Philadelphia, PA, July 31, 2024 (GLOBE NEWSWIRE) --
- DriveItAway is rapidly scaling its company-owned fleet to satisfy overwhelming demand for its micro-lease to ownership program and is now centralizing its fleet purchases with selected dealer groups in each geographic region
- Chapman Auto Group is a leading new car dealer group in the Philadelphia region, with 8 locations throughout Pennsylvania and New Jersey, with Ford, Lincoln, Chevrolet, Nissan, Mazda, and Chrysler, Jeep, Dodge, and Ram vehicle franchises
- DriveItAway has now partnered with Chapman Auto Group to centralize all of its vehicle purchases in the Philadelphia region to best effectively scale its own rapidly growing fleet of vehicles for its micro-lease to ownership customers
- Chapman Auto Group is also partnering with DriveItAway to offer DriveItAway’s unique micro-lease to ownership program, which requires no down payment or credit score, inside its stores, to enable its customers and prospects who are turned down for traditional vehicle financing to drive away with a new vehicle, giving it a competitive advantage to other car dealers, as credit becomes more restrictive and more difficult to get for consumers (see CNN 7.22.24 “It’s becoming harder to get – and keep – a car”)
PHILADELPHIA, PA, USA, July 31, 2024 – DriveItAway Holdings, Inc. (“DriveItAway” OTC Marketplace: DWAY), an automotive industry leader in new digital mobility platforms with its unique “micro-lease to purchase” technology, continues to gain traction and visibility in its mission to enable all to drive, and then buy, affordable quality personal transportation, announces today that to facilitate the rapid expansion of its company-owned fleet and customer base in the Philadelphia region, it is partnering with the Chapman Auto Group to both supply it with vehicles and to enable prospects and customers of Chapman stores turned down for traditional vehicle purchase financing to use the DriveItAway micro-lease to ownership platform to drive away in a new vehicle.
After recently announcing the closing of an initial credit line funding to operate its fleet of company-owned vehicles, DriveItAway is adding vehicles by sourcing through strategically selected leading regional dealer groups, known for their quality customer service and care for both fleet and retail customers. In this way, DriveItAway not only secures a steady supply of inventory for its own rapidly expanding customer base but also can offer its “everyone drives, regardless of down payment or credit score” micro-lease to dealership prospects and customers who would otherwise be turned down for conventional vehicle purchase or lease financing.
“We like what DriveItAway is doing to get working people into vehicles that they very much need, regardless of credit score or down payment, and are very pleased to be their chosen regional supplier of fleet vehicles,” says Keane Storey, Director of Business Development of the Chapman Auto Group, “we also see, as credit is tightening, a lot of good people being turned down for auto loans, so we are delighted to launch this new initiative, where we can convert these “turn downs” to loyal drivers and potential buyers, by referring them into the unique DriveItAway micro-lease to ownership program. We believe this relationship with DriveItAway also has long term benefits for us in our service and pre-owned departments as the DriveItAway fleet will need continued service and maintenance and ultimately will need replacements.”
“As a native Philadelphian, the Chapman Auto Group has for generations stood for integrity and quality customer care,” says John F. Possumato, Founder & CEO of DriveItAway Holdings, Inc., “That’s why I’m delighted and honored to announce that Chapman is our first chosen regional vehicle source supplier for our own rapidly growing fleet of vehicles to satisfy overwhelming demand, and even more thrilled to work with them on enabling their own prospects and customers to ‘drive away’ even when turned down for traditional automotive financing.”
“All across the country, now more than ever, good people who need cars are being turned down by banks and finance institutions, or are being asked for cash down payments that make ownership out of reach,” adds Possumato, “I’m very proud to say at the Chapman Auto Group alone, where the DriveItAway micro-lease to ownership platform is offered, there is now an alternative on-ramp to ownership that can have former “turn-downs” driving a new vehicle immediately, ‘driving’ towards the purchase of the vehicle in the future; a great alternative for the customer, and a substantial competitive advantage as compared to what other dealers can offer.”
DriveItAway, offers a unique ‘micro-lease to purchase technology,’ allowing customers to drive a vehicle of their choice immediately, without a down payment, long-term financial commitment or approvals based on credit score, always with the option to buy the vehicle at any time. DriveItAway technology is a software platform and app designed for automotive retailers. It reduces the risk associated with subprime or deep subprime credit transactions for both dealers and drivers, leading to satisfied customers and an increase in market share, converting “turn-downs” into happy customers.
Find out more about Chapman Auto Group and DriveItAway on the recent “EVs for Everyone Podcast” Episode #106, featuring Keane Storey, Director of Business Development of the Chapman Auto Group, and John F. Possumato, CEO of DriveItAway Holdings Inc.
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 Chapman Auto Group
The Chapman Auto Stores has been serving communities throughout Pennsylvania for over 50 years, providing transportation needs in our sales, service, parts and body shop departments for hundreds of thousands of our great customers. We offer eight different locations from Atlantic City, NJ to Lancaster County, PA making us one of the largest automotive groups in the tri-state area. We also happen to have the best selection of vehicles, including Ford, Chevy, Dodge, Jeep, Nissan, Lincoln, and Mazda. Plus, each of our locations features a wide array of Chapman Certified pre-owned vehicles. It’s safe to say you’ll find what you’re looking for when you choose Chapman Auto Stores to meet all of your automotive needs.
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.
