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Philadelphia, PA, Aug. 08, 2024 (GLOBE NEWSWIRE) --
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DriveItAway's owned or managed vehicle fleet grew over 36% month-over-month from June to July, at the same time general sales of both new and used cars show a lackluster increase
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DriveItAway’s organic increase in Web traffic and its partnership with national staffing organization Partners Personnel, has provided increased demand for its micro-lease to ownership “on-ramp” for vehicles, now combined with its recent credit line to finance its vehicle fleet, and the agreement with Westlake Financial to provide credit lines for approved dealers who want to run cars on its platform is increasing vehicle supply, which has led to substantial growth
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As credit tightens and both interest rates and high new car prices continue to restrict a vehicle purchase to those with less than stellar credit, and as the average monthly payment for a new vehicle has risen to over $756 a month (highlights from Cox Automotive/Moody’s Analytics Vehicle Affordability Index, July 15, 2024) and vehicle repossessions have surged over 23% in the US as American’s fall behind on payments (Cox Automotive, as reported by Bloomberg July 16, 2024), DriveItAway continues to focus on the vital sector of the labor market, as there is an explosive need for providing quality personal transportation to get people to work
PHILADELPHIA, PA, USA, August 8, 2024 – DriveItAway Holdings, Inc. (“DriveItAway” OTC: DWAY), an automotive industry leader in new digital mobility platforms with its unique “micro-lease to purchase” technology, continues to gain traction and visibility in its mission to enable all to drive, announces today its tremendous growth in month-over-month vehicle fleet owned or under management, as supply begins to meet the overwhelming demand for its program, as it becomes more and more difficult for average consumers to buy or lease vehicles.
DriveItAway, offers a unique ‘micro-lease to purchase technology,’ allowing customers to drive a vehicle of their choice immediately, without a down payment, long-term financial commitment or approvals based on credit score, always with the option to buy the vehicle at any time. DriveItAway technology is a software platform and app designed for automotive retailers. It reduces the risk associated with subprime or deep subprime credit transactions for both dealers and drivers, leading to satisfied customers and an increase in market share, converting “turn-downs” into happy customers.
“For a long time, the effects of the pandemic constrained vehicle supply, combined, during that period, with high used car values and easy credit, which allowed more people access to purchase vehicles…now however it's almost a ‘perfect storm’ in the other direction, as interest rates are the highest in decades and vehicle prices remain high and credit has tightened dramatically - despite plenty of inventory, fewer people can now afford to buy or replace their vehicle with conventional financing or leasing, and those with poor credit or little cash are virtually shut out of the market, despite a pressing need for personal transportation,” says DriveItAway CEO John F. Possumato.