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The Munich-based car subscription startup Finn is moving into long-term corporate rentals in addition to individual consumer rentals in the United States.
For about the same cost as a lease, car subscription services provide flexibility, maintenance, roadside assistance, and, in many cases, direct delivery of the vehicle to your door. That sounds great for consumers. It sounds like an overhead nightmare during startup. It makes sense that Finn would expand its service to fleets, if not exactly pivot, since they represent a potentially more reliable and successful market than lone customers.
Finn claimed that the B2B car subscription service had been successfully tested in Germany at first. Connecticut, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont, Virginia, and Washington, D.C. are all included in Finn’s delivery area in the United States. According to a spokesperson for the startup, it plans to grow in California, Florida, and possibly other states in 2023.
In addition to a number of electric vehicle models, the company claimed to have 2,000 cars, trucks, and SUVs in operation in the United States. The global fleet of Finn is about 30% electric.
A large number of Finn’s business partners are eager to test out EVs as part of their fleet in response to global regulatory changes that encourage businesses to electrify. Finn will need to raise more money if it wants to increase its EV mix and stay in the game. Finn raised $110 million in May of last year, bringing its total funding to $908.3 million.
Up until that time, a spokesperson for Finn told TechCrunch that the company is focusing on small- to medium-sized businesses with fleet sizes of 15 to 100 vehicles, which “tend to be underserved by incumbents and a good fit for Finn’s all inclusive and flexible model.”
Finn will work on releasing its Business Portal, where customers can purchase new vehicles, manage existing vehicles, and view important documents, once it begins its B2B operations in the United States.
