Your Own EV Garage At the Touch of a Button That’s where Steer comes in to fill one of the gaps in this emerging trend… We think what millennials will like even more is the flexibility of a subscription, and the hassle-free way to own their favorite vehicles - electric. Leases were already becoming a favorite for many millennials as far back as 2016 when 34% of them chose leases over financing. They aren’t auto loyalists looking to get tied down with a major loan or lease commitment. They like to rent and move on to the next best thing. And many millennials just don’t like to buy and own. The car subscription market is set to top $12 billion by 2027, and many of the big car makers are making moves on it, from Porsche to Volvo … and even to Hertz itself, since there is a big opportunity here.īut Washington, D.C.-based Steer combines two big trends: subscriptions and EVs, making it one to watch in this sector.Īcquired by Canadian Facedrive in Q3 2020, Steer - like Facedrive itself - is all about getting out in front of the newest trends, first…Īnd turning carbon-offset offerings into profitable tech-driven verticals.įacedrive’s Steer ( TSX.V:FD OTCMKTS:FDVRF) knows a lot about millennials.
One of the next big shake-ups in the auto industry - and one that will help, not hinder the adoption of EVs - is the burgeoning car subscription business. EV sales jumped 43% in 2020 while overall car sales decreased by 20%, and there’s still plenty of room to run on the electric playing field, according to some of the biggest wealth managers, but there’s a potential big industry disruptor here …
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