Cox Automotive and Holman Enterprises Announce Joint Venture with Flexdrive

Two automotive industry leaders combine efforts to transform consumer mobility.

Cox Automotive, the same company that brings consumers Autotrader and Kelley Blue Book, announced a new joint venture with Holman Enterprises.

Both automotive companies are now shared owners of Flexdrive, a new mobility company that enables consumers to subscribe to a vehicle, rather than buying or leasing it.

Flexdrive is an innovative new business model that was created within Cox Automotive in 2014 and evolved into a joint venture with Holman Enterprises in early April.

“Both Holman Enterprises and Cox Automotive share an appreciation for what it means to move forward and create what consumers want today instead of fitting yesterday’s solutions into today’s demand,” said David Liniado, vice president of consumer mobility at Cox Automotive. “Through this partnership, we are combining the best of both companies to give consumers a new way to satisfy their mobility needs while enabling dealers to get into the mobility market.”

Flexdrive is a vehicle subscription and services platform that enables dealerships to offer vehicle subscriptions as an option alongside buying and leasing. Through Flexdrive, consumers can subscribe to a car via a mobile app within minutes, and drive away without worrying about insurance, maintenance or any of the other activities typically involved in purchasing or leasing a vehicle. They can swap vehicles at any time, giving them the flexibility they need without the commitment of a long-term contract.

Founded in 1924, Holman Enterprises has grown from a single Ford dealership in Maple Shade, New Jersey to a global automotive conglomerate consisting of both consumer and business related services, including 38 franchise stores across the country, a global corporate fleet management company, truck upfitting, parts distribution, consumer finance and insurance businesses. The Holman history, culture, values, mission, team member approach, and community involvement mirrors that of Cox Automotive, making the partnership an ideal move to accelerate the growth of Flexdrive.

“The modern marketplace is asking for mobility solutions, not just transportation, and we are enthusiastic about working together with Cox Automotive to meet the modern consumer’s needs,” said Brian Bates, president and CEO of Holman Consumer Services. “At Holman, we have always been committed to providing customers with extraordinary service, and giving our customers the opportunity to ‘flex’ in addition to purchasing or leasing is another way we are achieving that goal.”

As a joint venture, Flexdrive will be led by Jose Puente, who has assumed the role of president.

“With Flexdrive, we are rewriting the rules of car ownership,” said Puente. “It is the new way to car, and fueled by the joint support of Cox Automotive and Holman Enterprises, we’ll be bringing this unique offering to more markets throughout the year.”

The first Holman franchise to offer consumers the ability to “flex” is Flexdrive of Cherry Hill, located in Southern New Jersey.

How Flexdrive works:
A consumer downloads the Flexdrive app, selects a vehicle and schedules pick-up/drop-off. With two payment options and no down payment or credit check required, consumers choose when to stop or even suspend the service. Turning the service on or off during the span of use means no unnecessary payments when the car is not a priority. And the weekly or monthly payment covers traditional automotive cost of ownership items like maintenance, roadside assistance, and insurance. Flexdrive addresses the pain points of vehicle purchasing, vehicle ownership and vehicle disposal.

The post Cox Automotive and Holman Enterprises Announce Joint Venture with Flexdrive appeared first on Fleet Management Weekly.

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