European car subscription platform FINN has plans to expand its offering to Western Pennsylvania, Massachusetts, Connecticut and Washington, D.C., the Munich-based company announced Thursday (March 24).
The announcement follows FINN’s launch in the United States in December. The company initially launched in Eastern Pennsylvania and New Jersey at the end of last year, and it plans to continue its expansion to additional markets throughout 2022.
“Just months after FINN launched in the United States, we are experiencing significant demand for our services and are excited to bring our offerings to more Americans seeking freedom to choose a vehicle that fits their changing lifestyle,” FINN founder and CEO Max-Josef Meier said in a statement.
FINN said it is transforming the new vehicle experience through its subscription model, making it convenient to change vehicles every six or 12 months. The company said it provides customers the ability to subscribe to a wide selection of new cars with no hidden fees.
Last month, Meier told PYMNTS that FINN came about after he realized that cars are the largest retail market in the world, yet they have the lowest eCommerce rate of all markets.
See also: Subscription Payment Model Could Become Fourth Pillar of Auto Financing
Advertisement: Scroll to Continue
“It’s at 1%, so there’s a huge opportunity out there for more online offerings,” he said. “Then I came across car subscriptions.”
With over 10,000 subscribers in Germany, FINN said it offers 6- and 12-month terms with different mileage options, a selection of cars and SUVs — including electric options — and subscription prices starting at $679 per month.
FINN charges no down payment for most subscribers and insurance is included, as is “everything but fuel, and even free delivery to your doorstep.”
