Rejection rates for auto loan applications reached a record high in 2023, according to the Federal Reserve Bank of New York’s Consumer Expectations Credit Access Survey, jumping from 5.2% in 2022 to 11%. DriveItAway’s micro-lease to ownership program enables everyone to drive quality vehicles regardless of down payment or credit score.
For many people, the absence of personal transportation and a reliable vehicle hinders their ability to secure employment. Therefore, Partners Personnel has teamed up with DriveItAway to develop a vehicle access program for its associate employees.
DriveItAway, a leading player in the automotive industry’s new mobility platforms, offers a unique ‘micro-lease to purchase technology,’ allowing everyone to drive a vehicle of their choice right away and buy it later, irrespective of their credit score or security deposit. DriveItAway technology is a software platform and app designed for car dealers. It reduces the risk associated with subprime or deep subprime credit transactions, leading to satisfied customers and an increase in market share.
“While the car buying process has improved over the last few decades for those with good or even fair credit, unfortunately, the process for subprime and deep subprime credit customers is still in the dark ages,” DriveItAway CEO John F. Possumato said. “The credit-challenged have to use the bus, high-priced “junker” rentals, or are relegated to self-finance used dealer lots, many times overpaying for very high mileage vehicles that break down well before the high-interest finance note is paid off, leaving them worse off than they started. DriveItAway uses advances in technology to offer a much better alternative to free millions from this cycle of poor transportation choices.”
The program is currently available in select Partners Personnel markets, including: Indiana, Georgia, Tennessee, Virginia, Iowa, and Florida, and is set to be expanded nationwide in the coming months.
“The initial response has been very positive from our associates as so many do not have a reasonable path to own their own reliable vehicle,” said Kristy Gebhart, Partners Personnel Regional Vice President. “Not only do they get the car, but the process is far more convenient than spending hours at a dealership. Our clients love the program also as they know there is a connection between reliable transportation and improvement in turnover and absenteeism – two of their biggest workforce challenges.”
Oftentimes, the problem isn’t getting a job, it’s getting to the job. Partners Personnel is proud to collaborate with DriveItAway to help solve this problem and provide stability for employees who lack a form of reliable transportation.
Jean Joseph Senat, a Partners Personnel associate employee, said: “My credit wasn’t great, I didn’t have money for a large down payment, and I was stuck paying for a car that was never going to be mine. Now with the DriveItAway program I have a way to get a car which makes sense. A $500 security deposit, I pick the car I want, have it dropped off to me, and now the money I pay goes toward the future purchase of my car.”
While auto loan rejection rates persist and costs rise, DriveItAway is on a mission to empower everyone to effortlessly secure an immediate micro-lease for their desired high-quality gas or electric vehicle through its app, complete with door-to-door delivery.
Partners Personnel President Mark McComb said: “We are excited to partner with DriveItAway to provide our associate employees access to affordable transportation so they can get to work and advance their careers and their lives.”
For further information on DriveItAway Holdings, Inc. and all the company’s subsidiaries and products, please visit www.driveitaway.com
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.
About Partners Personnel
Founded in 2017, Partners Personnel is a leading staffing and workforce solutions provider with over 100 locations nationwide dedicated to finding the best talent for its clients and building great careers for its associates. It is recognized by Staffing Industry Analysts as one of the “Fastest-Growing US Staffing Firms” and “Best Staffing Firms to Work For.” With a customer-centric approach, Partners Personnel delivers premium staffing solutions that drive success for clients across various industries.
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