DriveItAway Holdings, Inc. Secures Credit Line for 2 Million Dollars in Financing From Industry Leader to Accelerate Growth
The Philadelphia-based company 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.
Philadelphia, PA, May 03, 2024 (GLOBE NEWSWIRE) --
- The Credit Line Funding of $2 Million is to Further the DriveItAway Mission to Solve the Personal Transportation Problem of Entry Level Employees in the U.S. by Enabling all, Regardless of Down Payment or Credit History, the Ability to Drive and Then Buy Quality Vehicles on the Unique DriveItAway all Digital Micro-Lease Mobility Platform
- The Funding is Led by Auto Leasing II LLC, Created by a Noted Mobility Industry Leader who Co-Founded one of the Largest Car Rental Companies in the U.S. Focused on Serving Smart Mobility Companies
- The Funding Furthers DriveItAway’s Expansion of the Partnership with Partners Personnel to Offer Its Micro-Lease Program to 20,000+ Employees Throughout the Nation to supply EVs, PHEVs, and Internal Combustion Vehicles
DriveItAway Holdings, Inc. (“DriveItAway” OTC Marketplace: DWAY), an automotive industry leader in new digital mobility platforms with its unique “micro-lease to purchase” technology, continues to gain traction and visibility in its mission to enable all to drive, and then buy, affordable quality personal transportation, announces today the closing of a 2 million dollar credit line funding from Auto Leasing II, led by a noted national leader in the vehicle rental industry.
The Philadelphia-based company 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. The company has found that many people are hesitant to make any financial commitment to purchase or lease an EV vehicle right from the start, but with its unique micro-lease to ownership platform, where no long-term financial commitment is required to drive an EV for any extended time and is as transparent and easy as hitting a button on the DriveItAway app, it paves the way for many to try, and then buy now, very economically priced slightly used EV vehicles.
“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,” says John F. Possumato, Founder & CEO of DriveItAway Holdings, Inc., “It is clear from our current demand that we have identified and are helping to alleviate, a major gap in personal transportation in the US, 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.”
DriveItAway recently announced the national expansion of its Partnership with Partners Personnel, one of the largest and the fastest growing staffing companies in the US, to give all employees access to quality personal transportation on its micro-lease to purchase platform, regardless of down payment or credit score, solving one of the biggest problems in entry-level employment today, the lack of transportation to get to work. The resulting positive response and demand for the DriveItAway program following the announcement nationwide has been overwhelming, requiring more vehicles on the platform, and the company is now encouraging dealers to work with the company to supply vehicles.
In addition, DriveItAway announced last week that the DriveItAway SaaS micro-lease retail app and platform was available for all car dealers nationwide to use, with credit lines offered by Westlake Fleet, part of Westlake Financial, for dealers who want to scale and expand sales, market share and profits.
About DriveItAway Holdings, Inc.
DriveItAway Holdings, Inc. 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. 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’ micro lease platform to enable all consumers to drive and acquire new electric vehicles with its “EVs for Everyone” initiative.
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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.
John F. Possumato DriveItAway Holdings, Inc. [email protected]
