DriveItAway secures $2M credit line for more growth in EV space
DriveItAway Holdings now has more resources to continue its mission to help consumers who might have soft credit histories and financial resources — or general apprehension about electric vehicles — get into EVs.
On Friday, the company that offers “micro-lease to purchase” technology announced the closing of a $2 million credit line funding from Auto Leasing II, led by a noted national leader in the vehicle rental industry.
The Philadelphia-based company said it will use the capital to accelerate growth, particularly in its electric car fleet, to get more EVs and PHEVs into the hands of “regular people who can most use the advantages of lower fuel and maintenance costs that electric vehicles provide.”
DriveItAway said it has found that many people are hesitant to make any financial commitment to purchase or lease an EV vehicle.
But with its micro-lease to ownership platform where no long-term financial commitment is required to drive an EV for any extended time, founder and CEO John Possumato said the DriveItAway app paves the way for many to try, and then buy now, economically priced, slightly used EVs through a transparent and easy process.
“With this credit line and participation from car dealers, our intention is to substantially expand our business with a rapidly growing fleet of quality internal combustion and new EV vehicles. The demand from our Partners Personnel partnership and the support from their Fortune 500 clients is growing significantly all over the country, and this is one more step to accelerate our business,” Possumato said in a news release.
“It is clear from our current demand that we have identified and are helping to alleviate, a major gap in personal transportation in the U.S., one which has a major effect on the critical issues of industrial employment and productivity. This new capital, along with the growth and expansion of our car dealer supplier program, will take us to the next level as a company, on our way to becoming a major new platform in the way new and used vehicles are acquired,” he went on to say.
Along with the national expansion of its partnership with Partners Personnel, this credit line continues a recent string of positive developments for DriveItAway, including a fleet relationship with Westlake Financial.