DriveItAway Holdings, Inc. Secures a Credit Line Guaranty of 4 Million Dollars from Industry Leader Menachem Light, Who Will Chair the Board of Advisors

Rhea-AI Summary

DriveItAway Holdings (OTC: DWAY) has secured a $4 million credit line guaranty from Menachem Light, Co-Founder of Voyager Global Mobility (VGM). Light will also chair DriveItAway's newly created Board of Advisors.

The funding will be used to expand the company's fleet operating on its digital platform, which provides vehicle subscriptions, long-term rentals, and flexible leases to individuals and small businesses, regardless of credit history. The platform serves as a Software as a Service (SaaS) solution for car dealerships.

According to Deloitte's 2025 Global Automotive Consumer Study, 44% of 18-34 year olds in the US are interested in switching from vehicle ownership to subscription models. DriveItAway aims to capitalize on this trend by demonstrating the viability of their business model through their own fleet operations while offering the technology to dealership partners.

Positive

• Secured $4 million credit line guaranty to expand company-owned fleet
• Strategic appointment of industry leader Menachem Light as Board of Advisors Chairman
• Alignment with growing market trend (44% of young adults interested in vehicle subscriptions)

Negative

• None.

Philadelphia, PA, Feb. 13, 2025 (GLOBE NEWSWIRE) --

-    The Credit Line Guaranty of $4 Million is to Further the DriveItAway Mission to Solve the Personal Transportation Problem of Entry Level Employees in the U.S., and Supply Vehicles for its Small Commercial Enterprises, by Enabling Individuals and Small Businesses the Ability to Drive and Then Buy Quality Vehicles on the DriveItAway all Digital Flexible Lease Subscription Mobility Platform

-    The Funding Guaranty is from Fleet and Mobility Technology Leader Menachem Light, the Co-Founder of Voyager Global Mobility (VGM) the innovative mobility supply company that provides professionally managed vehicles in North America to driver and software company partners through its internally operated companies and its wholly owned subsidiaries Buggy TLC (United States), FastTrack Leasing TLC (United States) and Mi Nave (Mexico)

-    Menachem Light will immediately Chair DriveItAway Holdings Inc.’s newly created Board of Advisors, as the Company Broadens its Resources with Leaders with Deep Industry Expertise,

DriveItAway Holdings, Inc. ( OTC Marketplace: DWAY) (“DriveItAway” and “Company”), an automotive industry leader in new digital mobility platforms with its unique “micro-lease/subscription to purchase” technology, continues to gain traction and visibility in its mission to enable all to drive, and then buy, affordable quality personal transportation, announces today the closing of a four million dollar credit line funding guaranty from Menachem Light, a noted national leader in the vehicle rental industry. He has also agreed to serve on the Company’s Board of Advisors as Chairman.

Menachem Light, is the Co-Founder of Voyager Global Mobility (VGM), a growing mobility supply company that provides professionally managed vehicles in North America to driver and software company partners on the trillion-dollar asset side of the smart mobility industry: ride-hailing, on-demand travel, and car sharing. Through its internally operated companies and its wholly owned subsidiaries Buggy TLC (United States), FastTrack Leasing TLC (United States) and Mi Nave (Mexico), and partners closely with Uber, Lyft, Via, Didi, Turo and Getaround as it efficiently grows its market share in this hyper-fragmented supply industry.

DriveItAway will use the credit guaranty to increase its own company-owned fleet, operating on its unique app-based digital platform that easily and transparently provides vehicle subscriptions, long-term rentals and flexible leases to individuals, and now small businesses, regardless of credit score, credit history or cash down payment.

“According to Deloitte’s 2025 Global Automotive Consumer Study, 44% of 18-34 year olds in the US are somewhat or very interested in giving up vehicle ownership for subscription model, yet very few car dealerships offer vehicle subscriptions or flexible leases as an option,” says John F. Possumato, Founder & CEO of DriveItAway Holdings, Inc., “While we are fundamentally a turnkey Software as a Service for car dealerships who want to offer vehicle subscriptions and flexible leases to all prospects (including those who ‘fall of the buying grid’ due to a poor credit scores), increasing our own fleet of vehicles serves not only to increase revenues and continues to improve our technology, but also acts as an ‘open book’ example to our chosen supplier car dealer partners that may be interested in using our platform to provide this turnkey service with their own inventory, as a unique competitive advantage for gaining new potential vehicle prospects who are looking for such a service but who currently are not being offered this option – we don’t just offer SaaS, we put ‘our money where our mouth is’ in demonstrating, first hand, the returns and advantages.”   

“As outlined in my ‘Year End Message to Shareholders’ last month, we believe that we are at the forefront of a massive opportunity for our new automotive retailing technology to solve the needs of a vast number of people and small businesses, and one of our goals for the new year is to work and be guided by the very best in our sector of the industry to reach our true potential,” continues Possumato, “which is why I am the most pleased and excited to announce that Menachem Light, a true industry icon, has agreed to Chair our newly created Board of Advisors to help us with long-term strategy and growth. We are very fortunate that Menachem will help us achieve and fully leverage the massive opportunity we see ahead.”

“As one of the original three co-founders of Buggy, which grew from just one vehicle in New York City to over 14,000 vehicles globally, I believe that I can truly help DriveItAway on this path to scale,” says Menachem Light, Co-Founder of Voyager Global Mobility. “I think there is tremendous opportunity here as the way people ‘acquire’ personal transportation begins to change, and DriveItAway provides the technology needed to enable all automotive retailers to adapt to these changes, which is why I am ‘all in' in helping John and his team at DriveItAway achieve and leverage this tremendous scalable business.”

“Menachem Light, Co-Founder of Voyager Global Mobility, and I are scheduled as guests on an upcoming episode of 'The EVs for Everyone Podcast' with Elena Ciccotelli, to discuss the future developments of automotive fleet and retailing technologies and where EVs fit into the mix," notes Possumato.

DriveItAway will be filing its annual 10K for the fiscal year ending September 30, 2024, and the Quarterly Report for the First Quarter December 31, 2024, in the near future.

Download the DriveItAway app today at DriveItAway.

About DriveItAway Holdings, Inc.

DriveItAway Holdings, Inc. is the first national dealer-focused mobility platform that enables car dealers to sell more vehicles in a seamless way through eCommerce, with its exclusive “Pay as You Go” app-based subscription. DriveItAway provides a comprehensive turn-key, solutions-driven program with proprietary mobile technology and driver app, insurance coverages, and training to get dealerships up and running quickly and profitably in emerging online sales opportunities, to gain sales and market share.

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This press release may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond our control, and may cause actual results to differ significantly from those expressed in any forward-looking statement. All forward-looking statements reflect our good faith beliefs, assumptions, and expectations, but they are not guarantees of future performance. We caution investors not to unduly rely on any forward-looking statements. The forward-looking statements speak only as of the date of this press release.

FAQ

What is the value of the credit line guaranty secured by DriveItAway (DWAY) in February 2025?

DriveItAway (DWAY) secured a $4 million credit line guaranty from Menachem Light, Co-Founder of Voyager Global Mobility.

How will DriveItAway (DWAY) use the new $4 million credit line guaranty?

DWAY will use the credit guaranty to increase its company-owned fleet operating on its app-based digital platform for vehicle subscriptions and flexible leases.

What percentage of young adults are interested in vehicle subscriptions according to DriveItAway's (DWAY) announcement?

According to Deloitte's 2025 Global Automotive Consumer Study cited in the announcement, 44% of 18-34 year olds in the US are somewhat or very interested in switching from vehicle ownership to subscription models.

Who was appointed as Chairman of DriveItAway's (DWAY) Board of Advisors in February 2025?

Menachem Light, Co-Founder of Voyager Global Mobility, was appointed as Chairman of DriveItAway's newly created Board of Advisors.