Autonomy to Add 1,250 Electric Vehicles to Car Subscription Offering

The company secured $25 million in financing from Finacity through SR Alternative Credit to enable this fleet expansion and scaling of its platform, Autonomy said in a Wednesday (Nov. 19) press release emailed to PYMNTS.

With this expansion, Autonomy is adding Volvo and Polestar vehicles to its fleet that previously included only Tesla vehicles, according to the release.

The change will offer customers more models and price points, including recent model-year and off-lease options, the release said.

New model options include Polestar 2, Tesla Model 3 “Highland” and Tesla Model Y “Juniper,” per the release. The company said it is also working with Volvo to secure additional models.

Autonomy’s car subscription offering allows customers to download the company’s app, choose a vehicle, subscribe, pay by credit card and get the car as early as the next day, according to the release.

The company offers a choice of flexible subscription terms that start at 30 days, the release said. Customers can drive the vehicle for as long as they like or return it with two weeks’ advance notice.

The firm’s existing U.S. markets are Arizona, California, Florida, New York, North Carolina, Texas and Washington, per the release.

“Autonomy’s goal is to make getting a car as easy as streaming a movie and to do it on the customer’s terms,” Autonomy founder and CEO Scott Painter said in the release. “By introducing additional brands, as well as recent model-year and off-lease vehicles, we are expanding access to mobility for a wider range of customers.”

PYMNTS reported in 2018 that vehicle subscription plans give customers access to the vehicles they choose and free them from the complications of leasing and ownership, letting them walk away when they want.

In his LinkedIn profile, Painter wrote: “Autonomy is on a mission to make mobility easy and affordable. Our vehicle subscription offering is completely digital and doesn’t require a long-term commitment or going into long-term debt in order to get access to a vehicle.”