Highlights of the accomplishments of DriveItAway 2024 – March 2024 – After a successful pilot test, DriveItAway announced its partnership with Partners Personnel, the 12th largest national staffing organization in the nation, to offer its micro-lease program to employees to help people get to work, as one of the largest employment problems for entry level employees is getting to and from the job, according to Kristy Gebhart, Regional Vice President and Chair for the Associate Resource Committee of Partners PersonnelApril 2024 – DriveItAway announced that automotive retailers can use the DriveItAway technology, with fleet credit line options provided by Westlake Fleet, part of Westlake Financial, creating a comprehensive package for a turnkey dealership-based flexible lease programMay 2024 – DriveItAway secured a credit line of 2 million dollars, from a respected rental industry veteran, to fund its own fleet of vehicles for the DriveItAway platform, expanding its direct services and also serving as an introduction and demonstration to partner dealers on how the program works, to entice dealers to run their own fleet using DriveItAway technologyJuly 2024 – DriveItAway announced a partnership with Corporate Claims Management, one of the oldest and largest independent comprehensive fleet service and accident management companies in the US, for national vehicle maintenance, mechanical service and accident management for driver-focused quality fleet careJuly 2024 – DriveItAway announced a partnership with Chapman Automotive Group, an eight location, multi-franchise dealership group in Pennsylvania and New Jersey, to supply new vehicles and to provide DriveItAway’s micro-lease to ownership program to Chapman store customersSeptember 2024 – DriveItAway announced a partnership with AllShifts, one of the highest rated national healthcare staffing firms in the US, to help on-demand nurses get to the job In total, DriveItAway’s average company owned and fleet under management has increased over 100% year over year from 2023 to 2024, and most importantly, through the accomplishments above, has laid a strong foundation for future rapid scaling of vehicle growth.
Our technology serves a basic need, as it "de-risks” the transaction of subprime and deep subprime credit candidates, doing this in a way that creates new customers for car dealers and allows everyone access to quality vehicles, including the 18-34-year-olds, who according to IHS Markit research (March 2024), are now buying or leasing new vehicles at the lowest point on record (just 9.3% of current new vehicles sales), a very real problem, for both vehicle manufacturers and car dealers.2024 – Steady Progress Meeting Challenges and Building a the Foundation for Growth The anomaly presented in 2022 and 2023 were very difficult years for companies like ours, as the historic unprecedented new and used vehicle shortage in the United States, for all dealers, greatly reduced our platform inventory, and low interest rates, high trade-in values and easy credit standards provided access for vehicles to many through traditional purchase channels.
Indeed, DriveItAway’s business and value proposition is so new and compelling to the industry, that I have been asked to speak about it at over six national and international live trade shows in 2024, including the Conference of Automotive Remarketing, the Auto Intelligence Summit, the International Car Rental Show, AutoTech Detroit, MOVE (London), MOVE America, and Used Car Week, as well as being asked to participate in over six virtual industry events.2025 kicks off in January addressing our sector of the business, with growth and development worldwide, on a panel I created and proposed for the massive National Automobile Dealers Association (NADA) Show.
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