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DriveItAway Holdings, Inc (OTCQB: CLCN) Launches Bolt EV Subscription To Ownership Program

·6 min read

With its “EVs for Everyone” mission, DriveItAway rolls out first-of-its-kind, subscription to ownership program with the Chevrolet Bolt, available now via the driveitaway.com mobile app

“Mary Barra & GM set the stage by dramatically reducing the price of the 2023 Bolt, now DriveItAway is rolling out the dealer focused platform to make driving & owning an EV truly affordable for all,” John F. Possumato, Founder & CEO, DriveItAway Holdings Inc.

PHILADELPHIA, July 06, 2022 (GLOBE NEWSWIRE) -- DriveItAway Holdings, Inc. (“DriveItAway”) (OTCQB: CLCN), the industry leader in automotive dealer new mobility platforms with its revolutionary subscription to purchase technology, founded by serial auto retail entrepreneur, John F. Possumato, is excited to announce that it has launched its electric vehicle subscription to ownership program with the General Motors Bolt and Bolt EUV. Focused on enabling all who want the benefits of immediately driving and owning an EV the ability to have one today, DriveItAway is now rolling out the Bolt/Bolt EUV in conjunction with recent announcement by General Motors of the substantial price decrease of the upcoming 2023 Bolt/Bolt EUV.

“Mary Barra, CEO of General Motors, pointed out recently in a Yahoo! Finance interview that most EVs sold in the US last year were luxury models, purchased by people who owned at least two vehicles, and that ‘If you want EVs to get 100 percent or even 50 percent of the market, there have to be affordable EVs,” says John F. Possumato, Founder and CEO of DriveItAway, “early last month Mary Barra & GM set the stage by dramatically reducing the price of the 2023 Bolt, now DriveItAway is rolling out the dealer focused platform to make driving & owning an EV truly affordable for all.”

Continues Possumato, “DriveItAway’s easy and transparent app driven consumer platform was created so that anyone, regardless of credit or cash down, can immediately enjoy the benefits of driving a new Bolt EV through a turnkey vehicle subscription (insurance, maintenance and all servicing included), and build down payment equity to buy the vehicle, with a portion of the subscription fees going towards the purchase, should the driver choose to buy it, which is an option at any time.”

A Bolt EUV, With a Program That Fits Today’s Needs

As many others do, Saleem S. Shaik also has a hybrid work schedule where he has to drive 45 miles each way three days a week. "I did not want to make the financial commitment of buying or leasing a vehicle right now, because I'm not sure what my schedule will be in the future. At the same time I thought it would be best to have an EV instead of a gasoline vehicle due to fuel prices being as high as they are. I wanted a "hedge" just in case my commute becomes more regular, and if I end up needing to buy a vehicle, I'd rather it be an EV.” Saleem continues "when I discovered the DriveItAway subscription to ownership program I was instantly sold, it fits my needs today and the program is flexible enough to accommodate me if my needs end up changing down the road."

The DriveItAway Program is For OEMS, Car Dealers, and Consumers

The DriveItAway program was created as a platform for dealers to enable all consumers, regardless of credit score or cash down payment, to drive and buy the vehicle of his/her choice. Therefore, by design it solves two of the biggest impediments for ALL buyers of EV vehicles – the higher up front cost (spread out with the DriveItAway program over many months of driving as opposed to one large up front payment), and the question of suitability, as the subscriber has an unlimited “test drive” to make sure an EV is right for him/her, with the option to purchase the vehicle at any time. The DriveItAway program is more flexible and better than a conventional vehicle subscription or rental, as a portion of what is paid in to drive is not wasted, but goes towards the purchase price, when and if the driver chooses to buy.

Roll Out with EV Minded Dealers, Also Committed to “EVs for Everyone”

The CARite dealer group, based in Madison Heights, Michigan, with 32 locations in 14 states, is the first automotive retailer to partner with DriveItAway on the roll out of its new Bolt subscription to ownership program. “At CARite, we pride ourselves on providing all customers, with better cars, a better buying experience and peace of mind with every purchase,” says Lee Wells, General Manager of the CARite dealer group, “we have used the DriveItAway platform in the past as a way for those who are down payment challenged to immediately drive the vehicle of their choice in our inventory while enabling a future purchase, so when they came to us with this unique Bolt EV program, as a way for customers to drive and then buy an EV, we immediately ‘got it’ and are proud to be among the first to feature it as a customer option.” Continues Wells, “it’s clear that EVs will be a rapidly growing segment of what we and others sell, and the DriveItAway subscription to ownership program is a great new way to introduce and enable our customers a new choice with a subscription that can lead to ownership, at our customer’s option.”

EVs are the Future, but Affordability For All is the Focus

At a recent Automotive News World Congress in Washington, DC, June 16, EVs were first and foremost on the agenda, as was affordability.

US Rep. Debbie Dingell, D-Mich, may have summed it up at this recent trade event, when she said, “Too many Americans cannot afford EVs.”

Possumato concludes, “We designed and created our DriveItAway platform to enable all consumers an easy transparent, affordable way to drive, and then buy if he/she chooses, the vehicle of choice, flipping the ‘service pyramid’ upside down for credit or down payment challenged. This is especially true when applied to EV vehicles. Why should just affluent, ‘three cars in the garage’ Tesla buyers be the only folks who enjoy the benefits of driving and owning an EV today?”

About DriveItAway

DriveItAway is the first national dealer focused mobility platform that enables car dealers to sell more vehicles in a seamless way through eCommerce, with its exclusive “Pay as You Go” app-based subscription program. DriveItAway provides a comprehensive turn-key, solutions driven program with proprietary mobile technology and driver app, insurance coverages and training to get dealerships up and running quickly and profitably in emerging online sales opportunities. The company is now introducing its ‘subscription to ownership’ platform to enable all consumers to drive and acquire new Electric Vehicles with its “EVs for Everyone” initiative. For further information, please see www.driveitaway.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond our control, and may cause actual results to differ significantly from those expressed in any forward-looking statement. All forward-looking statements reflect our good faith beliefs, assumptions and expectations, but they are not guarantees of future performance. We caution investors not to unduly rely on any forward-looking statements. The forward-looking statements speak only as of the date of this press release.

CONTACT INFORMATION:

DriveItAway Holdings, Inc.

John F. Possumato

john@driveitaway.com

For further information, please see:

www.driveitaway.com