Hyundai Capital America and Tech Company flexdrive Partner to Develop Alternative Models to Vehicle Ownership
IRVINE, Calif.--Hyundai Capital America (HCA), the captive finance company for Hyundai Motor America, and flexdrive, a mobility subscription technology and services platform, have announced a strategic partnership to support the development of alternatives to the traditional vehicle ownership model that include compelling economic benefits for both automotive dealers and consumers.
This partnership between the progressive finance company and the pioneer of car subscription technologies is the result of a rapidly-changing industry, as rideshare and other alternative methods to vehicle ownership gain higher consumer adoption.
The companies are co-developing various financial options that support the industry’s evolution towards vehicle subscription as an alternative to traditional ownership, which provides tangible value to consumers and dealers. In addition, HCA and flexdrive are providing access to thousands of vehicles to rideshare drivers across the country through flexdrive’s partnership with the Lyft Express Drive program.
“Given the choice, many consumers prefer to pay for access to a vehicle as opposed to purchasing one, based on car financing trends that are at all-time highs,” flexdrive Founder and CEO Jose Puente said. “We are excited to partner with HCA, a progressive and innovative automotive finance leader, to bring new solutions that scale and deliver value to the marketplace as a whole.”
“Flexdrive is a natural partner for HCA in the subscription marketplace based on their data, technology, market understanding and integrated platform,” said Andrew Leone, HCA’s Vice President of Commercial Credit. “In evaluating the market, we also found flexdrive’s unique DNA – encompassing significant institutional knowledge and experience – to be a key value-added differentiator. Together, we can successfully leverage our core competencies and strengths to provide meaningful strategic value to a major rideshare company and the marketplace at large.”
ABOUT HYUNDAI CAPITAL AMERICA
Headquartered in Irvine, CA, Hyundai Capital America is a top-10 U.S. auto finance company supporting the financial services needs of Genesis Motor America LLC, Hyundai Motor America, and Kia Motors America, Inc. Through the Hyundai Motor Finance®, Genesis Finance®, and Kia Motors Finance® brands, the company provides financial products to Hyundai, Genesis, and Kia dealerships nationwide, including dealer inventory and facility financing, as well as indirect vehicle financing for retail and lease customers. As of 2018, the company serves over 1.7 million customers and over 1,600 dealers nationwide and has over $33 billion in assets. In addition to its two offices in Orange County, CA, Hyundai Capital America has customer support centers in Atlanta and Dallas.
Kia Motors Finance is the registered trademark of Kia Motors America, Inc. and is used with permission.
Genesis Finance does business in the State of Utah as Genesis Finance USA.
flexdrive launched in 2013 with a mission of creating an alternative to traditional car buying and leasing. The company’s technology platform and services enable fleet owners and car dealerships to offer inventory for subscription to consumers in their market, as well as internationally. Data provided through the platform gives car subscription operators the insights needed to run and maintain a financially profitable and successful subscription program. flexdrive also offers a consumer marketplace to dealers, where consumers can subscribe to a car directly from their mobile phone, taking the friction out of the car-buying process. With flexdrive, businesses and consumers alike can “go their own way” with subscriptions and take advantage of a new era of mobility. The company is a joint venture between market leader Cox Automotive and Holman Enterprises. To learn more, visit www.flexdrive.com, download the app or visit the company’s social platforms: LinkedIn, Facebook, Instagram and Twitter.