Automotive financial companies are racing to introduce new subscription models that promise to offer an alternative to traditional loans and leasing. However, there is little consensus about how these programs should run to be viable long into the future.
Three panelists from Hyundai Capital America, Borrow, and Fair will discuss these challenges and the future of the subscription models during a session at the Auto Finance Summit Oct. 24-26.
Mark Abbasi, vice president of product development for Hyundai Capital America; Rodrigo de Guzman, chief executive of the short-term car leasing startup Borrow; and Mason McLead, vice president of engineering for Uber’s exclusive leasing partner Fair, will all speak on Thursday, Oct. 25 at the Wynn Las Vegas.
Hyundai Captial America earlier this year launched an Ohio pilot program, which allows consumers to lease a car on a three-year term but bundle in insurance and maintenance into one fixed price. By not allowing consumers to swap cars multiple times and extending the term it lowers the entry price, which starts at $279 per month.
Abbasi helped develop the program as he is responsible for relationship management, product development, and pricing for the consumer financing products across the Hyundai, Kia, and Genesis brands.
Borrow and Fair, on the other hand, offer consumers more flexibility to get out of their car before the three-year term is up. Borrow specializes in 3-, 6-, and 9-month leases for electric vehicles, while Fair offers an all-in-one monthly subscription fee that allows consumers to swap cars out to best fit their current transportation needs.
De Guzman has developed and successfully sold many companies including NetGravity (now Google), Accipiter, AdForce (both acquired by CMGI), InfoSpace, and QuinStreet.
McLead is in charge of the product engineering team at Fair, where he helps create a seamless digital experience for customers by transforming data-driven processes into accessible and user-friendly solutions. Previously, he’s built multi-national FinTech products and created high-tech solutions for national banks.1 - Reader Likes This Post