ADVERTISEMENT
Press release content from PR Newswire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from PR Newswire
Press release content from PR Newswire. The AP news staff was not involved in its creation.

NextCar Completes Acquisition of Autonomy Brand and Intellectual Property Brand Library

November 24, 2021 GMT
Georg Bauer, co-founder and president of NextCar Holding Co. / NXCR
1 of 3
Georg Bauer, co-founder and president of NextCar Holding Co. / NXCR
1 of 3
Georg Bauer, co-founder and president of NextCar Holding Co. / NXCR

SANTA MONICA, Calif., Nov. 24, 2021 /PRNewswire/ -- NextCar / NXCR (NextCar Holding Company), the fintech and insurtech vehicle subscription platform founded by auto retail, auto finance, and insurtech entrepreneurs Scott Painter and Georg Bauer, today announced it has completed the acquisition of the Autonomy brand and IP brand library from Micro Focus.

The acquisition of Autonomy includes the primary global domain, Autonomy.com, along with a family of country and subdomain extensions as well as trademark applications, goodwill, and related brand IP. Autonomy was previously a Hewlett-Packard company that was later acquired by Micro Focus.

ADVERTISEMENT

“Autonomy, which stands for freedom, is more meaningful post-pandemic. Mobility is at the core of what makes us feel free, so access to it should be flexible, easy, and affordable,” said Scott Painter, co-founder and CEO of NextCar / NXCR.

“Customer acquisition cost is one of the critical factors in determining the success of any business. Going to market with a compelling brand that people can relate to in tandem with a magical product and consumer experience creates a moat for any business and is the foundation for scaling this business profitably,” added Painter.

Scott Painter has been at the forefront of the digital revolution in automotive over the past 20 years, with a singular mission to make buying and owning a vehicle easier through technology. He has founded dozens of clarion automotive technology and fintech brands that have found mass appeal with in-market car shoppers. Each of these brands represents innovations that have advanced how consumers and dealers go to market, while easing the friction in the auto retail and auto finance experience. Painter founded CarsDirect.com (now Internet Brands); TrueCar (Nasdaq-traded); Fair, which pioneered used-vehicle subscriptions and the Car-as-a-Service (CaaS) model; and now Autonomy.

Painter’s co-founder, Georg Bauer, is widely considered one of the architects of modern vehicle leasing. He was the founding CFO and later CEO of Mercedes-Benz Credit Corporation and subsequently led the expansion of BMW Financial Services globally. He was also responsible for building Tesla’s financial services business in Europe and Asia in support of the launch of the Model S. Prior to co-founding Autonomy, Bauer partnered with Painter to co-found Fair, the first used-vehicle subscription platform, creating the CaaS category.

ADVERTISEMENT

“Easy and affordable access to mobility is a challenge for consumers everywhere,” said Georg Bauer, co-founder and president of NextCar / NXCR. “The ability to immediately become a global brand through our acquisition of an IP brand library that is inclusive of assets in over a dozen countries is an incredibly valuable strategic asset. We believe Autonomy will be a pivotal financial and insurance innovation through which consumers get access to a vehicle.”

About NextCar Holding Company
NextCar / NXCR (NextCar Holding Company) is a technology company on a mission to make access to mobility easy and affordable. The company was founded by auto retail, auto finance, and auto insurance disruptors Scott Painter and Georg Bauer, who founded Fair, the first-ever used-vehicle subscription offering, pioneering the Car-as-a-Service (CaaS) category. Building upon that experience, NextCar is creating a turnkey vehicle subscription platform for the automotive industry that enables vehicle subscriptions to scale profitably and become a mainstream alternative to traditional car buying. NextCar is innovating through technology, finance, and insurance in order to power car subscriptions for the used-vehicle sector, as well as the battery electric vehicle and zero-emissions vehicle sectors. NextCar relies on partnerships with automakers and brick-and-mortar car dealerships to provide a benefit to both consumers and the industry.

Media Inquiries
Interviews and additional images are available upon request. If you would like more information about this topic, please contact

Shadee Malekafzali,
Head of investor relations and corporate communications
shadee@nxcr.com

View original content to download multimedia: https://www.prnewswire.com/news-releases/nextcar-completes-acquisition-of-autonomy-brand-and-intellectual-property-brand-library-301431729.html

SOURCE NXCR