Other automakers will soon offer vehicles via subscription services. Lexus announced today that its next UX crossover would be available through one and Bloomberg today issued a report indicating that BMW is about to announce a subscription driver.
These automakers join a growing list of manufacturers offering models through new financing vehicles. Currently, Volvo Cadillac, Ford and Porsche have a service that abandons traditional financing in favor of a more flexible and innovative way of driving the last car. Several startups, such as Dover and Fair are also examining this market as demand grows.
The current subscription services are between short-term rentals and multi-year leases. Most services allow users to exchange vehicles or group insurance with the cost of the vehicle. The goal is to provide consumers with the latest vehicles as efficiently as possible.
The Lexus UX will be the first vehicle offered by Lexus by way of a subscription.
Similarly, BMW is about to launch a pilot subscription next week in Tennessee. Apparently, it will be called Access by BMW and will be offered by a local BMW dealer.
The terms of Lexus and BMW services have not yet been announced.