SANTA MONICA, Calif., Jan. 27, 2021 /PRNewswire/ -- Georg Bauer, global automotive financial services innovator, joins NextCar (NXCR) as Co-Founder, President, and Vice-Chairman of the Board of Directors.
Bauer brings to NXCR over four decades of global auto financial services experience. He served as the CEO of Mercedes Credit Corp and CEO of BMW Global Financial Services. At Tesla he built the financial services businesses in Europe and Asia. Bauer is also credited as being one of the early designers and pioneers of vehicle leasing, which was the first mainstream alternative to a traditional car loan. Most recently, he Co-Founded Fair.com, the first direct-to-consumer used vehicle subscription platform.
"Subscriptions offer an all-digital experience and flexible access to mobility without going into debt," said Scott Painter, Founder and CEO of NXCR and co-founder of Fair, CarsDirect and TrueCar. Painter announced the launch of NextCar last October, since then the company has established a range of strategic partnerships, most notably with Westlake Financial, which will provide a $400 Million debt facility.
"The automotive industry is the last major sector of the economy to digitize its retail experience for the consumer," said Bauer. "The ability to secure a vehicle from your phone, then simply pay-as-you-go for as long as that vehicle serves your needs is logical given our pandemic driven priorities."
Commenting on the changes happening in the highly dynamic automotive space, Bauer explained, "vehicle subscriptions are the new frontier for automotive finance solutions. I believe that by 2025 at least 20% of all new and used car retail sales will be in the form of subscriptions. In essence, they are today what leasing was 40 years ago."
Bauer further explained how subscriptions benefit the entire automotive ecosystem, "It's clear that vehicle subscriptions strongly resonate with today's modern consumer, but they also benefit car dealers by expanding their market size through velocity."
Bauer will leverage his deep experience and relationships with automakers, their captive finance arms, independent auto lenders, and dealers to create a subscription ecosystem that enables a profitable and scalable business.
"Georg and I have a shared passion and vision, which is why I'm energized to build NextCar and to build it with him," said Scott Painter, Co-Founder and CEO of NXCR.
About NXCR
NextCar Holding Company (NextCar/NXCR) is on a mission to create a platform that enables vehicle subscriptions to scale profitably. NextCar is innovating through technology, finance and insurance. NextCar will power car buying subscriptions for the used vehicle sector, as well as the burgeoning green and electric vehicle sector.
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SOURCE NXCR
