There is a lot of talk about subscription services in the auto industry these days. Dealers and consumers are finding themselves asking how the vehicle subscription process works and what could be the benefits? To help us answer those questions for you and explain how you can boost your dealership’s profits, CBT Automotive News welcomes Stephane Ferri, Senior Vice President of Strategic Development at Flexdrive.
Founded in 2014 by Jose Ignacia Peuente, Flexdrive is now an independent startup that began as a part of the Cox Automotive Strategy and Innovation Group. Because it is jointly founded by Cox Automotive and Holman, Flexdrive is powered by the unique expertise and resources of their parent groups giving them the upper hand to dominate the category of subscription solutions.
Their goal is simple; give car dealers a way to offer customers a more convenient and cost-friendly alternative to car ownership. Using technology, developed operations, strategic marketing, and providing customer support, the company is able to create an end-to-end subscription experience and therefore, happy drivers.
Their ‘team support fleets’ deliver a unique experience by assisting with everything like on-boarding, reservations, and subscriptions management all through their App. The Flexdrive App also allows operators to manage inventory, pricing, vehicle listings, and more.
Ferri discusses with Jim Fitzpatrick how Flexdrive creates a great business opportunity for the dealer and allows consumers more control and options when it relates to modern day industry trends. We learn that car loans in 2018 can stretch from 61 to 96 months. This is known to lead to negative equity deals. To help solve this issue among others, the Flexdrive program helps put the consumer in a better financial position all while showcasing dealers in a better light.