AutoWeb to Offer its Car Shopping Audience a Flexible, Affordable Way to Subscribe to a Tesla Model 3 with Autonomy

Rhea-AI Summary

AutoWeb, Inc. (Nasdaq: AUTO) has partnered with Autonomy to offer car shoppers a subscription service for Tesla Model 3s. This flexible month-to-month plan, available after a three-month hold, caters to consumers seeking affordability without long-term commitments. Starting prices range from $550 to $1,000 per month, with a $100 reservation fee. The collaboration aligns with AutoWeb's goal to adapt to online vehicle transactions and electric vehicle demand. With a rich history in lead generation, AutoWeb is expanding its services to meet evolving consumer preferences.

Positive

• Partnership with Autonomy enhances AutoWeb's service offerings in a growing market for vehicle subscriptions.
• Subscription model for Tesla Model 3 aligns with consumer demand for flexibility in vehicle access.

Negative

• None.

SANTA MONICA, Calif., Jan. 20, 2022 /PRNewswire/ -- AutoWeb, Inc. (Nasdaq: AUTO), an automotive matchmaking platform connecting in-market car shoppers to their preferred vehicle transactions, and Autonomy, a completely digital mobility offering that provides consumers with an affordable way to get access to a vehicle without long-term debt or commitment, have entered into a new business relationship. The relationship provides car shoppers visiting any of AutoWeb's automotive web properties, including Car.com and Usedcars.com, the opportunity to subscribe with Autonomy to drive a Tesla Model 3 on a month-to-month basis after a three-month hold period.

"As more of the vehicle transaction process shifts online, our business continues to evolve toward transactional monetization opportunities. We also remain focused on growth-oriented segments of the market—from new vehicle acquisition offerings to electric vehicle adoption—to stay relevant with these shifts in consumer preferences," said Jared Rowe, CEO of AutoWeb. "Our relationship with Autonomy is at the core of these radical shifts in the industry, providing our car shopping audience with a completely digital and affordable way to get access to a Tesla Model 3."

As one of the largest new vehicle lead generation providers in the automotive industry, AutoWeb has a nearly 30-year history developing longstanding relationships with OEMs and auto dealers throughout the U.S. to connect them with in-market auto shoppers. AutoWeb's recently launched used vehicle acquisition business extends the organization's matchmaking capabilities to include consumers looking to dispose of their current car, in addition to those seeking to purchase or lease a new vehicle. 

Today, 90 percent of consumers must finance (average six-year term) or lease (average three-year term) their vehicles in order to pay for them. Vehicle subscriptions represent a white space in the market for consumers that seek a flexible term and affordable prices.

Autonomy's first-of-its-kind vehicle subscription program for Tesla Model 3 offers consumers the cheapest, fastest and easiest way to get a Tesla Model 3

Autonomy's Tesla Model 3 Vehicle Subscription Program Details: 

• Available Models: At launch, low mileage Model 3 Teslas, with later expansion to other Tesla models.
• Subscription Pricing: All subscriptions include routine maintenance and roadside assistance. Consumers have flexibility to customize their monthly payments to as low as $550 a month (with a $5,500 start fee) up to $1,000 per month (with a start fee as low as $1,000). A $500 security deposit is required when the subscription is activated.
• Reservation: Fully refundable $100 deposit (applied to security deposit at activation).
• Term: Month-to-month with a three-month minimum.
• Availability: In California with new markets opening soon.
• How to Subscribe: Program reservations can be made at Autonomy.com.

"The ease of subscribing to a Tesla Model 3 through Autonomy is in complete harmony with how modern consumers want to shop for all their goods and services," said Scott Painter, co-founder and CEO of Autonomy. "And, as the cost of vehicles price out more consumers from traditional car ownership, a vehicle subscription becomes even more logical. True to its legacy as a pioneer in the digitalization of auto retail, AutoWeb is now pioneering consumers' shift to electrification and the Car-as-a-Service."

About AutoWeb, Inc.
AutoWeb, Inc. provides high-quality consumer leads, clicks and associated marketing services to automotive dealers and manufacturers throughout the United States. The company also provides consumers with robust and original online automotive content to help them make informed car-buying decisions. The company pioneered the automotive Internet in 1995 and has since helped tens of millions of automotive consumers research vehicles; connected thousands of dealers nationwide with motivated car buyers; and has helped every major automaker market its brand online.

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 used-vehicle sector, as well as the battery electric vehicle and zero emissions vehicle sectors. Autonomy relies on partnerships with automakers and brick-and-mortar car dealerships to provide a benefit 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, CA.

Autonomy Contact:
Shadee Malekafzali
Head of Corporate Communications & Investor Relations
shadee@autonomy.com 

AutoWeb Contacts:

Company Contact
Beth P. Quezada
Communications & Culture Manager
AutoWeb, Inc.
949-862-1391
beth.quezada@autoweb.com 

Investor Relations Contact
Cody Cree or Jackie Keshner
Gateway Investor Relations
949-574-3860
AUTO@gatewayir.com 

 

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SOURCE Autonomy; AutoWeb

FAQ

What is the new partnership between AutoWeb and Autonomy about?

AutoWeb and Autonomy have partnered to offer a subscription service for Tesla Model 3s, allowing flexible month-to-month access.

What are the subscription prices for the Tesla Model 3 through AutoWeb?

Subscription prices range from $550 to $1,000 per month, with initial fees varying based on the plan.

When did AutoWeb announce its partnership with Autonomy?

The partnership was announced on January 20, 2022.

What are the terms of the Tesla Model 3 subscription offered by AutoWeb?

The subscription requires a three-month hold before monthly access begins and is available in California.

How does AutoWeb's subscription service align with market trends?

The service caters to the increasing consumer preference for digital transactions and flexible vehicle access.