Autonomy to Scale Electric Vehicle Subscriptions Nationally; AutoNation to be Dealer of Record and Provide Services

Rhea-AI Summary

AutoNation partners with Autonomy to facilitate the acquisition of up to 20,000 electric vehicles over the next 12-18 months. This partnership aims to enhance Autonomy’s vehicle subscription model, expanding from Tesla to various automaker brands, leveraging AutoNation’s nationwide infrastructure.

The collaboration allows Autonomy to scale its operations nationally while remaining capital efficient. AutoNation will provide essential vehicle preparation, delivery, and maintenance services to support Autonomy's subscription offerings, catering to a growing demand for electric vehicles.

Positive

• Strategic partnership with Autonomy to buy up to 20,000 electric vehicles, enhancing market positioning.
• Expansion of vehicle subscription offerings beyond Tesla, increasing product diversity.
• Utilizes AutoNation's infrastructure for national scaling, improving operational efficiency.

Negative

• None.

• AutoNation to assist Autonomy with the acquisition of up to 20,000 electric vehicles from all automaker brands over the next 12-18 months and provide vehicle preparation and delivery as well as service and reconditioning to the Autonomy fleet.
• Partnership provides Autonomy the infrastructure to immediately scale nationally.

SANTA MONICA, Calif. & FORT LAUDERDALE, Fla.--(BUSINESS WIRE)-- Autonomy, the nation’s largest electric vehicle subscription company, has partnered with AutoNation, Inc. (NYSE:AN), America’s largest and most admired automotive retailer.

The partnership will support Autonomy’s electric vehicle product expansion from the Tesla Model 3 into several automaker brands as well as its geographic expansion across the United States, leveraging AutoNation’s nationwide footprint. As Autonomy’s “Dealer of Record,” AutoNation will support Autonomy’s planned acquisition, over the next 12-18 months of up to 20,000 electric vehicles from automakers that produce the most sought-after electric vehicles. (Photo: Business Wire)

The partnership will support Autonomy’s electric vehicle product expansion from the Tesla Model 3 into several automaker brands as well as its geographic expansion across the United States, leveraging AutoNation’s nationwide footprint. As Autonomy’s “Dealer of Record,” AutoNation will support Autonomy’s planned acquisition, over the next 12-18 months of up to 20,000 electric vehicles from automakers that produce the most sought-after electric vehicles. AutoNation will provide vehicle preparation and delivery services in connection with Autonomy customer activations, as well as maintenance, repair, and reconditioning services for its growing fleet of subscription vehicles.

“AutoNation and Autonomy’s shared vision for how consumers gain access to electric vehicles is the basis for this partnership and has again shown that AutoNation is among the most innovative and forward-thinking retailers in the world,” said Scott Painter, founder and CEO of Autonomy. “This partnership allows Autonomy to drastically accelerate and diversify its vehicle lineup with a 20,000-vehicle order over the next 12-18 months while paving a clear and aggressive path for national expansion. Just as importantly, this also allows Autonomy to remain capital efficient and infrastructure light as we advance our mission to accelerate the adoption of EVs and scale subscriptions profitably.”

Autonomy’s subscription model offers the cheapest, fastest, and easiest way to get a Tesla Model 3 and Y, and soon other models and brands. Autonomy provides an easy and affordable option for those seeking an electric vehicle that does not require the long-term debt or commitment that comes with buying or leasing. Autonomy drivers have the flexibility to subscribe month to month after a three-month minimum hold period. Today, Autonomy customers can subscribe to an electric vehicle entirely in app (Google Play Store or Apple App Store) and customize their monthly payment to meet their budget.

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/20220726005217/en/

Autonomy PR 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 the significance of AutoNation's partnership with Autonomy?

AutoNation's partnership with Autonomy signifies a strategic move to enhance electric vehicle offerings and expand the subscription model across the U.S.

How many electric vehicles will AutoNation assist Autonomy in acquiring?

AutoNation will assist Autonomy in acquiring up to 20,000 electric vehicles over the next 12-18 months.

What benefits does this partnership provide to Autonomy?

The partnership provides Autonomy with the infrastructure to scale operations nationally and diversify its vehicle lineup.

How does this partnership impact AutoNation's business strategy?

The partnership reinforces AutoNation's commitment to innovation in the automotive retail sector and expands its influence in the electric vehicle market.

What services will AutoNation provide to Autonomy?

AutoNation will provide vehicle preparation, delivery, and maintenance services for Autonomy's growing subscription fleet.