Spring Free EV, a financial technology company that offers electric vehicles through innovative fintech products, and Cox Automotive announced Dec. 13 a formal agreement to help accelerate the deployment of EVs for fleets, accoding to a news release. Cox will supply pre-owned EVs that will enable Spring Free EV to make affordable financing available 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 who are looking to make a more seamless transition from gas-powered to electric in an economical way.
“There’s 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, assistant VP of fleet operations for Cox Automotive Mobility, in the news release. “Partnering with Spring Free EV allows us to enable the growth of electric vehicle adoption and help reduce greenhouse gas emissions.”
Sunil Paul, CEO of Spring Free EV, said, “We see strong demand for pre-owned EVs and are building the infrastructure to provide them. 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 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 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.