lauderdale, and West Palm Beach. This follows the launch of Autonomy’s service in the state of California – which has the largest share of electric vehicle registrations in the country. Florida ranks second behind California with the next highest number of electric vehicles on the road making it a compelling next expansion state.

Autonomy’s subscription model offers the cheapest, fastest, and easiest way to get an electric vehicle and does not require the long-term debt or commitment that comes with buying or leasing. Additionally, Autonomy vehicles are available for delivery or pickup within weeks, compared to the months-long wait for a loan or lease. Today, Autonomy offers the Tesla Model 3 and Tesla Model Y and will soon add the full Tesla lineup, among other makes and models. (Photo: Business Wire)

Autonomy’s subscription model offers the cheapest, fastest, and easiest way to get an electric vehicle and does not require the long-term debt or commitment that comes with buying or leasing. Additionally, Autonomy vehicles are available for delivery or pickup within weeks, compared to the months-long wait for a loan or lease. Today, Autonomy offers the Tesla Model 3 and Tesla Model Y and will soon add the full Tesla lineup, among other makes and models.

“Expanding our service geographically beyond California represents a major scaling moment for our business,” said Scott Painter, founder and CEO of Autonomy. “EV registrations and charging stations in Florida are growing at a tremendous pace, signaling a growing population that’s eager to make the switch to an EV and the infrastructure to make it convenient to do so. With EVs still costing 20-40% more than gas-powered vehicles, affordability is a major barrier that Autonomy’s subscription model addresses for EV shoppers.”

While Florida EV registrations grew nearly 65% year-over-year from 2020 to 2021, EV registrations in the state still represent less than 10% of EVs registered nationally. Autonomy’s business model of providing a new way for consumers to access EVs supports Florida’s mission to expand electric vehicle use across the state.

How Autonomy works:

• Download the Autonomy app (Apple App Store or Google Play Store)
• Pick a vehicle, select desired monthly payment and start fee from ten pricing options (as low as $490 a month with a $5,900 start fee or as low as $1,000 start fee and $1,000 a month)
• Upload a picture of your driver's license to determine subscription and insurance eligibility. Automated qualification typically takes 10-15 minutes.
• Once approved schedule vehicle pickup or delivery from the app and provide a credit card or a link to your bank account for the drive-off payment
• Autonomy subscribers drive their car on a month-to-month basis following a 3-month minimum period

Autonomy’s monthly payment covers the traditional costs of ownership, including routine maintenance and roadside assistance (limitations apply), and standard wear and tear on tires, which are usually additional expenses with a traditional lease or loan. Qualified subscribers will now receive Autonomy’s subscription with its fully integrated month-to-month insurance offering.

“Providing affordable and flexible access to an EV is at the core of Autonomy’s existence,” said Georg Bauer, co-founder and president of Autonomy. “We are excited for Florida residents to experience a new way to get into an electric vehicle and to support Florida’s momentum toward EVs.”

South East Florida has nearly 3,000 public charging stations, including 398 free stations, 495 DC fast charging stations of which 334 are Tesla Superchargers. South East Florida has also added 740 new charging stations in the last 90 days.

Autonomy will leverage its recently announced national partnership with AutoNation, Inc. (NYSE: AN), the largest retailer in the U.S., for vehicle preparation and delivery services in connection with customer activation, as well as maintenance, repair, and reconditioning services for Autonomy’s growing subscription fleet of electric vehicles. As well as expanding geographically, Autonomy is also expanding its fleet of vehicles. In August Autonomy ordered 23,000 electric vehicles from 17 different global automakers, with the order totaling more than $1.2 billion.

ABOUT AUTONOMY

Autonomy is a technology company on a mission to make access to mobility easy and affordable through car subscriptions. The company was founded by auto retail, auto finance, and auto insurance disruptors Scott Painter and Georg Bauer, who founded Fair, the first-ever used-vehicle subscription offering, pioneering the Car-as-a-Service (CaaS) category. Building upon that experience, Autonomy has created a turnkey vehicle subscription platform for consumers and the automotive industry that enables vehicle subscriptions to scale profitably and become a mainstream alternative to traditional car buying. Autonomy is innovating through technology, finance, and insurance to power car subscriptions for the battery, electric vehicle, and zero-emissions vehicle sectors. Autonomy relies on partnerships with automakers and brick-and-mortar car dealerships to provide benefits to both consumers and the industry. Autonomy represents freedom from long-term debt, freedom from long-term commitments, and even freedom from fossil fuels. It means new choices and more control over your financial well-being. Autonomy is based in Santa Monica, California.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20221107006226/en/

Autonomy Public Relations Contacts:



Shadee Malekafzali

Head of Investor Relations and Corporate Communications

shadee@autonomy.com



Matt Swope

Corporate Communications Manager

matts@autonomy.com

Source: Autonomy

FAQ

What is Autonomy's recent expansion location?

Autonomy is expanding its services to South East Florida, including Miami, Fort Lauderdale, and West Palm Beach.

Why is Florida a strategic market for Autonomy?

Florida ranks second in EV registrations in the U.S., making it a promising market for Autonomy's subscription model.

What vehicles does Autonomy currently offer?

Currently, Autonomy offers the Tesla Model 3 and Model Y, with plans to add the full Tesla lineup.

What is the financial impact of Autonomy's vehicle order?

Autonomy has placed a massive order for 23,000 electric vehicles totaling over $1.2 billion, significantly expanding its fleet.

How does Autonomy's subscription model benefit consumers?

Autonomy's model provides affordable, flexible access to EVs without long-term commitments, addressing cost barriers for consumers.