SAN FRANCISCO (Jan. 13, 2022) – Spring Free EV, a financial technology company accelerating the adoption of electric vehicles (EVs) through innovative fintech products, and Cox Automotive, the world’s largest automotive service provider, today announced a formal agreement to help accelerate the deployment of EVs for fleets. Cox will supply pre-owned EVs that will enable Spring Free EV’s implementation of affordable financing on a national scale for use in ridesharing, carsharing, rental, taxicab, on-demand delivery and public works.
The collaboration with Cox Automotive will enable Spring Free EV to meet demand from fleet managers that are looking to make a more seamless transition from gas-powered to electric in an economical way.
“There’s currently no shortage of demand in EVs and we’re working with Spring Free EV, who is at the forefront of making electric vehicles more affordable and accessible,” said Alex Fraser, AVP of Fleet Operations, Cox Automotive Mobility. “Cox is dedicated to investing in EVs for a more sustainable future, and partnering with Spring Free EV allows us to enable the growth of electric vehicle adoption and help reduce greenhouse gas emissions.”
“We see strong demand for pre-owned EVs and are building the infrastructure to provide them,” said Sunil Paul, CEO of Spring Free EV. “Our relationship with a powerhouse purchaser like Cox Automotive makes it possible to put more EVs on the road and in the hands of fleet managers who are eager to get access to them at an affordable price.”
According to the EPA, road transportation is one of the largest contributors to global CO2 emissions, but despite the interest in EVs to curb climate change, cost remains a critical barrier to sales – particularly the larger upfront cost which is known to be a deterrent for EV adoption.
With Spring Free EV, fleet owners no longer face the high upfront costs of electric vehicles and instead pay a fee per mile of use combined with a monthly fee. This “Mileage Purchase Agreement” makes electric vehicles the most accessible and affordable solution for fleets.
Backed by Reid Hoffman, Mark Pincus, Ev Williams and other technology leaders, Spring Free EV co-founders Sunil Paul (CEO), Cassandra John (CFO) and Martin Lagod (co-founder and strategic advisor) knew there had to be a better way to address climate change, while also making the EV market more equitable. Now, the trio is taking their decades of experience in ridesharing, carsharing, clean energy, climate technology and financial services to reduce C02 emissions by one gigaton through a new approach to EV financing.
This news comes on the heels of Spring Free EV partnering with HyreCar, the carsharing marketplace for ridesharing and delivery services, to offer rental fleet operators simple, low-cost and hassle-free access to financing options.
To learn more and sign-up, go to springfreeev.com/get-started.
About Spring Free EV
Spring Free EV is a financial technology company built to accelerate the adoption of EVs through innovative fintech products. It has the bold mission to reduce CO2 emissions by one gigaton by 2030 through a new vehicle financing approach that makes EVs more accessible to everyone. Spring Free EV was co-founded by Sunil Paul, Martin Lagod, and Cassandra John in 2021 and is backed by leading investors Reid Hoffman, Mark Pincus, Ev Williams, and others. Learn more at www.springfreeev.com.
About Cox Automotive
Cox Automotive Inc. makes buying, selling, owning and using vehicles easier for everyone. The global company’s more than 27,000 team members and family of brands, including Autotrader®, Dealer.com®, Dealertrack®, Dickinson Fleet Services®, Kelley Blue Book®, Manheim®, NextGear Capital®, VinSolutions®, vAuto ® and Xtime ®, are passionate about helping millions of car shoppers, 40,000 auto dealer clients across five continents and many others throughout the automotive industry thrive for generations to come. Cox Automotive is a subsidiary of Cox Enterprises Inc., a privately-owned, Atlanta-based company with annual revenues of nearly $20 billion. www.coxautoinc.com
VSC for Spring Free EV
Cox Automotive Mobility