NXCR, a vehicle subscription platform, recently announced an alliance with J.D. Power that makes driving home in a new vehicle a lot easier for consumers and their dealer partners. On today’s show, we’re pleased to welcome the Founder and CEO of NXCR, Scott Painter, to discuss what the new partnership means and we’ll also get his perspective on the future of the vehicle subscription market.
Vehicle subscriptions have gained popularity as the modern way consumers access and pay a single monthly payment for all their car mobility needs. Vehicle subscriptions provide also consumers with the ease and convenience of a mobile app. In light of this development, NXCR has entered a partnership with J.D. Power to leverage their comprehensive market data and analysis, and in return, will provide access to alternative vehicle ownership.
So, how does the car dealer fit into this model? Well, Painter explains, inventory is displayed through the NXCR website and app. Car dealers can set the price to whatever they choose. Then, NXCR breaks down that price and uses market data to determine a monthly payment that includes insurance, service, and taxes. Once the vehicle is delivered to the consumer, NXCR digital purchases the car from the dealer and adds it to its fleet. Painter says that an average subscription holder hangs on to a car for about 16 months, which means that the customer returns three to four times more often than traditional car buyers.
To find out more about NXCR and Scott Painter, be sure to watch the complete interview above.
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