Hyundai Capital America and Tech Company flexdrive Partner to Develop Alternative Models to Vehicle Ownership

Innovative programs are aimed to revolutionize the auto industry

IRVINE, Calif.–(BUSINESS WIRE)–Hyundai Capital America (HCA), the captive finance company for Hyundai
Motor America, and flexdrive, a mobility subscription technology and
services platform, have announced a strategic partnership to support the
development of alternatives to the traditional vehicle ownership model
that include compelling economic benefits for both automotive dealers
and consumers.


This partnership between the progressive finance company and the pioneer
of car subscription technologies is the result of a rapidly-changing
industry, as rideshare and other alternative methods to vehicle
ownership gain higher consumer adoption.

The companies are co-developing various financial options that support
the industry’s evolution towards vehicle subscription as an alternative
to traditional ownership, which provides tangible value to consumers and
dealers. In addition, HCA and flexdrive are providing access to
thousands of vehicles to rideshare drivers across the country through
flexdrive’s partnership with the Lyft Express Drive program.

Given the choice, many consumers prefer to pay for access to a vehicle
as opposed to purchasing one, based on car financing trends that are at
all-time highs,” flexdrive Founder and CEO Jose Puente said. “We are
excited to partner with HCA, a progressive and innovative automotive
finance leader, to bring new solutions that scale and deliver value to
the marketplace as a whole.”

Flexdrive is a natural partner for HCA in the subscription marketplace
based on their data, technology, market understanding and integrated
platform,” said Andrew Leone, HCA’s Vice President of Commercial Credit.
In evaluating the market, we also found flexdrive’s unique DNA –
encompassing significant institutional knowledge and experience – to be
a key value-added differentiator. Together, we can successfully leverage
our core competencies and strengths to provide meaningful strategic
value to a major rideshare company and the marketplace at large.”

ABOUT HYUNDAI CAPITAL AMERICA

Headquartered in Irvine, CA, Hyundai
Capital America
 is a top-10 U.S. auto finance company supporting the
financial services needs of Genesis Motor America LLC, Hyundai Motor
America, and Kia Motors America, Inc. Through the Hyundai
Motor Finance
®, Genesis
Finance
®, and Kia
Motors Finance
® brands, the company provides financial products to
Hyundai, Genesis, and Kia dealerships nationwide, including dealer
inventory and facility financing, as well as indirect vehicle financing
for retail and lease customers. As of 2018, the company serves over 1.7
million customers and over 1,600 dealers nationwide and has over $33
billion in assets. In addition to its two offices in Orange County, CA,
Hyundai Capital America has customer support centers in Atlanta and
Dallas.

Kia Motors Finance is the registered trademark of Kia Motors
America, Inc. and is used with permission.

Genesis Finance does business in the State of Utah as Genesis
Finance USA.

ABOUT FLEXDRIVE

flexdrive launched in 2013 with a mission of creating an alternative to
traditional car buying and leasing. The company’s technology platform
and services enable fleet owners and car dealerships to offer inventory
for subscription to consumers in their market, as well as
internationally. Data provided through the platform gives car
subscription operators the insights needed to run and maintain a
financially profitable and successful subscription program. flexdrive
also offers a consumer marketplace to dealers, where consumers can
subscribe to a car directly from their mobile phone, taking the friction
out of the car-buying process. With flexdrive, businesses and consumers
alike can “go their own way” with subscriptions and take advantage of a
new era of mobility. The company is a joint venture between market
leader Cox
Automotive
and Holman
Enterprises
. To learn more, visit www.flexdrive.com,
download
the app or visit the company’s social platforms: LinkedIn,
Facebook,
Instagram
and Twitter.

Contacts

Scott Herzog, Hyundai Capital America
Scott.Herzog@hcs.com
(949)
430-3079

Melissa Corey, flexdrive
melissa@flexdrive.com
(470)
225-3658

Editor’s Note: Interviews and images available
upon request.

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