DriveItAway announces 36% m/m growth in fleet owned or under management

DriveItAway Holdings 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. “Now with our platform available to all approved car dealers that are dedicated to expanding market share and enabling their customers that would be turned down for credit to drive away in a new or late model vehicle, I believe we are experiencing the very early stages of sustainable, surging growth for our services all across the US,” continues Possumato, “as the benefits of our program become more visible, the growth sustains itself, as there are very few good alternatives for those shut out of the conventional finance or lease market – our potential market is vast, as millions of old, worn out vehicles a year are still sold through the notorious Buy Here/Pay Here market annually, with typically very bad outcomes for the buyer.”