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Flexdrive Now Joint Venture of Cox Automotive and Holman Enterprises

Cox Automotive recently announced that it has now partnered with Holman Enterprises in its visionary mobility venture, Flexdrive. The parent company of Autotrader, Cox Automotive launched the service in 2014, welcoming Holman Enterprises as a partner in April of this year.

A vehicle subscription service, Flexdrive basically offers the best of leasing without a long-term commitment. It’s really the benefit of having a newer car along with the ability to change cars frequently. For example, you can get a low-priced car like a Ford Fiesta (inventory make and models vary by location), and then later get a 7-passenger minivan for a road trip or when family is visiting. And that switch requires no paperwork or hassle — you just do it through the app. You only pay when you have a car; if you don’t need a car for a period of time, you won’t have to worry about storing it or making a payment during that time. A consumer can secure a car for a few weeks or months with insurance, taxes and maintenance costs included. To date, the subscription service is available in six cities: Atlanta, Georgia; Austin, Texas; Cherry Hill; New Jersey; Princeton, New Jersey; Turnersville, New Jersey; and Philadelphia, Pennsylvania. With nearly 40 new-car franchises spread across eight states, Holman Enterprises provides Flexdrive with a vast opportunity to expand.

Vehicle subscription services aren’t unique. Some car brands, like Cadillac’s Book by Cadillac, also provide consumers in a limited number of cities the opportunity to drive several new vehicles per year for one monthly fee of about $1,500. With Flexdrive, costs vary by city and vehicle. Speaking for Cox Automotive, Julie Shipp told Autotrader that weekly rates range from $159 to $379. A recent check of the Flexdrive App listed an Acura TL available in Atlanta for $259 per week.

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

 

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