John F. Possumato Featured on WardsAuto Podcast: “Getting Consumers into EVs Via Rent-to-Own”
Founder and CEO of DriveItAway Holdings, Inc. Interviewed by David Kiley, Senior Editor, WardsAuto on his Industry News Podcast about Vehicle Affordability, the State of the EV Market, and New Retailing Strategies
PHILADELPHIA, Nov. 16, 2023 (GLOBE NEWSWIRE) -- John F. Possumato, Founder and CEO of DriveItAway Holdings, Inc. (“”), (OTC Marketplace: DWAY), is a featured guest on the WardsAuto Podcast, hosted by long time auto industry veteran and Senior Editor, WardsAuto David Kiley, as they talk about the automotive retail, vehicle affordability, EVs, and “what it will take to move the iron” (internal combustion or electric propulsion).
The WardsAuto Podcast, “Getting Consumers into EVs Via Rent-To-Own” can be found and the WardsAuto podcast can be subscribed to on Apple Podcasts, Spotify and other platforms.
While EV and PHEV sales are increasing, and roughly 4 out of 10 Americans (38%) say they are very or somewhat likely to seriously consider an electric vehicle for their next vehicle purchase according to a recent Pew Research Center survey, many headwinds are surfacing.
Inventory of EVs is building (roughly double the days supply of gas units), as pricing of EVs is substantially higher than traditional gas vehicles (with average sale prices already at an historic highs), interest rates and inflation, and the lack of charging infrastructure, fill a potential buyer with a lot of hesitancy.
Mr. Possumato outlines how the unique DriveItAway consumer app and platform was designed for dealers to allow a consumer to first try, and then buy an EV/PHEV vehicle, without a long-term financial commitment, a key in relieving a potential buyer’s apprehension in getting into an EV/PHEV.
“The DriveItAway micro-lease/rent to own consumer app and program built for automotive retailers, enables all to select and drive the vehicle of their choice, with an option to purchase (with the benefit of usage payments continually lowering the purchase price), regardless of credit score, and works for both internal combustion and electric vehicles,” says Possumato, “however it turns out to be particularly well suited for the potential EV buyer, as in many cases he/she has many questions on suitability and there is a real need to drive the vehicle in regular conditions before someone is comfortable enough to make a long term financial commitment.”
Possumato continues, “Combine this ‘try before you buy’ with federal EV/PHEV new vehicle tax incentives, which applies in full to all commercial leased EV/PHEVs (such as dealer rentals), with no sourcing requirements, and the used EV/PHEV used vehicle consumer tax incentive, and it creates a perfect way for all consumers to drive and buy a new or used EV the most cost efficient way without having to decide immediately to take the long term financial plunge.”
John F. Possumato is a long-time auto industry veteran and entrepreneur, always in the area where auto retailing and emerging technology intersect. Mr. Possumato is a noted consultant, attorney, author and speaker in the automotive industry, and is the Founder and CEO of DriveItAway Holdings Inc., which provides a turn-key cloud platform/consumer app enabling car dealers to offer new mobility solutions, including subscription-to-purchase options, focused on enabling EV consumer adoption. A franchise dealer owner veteran, Possumato earlier in his career helped to design the dealer based national small fleet programs for Ford Motor Company and General Motors.
About DriveItAway Holdings, Inc.
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.
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.
Media Contact:
John F. Possumato
DriveItAway Holdings, Inc.
