New Fintech Tool to Provide EVs and Financing for High-Mileage Fleets

Spring Free EV announced the launch of EVInstaFleet, a financial product that streamlines the process of electrifying fleets. With EVInstaFleet, entrepreneurs have access to EVs through Spring Free EV’s network of vehicles as well as access to financing those vehicles in one product.

According to Spring Free EV, EVInstaFleet addresses this conundrum: EVs have a sticker price of 25-30% higher than comparable gasoline vehicles, even as EV drivers save more on total cost over the car's lifetime when considering maintenance and repairs, fueling costs, and depreciation. This makes financing with traditional leases near-impossible for high-mileage drivers in carsharing, ride-sharing, last-mile delivery, and rental fleet businesses such as Turo, Getaround, HyreCar, Uber, Gopuff and Lyft due to the mileage limitations.

According to the company's press release, EVInstaFleet requires no personal credit or guarantees and uses a pay-per-mile subscription model, charging customers a base monthly fee plus a fee per mile driven. 

EVInstaFleet’a launch comes after Spring Free EV’s partnership with Cox Automotive and HyreCar. Cox Automotive will help Spring Free EV accelerate EV deployment for fleets by supplying pre-owned EVs to EV-preneurs. HyreCar will help Spring Free EV connect with more EV drivers operating rideshares, carshares, rentals, taxicabs, on-demand deliveries, and public works.

“EVInstaFleet democratizes access to EVs and opens the door to EV-preneurs growing small businesses using EVs as economic assets," said Sunil Paul, CEO/co-founder of Spring Free EV. "Most of our clients are immigrants and people of color who have been underserved by the traditional auto financing models. We’ve designed EVInstaFleet with those people in mind and are dedicated to helping those entrepreneurs grow."

Originally posted on Auto Rental News