NextCar Holding Company Inc. (NXCR), a fintech and insurtech vehicle subscription platform, announced on Wednesday it has partnered with data analytics and consumer intelligence provider J.D. Power to bring proprietary data solutions, vehicle valuation, and consumer sunlight to support and strengthen its vehicle subscription platform.
While sharing more details about the partnership, Scott Painter, Founder and CEO of NXCR, stated:
“This collaboration provides NXCR with the richest, most accurate and most comprehensive dataset for vehicle valuations, residual value forecasts and insights on consumer preferences and experiences. The proprietary data solutions we’re developing are built on J.D. Power data and consumer insights and will help us ensure we are acquiring and reselling vehicles at optimal prices – key tenets to making vehicle subscriptions affordable and profitable at scale.”
NXCR further revealed that the partnership is to give consumers more flexible choices when making vehicle purchase decisions.
NextCar reported it is on a mission to create a profitable platform that enables vehicle subscription to thrive as a sustainable business model in automotive retail. The company recently announced it signed a letter of intent to form a partnership and receive a $400 million debt facility from Westlake Financial. At the time of the news, NXCR reported the $400 million debt facility from Westlake will provide it with highly flexible and efficient capital to finance subscriptions.
The strategic partnership will meanwhile provide NXCR with loan and collections services through Westlake, as well as access to Westlake’s dealer network to scale indirect subscription offerings.
