Digital vehicle subscription service Autonomy announced a new partnership with Equifax and Equifax’s InstaTouch ID® product, a mobile consumer identity and authentication solution, and differentiated data assets. With these Equifax tools, Autonomy is creating a 100% digital subscription transaction for customers to subscribe to an electric vehicle through their iOS smartphone in less than 10 minutes.
“Consistent with our mission to deliver the cheapest, fastest and easiest way to get a Tesla Model 3, and to make access to electric vehicles easy and affordable, Equifax has enabled us to deliver on a 100% mobile and digital experience for consumers in 10 minutes,” said Scott Painter, CEO and founder of Autonomy, in the company’s March 11 announcement.
Painter, who founded auto pricing company TrueCar and who served as CEO of Fair, originally launched the vehicle subscription service as NextCar in 2020, but rebranded the company in January with the Tesla Model 3 sedan, reports Automotive News. The goal of Autonomy is to help address the growing demand for electric vehicles by making them more affordable to consumers and to allow them to test them out before buying them.
Autonomy launched in January of this year in California, testing the subscription model for electric vehicles. If the electric vehicle subscription service is successful in that market, Autonomy hopes to expand on a larger scale to other areas. Similar to other vehicle subscriptions, this one will feature all-inclusive pricing with routine maintenance, tires, registration and roadside assistance in exchange for a monthly fee. The mileage maximum is 12,000 per year with a charge of $0.25 per mile over that maximum. Auto insurance is not yet part of the subscription, but Autonomy plans to add that soon. The Autonomy app is currently only available for iOS, but will expand to Android soon.
“This this service, drivers can find a car, get qualified in minutes, and activate their subscription and payment method – entirely from their phone,” said Autonomy.
Equifax’s InstaTouchID uses differentiated and alternative data sources to authenticate a consumer’s identity. This helps expedite the application process by prefilling some of the consumer’s personal details, creating what Autonomy hopes will be a “simpler, lower fiction experience.”
“Leading subscription services today and tomorrow will define the new digital retailing in automotive, where consumers enjoy a fast, seamless and trusted transaction process in a mobile environment,” said Lena Bourgeois, general manager of automotive services at Equifax. “We’re excited to leverage our advanced data, tools and resources that only Equifax can deliver to help power Autonomy as a leader in subscription services today and in the future.”
How it works
Autonomy says that the electric vehicle subscription service is the best way to get a Tesla Model 3. For example, one subscription option is available at $490 a month with a $4,900 start fee and a $500 refundable security deposit. There is a three-month minimum for this plan. A three-year lease for the same car would cost $645 a month with a $5,445 down payment but no security deposit. Lease customers would have to wait until October 2022 to get the vehicle, where the subscription provides for immediate access to a car.
Under the previous brand name NextCar, Autonomy was not intended to be a consumer-facing product, but rather a technology platform to support subscription-based businesses. Autonomy is the first subscription business to operate on the platform, says Auto News. While the price is still expensive, getting access to a Tesla Model 3 and the affordability of the vehicle seem to be in Autonomy’s favor. Will this be the vehicle subscription service that finally works?