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DriveItAway Holdings, Inc. (DWAY) is a pioneering national dealer-focused mobility platform offering a unique 'Pay as You Go' app-based subscription to sell vehicles seamlessly through eCommerce. The company's mission is to provide affordable and sustainable personal transportation solutions, especially for those with limited credit scores or down payments. DriveItAway also introduces a 'micro-lease to ownership' initiative, aiming to enable all consumers to acquire new electric vehicles through its 'EVs for Everyone' program.
Founded by John F. Possumato, DriveItAway collaborates with Partners Personnel, a major staffing company, to address the transportation challenges faced by entry-level employees. Through a synergistic partnership, DriveItAway offers affordable electric vehicle options that promote sustainability and reduce environmental impact, while Partners Personnel focuses on enhancing the well-being and stability of its associates.
In the current market environment with new and used vehicle shortages, DriveItAway has navigated challenges by diversifying its vehicle inventory sources and streamlining operations. The company's proprietary mobile technology, driver app, and insurance coverages enable dealerships to generate revenue and attract new customers efficiently in the digital sales landscape.
DriveItAway Holdings (OTC: DWAY) has partnered with AllShifts, a leading healthcare staffing firm, to provide on-demand nurses with affordable quality personal transportation. This collaboration aims to address the challenges faced by healthcare professionals in accessing reliable vehicles, especially those with less-than-stellar credit scores or down payment options.
DriveItAway's unique 'micro-lease to purchase technology' allows customers to drive vehicles immediately without a down payment or long-term commitment, with the option to buy at any time. This partnership follows DriveItAway's recent collaboration with Partners Personnel and expands its mission to help workers access reliable transportation for their jobs.
The initiative is particularly significant as the average monthly payment for a new vehicle has risen to over $756, according to recent data from Cox Automotive/Moody's Analytics Vehicle Affordability Index.
DriveItAway Holdings, Inc. (OTC: DWAY) reports a 36% month-over-month growth in its owned or managed vehicle fleet from June to July 2024. This surge comes amid lackluster general new and used car sales. The company's unique 'micro-lease to purchase' technology is gaining traction as traditional vehicle financing becomes increasingly challenging for many consumers.
Key factors driving growth include:
- Increased web traffic and partnership with Partners Personnel
- New credit line for fleet financing
- Agreement with Westlake Financial for dealer credit lines
DriveItAway's platform allows customers to drive vehicles without down payments, long-term commitments, or credit score-based approvals, addressing a critical need in the current market where average monthly new vehicle payments have risen to over $756 and vehicle repossessions have surged by 23%.
DriveItAway Holdings, Inc. (OTC: DWAY) has partnered with Chapman Automotive Group in Philadelphia to expand its micro-lease to ownership program. This collaboration aims to centralize DriveItAway's fleet purchases and offer the program to Chapman's customers. Key points include:
1. Chapman Auto Group will supply vehicles for DriveItAway's growing fleet.
2. The program requires no down payment or credit score, targeting customers turned down for traditional financing.
3. DriveItAway recently secured a credit line to operate its company-owned fleet.
4. The partnership offers a competitive advantage as credit becomes more restrictive for consumers.
5. Chapman sees long-term benefits in service and pre-owned departments from this collaboration.
This strategic move allows DriveItAway to scale its operations while providing an alternative path to vehicle ownership for customers facing financial challenges.
DriveItAway Holdings, Inc. (OTC: DWAY) has been highlighted in AutoRemarketing, a leading automotive trade publication, for its rapid growth and partnerships in 2024. The company has forged four major partnerships this year to scale its unique 'micro-lease to purchase' technology platform:
1. National rollout with Partners Personnel in February
2. Agreement with Westlake Financial in April
3. $2 million credit line from AutoLeasing II in May
4. Partnership with Corporate Claims Management in July
DriveItAway's platform allows customers to drive vehicles immediately without down payments or credit score requirements, with the option to buy. The company aims to become the national retail software platform for subprime and deep subprime buyers, providing an 'on-ramp for new car acquisitions' as vehicle purchases become more challenging for many consumers.
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