NextCar Completes Acquisition of Autonomy Brand and Intellectual Property Brand Library
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.
"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 easierthrough 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.
"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."
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