Rental customers search for and buy end-of-service rental cars online through a branded Web site. The cars are also marketed to registered users from other Driveitaway clients and to selected institutional buyers nationwide. Buyers can apply for financing and arrange transportation through the same Web site. As in upstream remarketing programs with corporate fleets, the buyer enjoys a savings of $2,000 or more compared to the price at a retail used-car dealership.
“Domestic manufacturers were selling excess vehicles to the car rental industry to keep their plants operating. With the recently announced capacity reductions, many more 2007 models will be sold on a ‘risk’ basis,” said Rod Smith, president of Arelco, Inc. “We explored various remarketing alternatives and selected Driveitaway for its proven platform and willingness to work with us to deliver a cost-effective solution.”
“Rental fleets need new, more efficient ways to remarket their cars. Our programs present these late-model, low-mileage vehicles to a broader buying audience through the power of the Internet,” said John Possumato, founder and vice chairman of Driveitaway. The company expects to announce other rental company licensee customers in the coming weeks.