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The dual milestone propels the company toward its goals of accessing longer-term capital markets and deploying a national platform.
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As of the end of January, the platform now operates its flexible lease and vehicle subscription services in 21 major U.S. markets.
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The co-branded program with Stellantis’ mobility division scales up leasing and financing options nationwide with more cities to come online in 2026.
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The milestone reflects the growing adoption of flexible car leases as an alternative to buying or long-term leasing.
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The arrangement enables franchise dealers to offer flexible lease-to-own programs with no credit checks, no down payments, and no long-term commitments.
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Rapid growth is driving the company to round out its upscale lineup that now includes six major auto brands.
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Fleet managers are interested in tracking their vehicles’ location and monitoring status to prevent fraud, theft, and mistreatment. That helps cut operational costs and potentially lowers insurance premiums.
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The platform enables customers rejected for a regular vehicle purchase finance or lease to drive and then buy a quality vehicle.
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Analysis: Starting in 2023, the effects of the pandemic-driven slowdown and the changes in leasing will affect the used-vehicle supply by mid-decade.
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Founded in 1969 by Roger Penske, the company was created through the acquisition of a car and light truck rental and leasing business with three locations in eastern Pennsylvania.
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