Five Questions…DriveItAway Holdings CEO John Possumato

Drive Itaway Holdings Founder and CEO John Postmato believes this is the most exciting time to be part of the automotive industry. We are working towards the transition to electric vehicles.

Mobility Platform DriveItAway, Founded in 2017, Rent-to-Own Subscription Models available to consumers “Test drive” an EV It is done by making monthly payments as a down payment if the consumer chooses to purchase the car. If the consumer does not want to purchase the vehicle, they can return the vehicle and terminate the subscription at any time without penalty.

The company was founded to provide subprime consumers with a pay-as-you-go retail process to limit portfolio risk, but this model could help get consumers into EVs at lower costs and accelerate adoption. is also suitable, Possumat said. auto finance news.

Possumat said the ‘drive now, decide later’ mentality is perfect for those who are hesitant to make long-term financial commitments to buy a new EV or plug-in hybrid EV right away.” said.

Possumat began his career in the automotive industry when he bought a relative’s car. chrysler He said he turned his Plymouth store into selling commercial vehicles.

auto finance news We spoke with Possumat about his career, his approach to leadership, and his thoughts on trends in the auto finance industry. Below is an edited version of the conversation.

auto finance news: Tell us about your company’s goals in 10 words or less.

John Postmato: Enabling all means to ensure reliable and sustainable personal transport.

AFNMore: What do you think are the most undervalued lending trends?

Day: I think the subprime and deep subprime auto retail market has not kept up with the “risk mitigation” that current technology and new ownership models such as subscriptions offer.

In general, the lending market is fraught with old traditional paradigms of high friction, lack of transparency, and high markups due to high collection costs, even when new loans are developed through new sales processes such as technology and car subscriptions. is working under (long term rental, short term lease, whatever you want to call it). DriveItAway and many others are working to change that, especially as the market moves from ICEs to EVs.

AFNMore: What’s your favorite piece of leadership advice you’ve ever received?

Day: i always liked this quote Laozi“A leader is at his best when people barely know he exists, and when the job is done and his purpose accomplished, they say, ‘We did it ourselves. will say.”

In my view, a leader’s primary purpose is to inspire and motivate others, to unleash and grow their “superpowers.” When you do that within an organization, magic happens.

AFNMore: Who has had the biggest impact on your career?

Day: The collector keeps me motivated. …Seriously, a long time ago, a professor at the Wharton School said, Ed Sillswas the first company in the nation to “legalize” entrepreneurship as a major university business school discipline long before entrepreneurship was considered a full-fledged career course. He had done it before I got there, but listening to him and taking the courses he arranged helped me set my path. He brought in successful real-world entrepreneurs to examine the ups and downs of founding startups that are now mainstream. . At the time, this was very unusual in college.

The automotive ecosystem itself has now had a major impact on my career, and we are in the early stages of a historic transition with the advent of digital platforms and EVs. I am honored to be a part of it all.

AFNMore: What would surprise an employee if they found out about you?

Day: I don’t know if they’re that surprised, but it could be the fact that I’m a very introverted person by nature, as I speak and host a lot of industry events, podcasts, etc. I’m passionate about what we do and the mountains we’re climbing, and of course I want to talk about it and the development of the industry, but I don’t like reading books in deserted mountainside caves. I am just as happy to be.

ofBig Wheel Auto Finance Data 2023 Reportis the only summary table of the top 200 auto financiers by balance available today.