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Autonomy, a leading electric vehicle (EV) subscription company, has announced a significant pivot from vehicle subscriptions to launching a new SaaS business, Autonomy Data Services (ADS), in collaboration with Deloitte. This strategic move includes securing $2.5 million in funding, a $32 million debt-for-equity swap, and acquiring all subscription-related technology and intellectual property. ADS aims to cater to OEMs, fleet operators, and other automotive industry players by offering innovative subscription solutions.
Key Highlights:
- $2.5 million in new funding secured for ADS
- $32 million debt-for-equity swap completed
- Acquisition of subscription-related technology and intellectual property
- Partnership with Deloitte to expand market reach
- ADS to offer subscription solutions to OEMs, fleet operators, and dealerships
- Acquired assets from Shift, Canvas, UberXChange Leasing, and Fair valued at $10 to $12 million
Autonomy’s shift to ADS comes as the automotive industry undergoes significant changes, particularly in response to fluctuating residual values and their impact on vehicle ownership. Despite these challenges, Autonomy has strengthened its position, focusing on technology and subscription-based models.
“With Deloitte as our partner, ADS is set to expand its market reach by leveraging Deloitte’s extensive network and expertise,” said Scott Painter, founder of ADS. This partnership positions ADS at the forefront of the evolving vehicle subscription market, enabling the provision of innovative solutions without the burden of debt or residual risk.
ADS’s new business model, free from debt or residual risk, will provide licensing and SaaS services to OEMs, captive finance companies, fleet operators, rental car companies, and car dealerships. The model is already generating revenue and has a robust client base.
The acquisition of key assets from Shift, Canvas, UberXChange Leasing, and Fair, valued at $10 to $12 million, provides a strong foundation for ADS’s operations. The acquired intellectual property includes brand names, domain IP, compliance documents, legal work products, technology codebase, customer apps, integration mapping, system algorithms, and data assets.
“The shift to a SaaS model allows ADS to leverage its technology and data to offer comprehensive subscription solutions to OEMs,” added George Bauer, Executive Chairman of ADS.
The rise of electric vehicles and sustainable transportation solutions continues to reshape the automotive industry. By 2024, the vehicle subscription market is expected to be valued at $4.52 billion and grow at a CAGR of 34.2%, reaching $35.49 billion by 2031. Consumers are increasingly favoring flexible, all-inclusive plans over traditional vehicle ownership, aligning with ADS’s strategy to lead innovation in subscription services and digital mobility solutions.
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