Hyundai Capital America, flexdrive Partner
May 17, 2019—Hyundai Capital America (HCA) and vehicle subscription company, flexdrive, just announced a major partnership that will finance thousands of cars for Lyft drivers and expand subscription services for dealers.
The partnership has 3 key components:
- Dealer financing model: The companies are co-developing a subscription financing model that will enable dealers to offer subscription service to consumers with less financial strain on their business. This is the first time dealers will be able to access capital to grow a separate vehicle subscription fleet outside of their traditional floorplan.
- Rideshare vehicle investment: Hyundai Capital is providing access to thousands of vehicles for flexdrive to support rideshare driver vehicle subscription. This includes the existing Lyft Express Drive program, which enables individuals without access to a car the ability to become a Lyft driver.
- HCA dealer network subscription program: The companies are co-developing a subscription program for the HCA dealer network, which will grow vehicle subscription service within its brand.
"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.”