Equifax InstaTouch ID and Differentiated Data Assets Make Subscribing to an EV in 10 Minutes a Reality for Consumers
SANTA MONICA, Calif. and ATLANTA, March 11, 2022
SANTA MONICA, Calif. and ATLANTA, March 11, 2022 /PRNewswire/ -- Autonomy, a completely digital vehicle subscription service that provides consumers with the cheapest, fastest and easiest way to subscribe to electric vehicles, and Equifax® (NYSE: EFX) announced a new partnership today. Autonomy will use Equifax InstaTouch ID®, a leading mobile consumer identity and authentication solution, along with differentiated data and analytics from Equifax to enable, for the first time, a 100% digital subscription transaction to occur through a consumer's smartphone in as fast as 10 minutes from start to finish.
Autonomy launched with its Tesla Model 3 Vehicle Subscription Program in California in January 2022, transforming the way consumers get access to an electric vehicle. Autonomy will soon expand geographically with subscriptions to other in-demand electric vehicles. Through Autonomy's innovative new subscription model, customers pay a monthly fee and start fee that covers the cost of the vehicle subscription plus routine maintenance costs, roadside assistance and soon auto insurance. With this service, drivers can find a car, get qualified in minutes, and activate their subscription and payment method – entirely from their phone.
Vehicle subscriptions represent an entirely new option for getting access to a vehicle alongside existing options to purchase a car with cash, or obtain an auto loan or lease. Subscription services are growing in popularity in the automotive industry. Key to this growth is the ability for consumers to have not only a more affordable and flexible option, but one that also offers a fast and easy experience at the time of subscription activation.
"Consistent with our mission to deliver the cheapest, fastest and easiest way to get a Tesla Model 3, and to make access to electric vehicles easy and affordable, Equifax has enabled us to deliver on a 100% mobile and digital experience for consumers in 10 minutes," said Scott Painter, CEO and Founder of Autonomy.
InstaTouch ID uses Equifax differentiated and alternative data sources to authenticate a consumer's identity. This allows for pre-population of consumer data during the online application, providing a simpler, lower friction experience. By combining InstaTouch ID with data from Equifax, Autonomy can get quick and easy digital consumer verification and credit standing while providing a simple and seamless consumer experience.
"Leading subscription services today and tomorrow will define the new digital retailing in automotive, where consumers enjoy a fast, seamless and trusted transaction process in a mobile environment," said Lena Bourgeois, General Manager of Automotive Services from Equifax. "We're excited to leverage our advanced data, tools and resources that only Equifax can deliver to help power Autonomy as a leader in subscription services today and in the future."
Autonomy is a technology company on a mission to make access to mobility easy and affordable through car subscriptions. The company was founded by auto retail, auto finance, and auto insurance disruptors Scott Painter and Georg Bauer, who founded Fair, the first-ever used-vehicle subscription offering, pioneering the Car-as-a-Service (CaaS) category. Building upon that experience, Autonomy has created a turnkey vehicle subscription platform for consumers and the automotive industry that enables vehicle subscriptions to scale profitably and become a mainstream alternative to traditional car buying. Autonomy is innovating through technology, finance, and insurance to power car subscriptions for the battery electric vehicle and zero emissions vehicle sectors. Autonomy relies on partnerships with automakers and brick-and-mortar car dealerships to provide a benefit to both consumers and the industry. Autonomy represents freedom from long-term debt, freedom from long-term commitments, and even freedom from fossil fuels. It means new choices and more control over your financial well-being. Autonomy is based in Santa Monica, CA.
At Equifax (NYSE: EFX), we believe knowledge drives progress. As a global data, analytics, and technology company, we play an essential role in the global economy by helping financial institutions, companies, employers, and government agencies make critical decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technology drives insights to power decisions to move people forward. Headquartered in Atlanta and supported by more than 13,000 employees worldwide, Equifax operates or has investments in 24 countries in North America, Central and South America, Europe, and the Asia Pacific region. For more information, visitEquifax.com.
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Shadee Malekafzali for Autonomy
Kate Walker for Equifax
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SOURCE Equifax Inc.