*SANTA MONICA, Calif. – NextCar Holding Company (NXCR), the fintech and insurtech vehicle subscription platform founded by serial automotive retail, auto finance and insurtech entrepreneurs Scott Painter and George Bauerlaunched a subscription program for electric vehicles and zero-emission vehicles starting with the Tesla Model 3, and changed its name under its newly acquired consumer brand, ‘Autonomy.’ In addition to the global top level domain name Autonomy.com and the allocation of Autonomy app in the App Store, the company also acquired 1-800-AUTONOMY (1-800-288-6666). This gives consumers three separate channels to reserve a vehicle and manage their subscription.
“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 debt avoidance are also at an inflection point and subscriptions have become a ubiquitous and enduring business model and a cornerstone of modern digital life.”
Autonomy’s Tesla Model 3 vehicle subscription program offers a monthly contract after a minimum term of three months. It is designed so that consumers can order their vehicle in 10 minutes by providing their driver’s license and a digital payment method, and the process of delivering the vehicle or picking it up at the dealership takes less than twenty minutes. Consumers can manage their entire vehicle subscription digitally through the mobile app.
The program offers new EV manufacturers and legacy OEMs a new distribution channel for their vehicles, one that also enables a growing market of “electric vehicle curious” to have a flexible and affordable way to drive and testing an electric vehicle. This is particularly relevant as electric vehicles begin to appear in greater numbers in used vehicle markets.
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Autonomy Subscription Program for Tesla Model 3:
- Models available: 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 the ability to customize their monthly payments as low as $490 one month (with a $4,900 start-up costs) up to $1,000 per month (with start-up costs as low as $1,000). A $500 security deposit is required upon subscription activation.
- Reservation: Fully refundable $100 deposit (applied to security deposit at activation).
- Term: Monthly with a minimum of three months.
- Availablity: In California with the upcoming opening of new markets.
- How to subscribe: Reservations can be made at Autonomy.com.
Autonomy’s Tesla Model 3 subscription program is available to consumers who can register at Autonomy.com. The program will also be featured in major automotive markets visited by market consumers when purchasing a vehicle, including in California through TrueCar.com (powered by TrueCar, Inc. (Nasdaq: true)) and AutoWeb, Inc. (Nasdaq: SELF), which generates over 4.2 million vehicle leads every year from its portfolio of sites like Car.com and occasioncars.com. Car buyers visiting these websites will be able to discover and experience this new way to quickly get behind the wheel of one of the best-selling electric vehicles in the United States.
“Self-reliance is a big idea, and whether it’s freedom from long-term debts, commitments, complications, confrontations, or fossil fuels, everyone can relate to the desire for greater autonomy in life,” added Painter.
To support the launch, the company recently raised $83 million in debt and equity financing.
The launch also follows the infrastructure bill recently passed by the Biden administration, which provided $7.5 billion to create national charging infrastructure to support the adoption of electric vehicles, and following last August’s presidential decree establishing a goal for zero-emission vehicles to represent half of all new vehicles sold in 2030. These factors are creating a opportunity for consumers and support the economy for operating a large fleet of electric vehicles.
“The future of transportation is zero-emission vehicles. At Autonomy, we are accelerating the transition to sustainable mobility by providing consumers with flexible access to electric vehicles at affordable monthly payments,” said Georg Bauer, co-founder and president of Autonomy. “Vehicle subscriptions reduce barriers to EV adoption, providing a low-commitment option with lower upfront costs. It’s perfect for people who are interested in EVs but aren’t ready to switch.” long-term commitment due to cost concerns or range anxiety.
Initially, the program will be offered to consumers of Californiawith plans for rapid expansion into larger US markets. California is already an early adopter of electrification, with electric vehicles accounting for about 10% of overall sales and 42% of electric vehicle registrations in the United States.
Autonomy is a technology company whose mission is to make access to mobility easy and affordable through car subscriptions. The company was founded by disruptors in auto retail, auto finance and auto insurance Scott Painter and George Bauer, which founded Fair, the first ever pre-owned vehicle subscription offering, pioneering the Car-as-a-Service (CaaS) category. Building on this experience, Autonomy has created a turnkey vehicle subscription platform for consumers and the automotive industry that allows vehicle subscriptions to cost-effectively scale and become a mainstream alternative to purchase of traditional cars. Autonomy innovates through technology, finance and insurance to power automotive subscriptions for the used vehicle sector, as well as the battery electric vehicle and zero-emission vehicle sectors. Autonomy relies on partnerships with automakers and physical car dealerships to deliver a benefit to both consumers and the industry. Self-reliance represents the absence of long-term debt, the absence of long-term commitments, and even the absence of fossil fuels. It means new choices and more control over your financial well-being. Autonomy is based on santa monicaCALIFORNIA.