When we first heard about NXCR's vehicle subscription service, we loved that they're making mobility affordable, workable for the modern professional, and fully digital. But what we found perhaps most intriguing was how they're making that happen: through a profitable platform that enables vehicle subscriptions to thrive as a sustainable business model in automotive retail.
“We believe the next frontier for massively scalable solutions looks a lot different than ventures past,” says Donna Harris, Founder, and CEO of Builders + Backers. “Which is what we loved about NXCR. They aim to make the car buying experience better overall—including shaking up the largely antiquated automotive industry.”
NXCR (pronounced next-car) is changing the automotive industry by empowering consumers with flexibility. Their model allows users to subscribe to a car that fits their needs and budget by visiting the NXCR website. After being given available options, you choose a car, approve the terms and conditions, and sign the documents - all through your phone. Then your car is delivered from a dealership near you.
Their subscription model offers flexibility to users whose needs may change. For example, families may want one type of vehicle during the school year and then enjoy a different car during the summer. And because the time commitment is shorter than purchasing a car outright or leasing, NXCR opens opportunities for those who may not want to commit to something long-term.
And while both the model and the website are clearly innovative, it is the powerhouse duo supporting the brand that is additionally exciting. "Even more appealing about NXCR was the team behind the idea,” Harris says. “These founders were leaders behind online car shopping websites in its earliest days.”
At the helm of NXCR are Scott Painter and Georg Bauer, who have both been at the forefront of the digital revolution in the automotive industry for over 20 years. Before NXCR, they co-founded Fair, the first used-vehicle subscription platform, creating the Car-as-a-Service (CaaS) category.
To date, NXCR has secured $62M in total funding. On November 24, 2021, NXCR acquired the Autonomy brand and Intellectual Property brand library from Micro Focus.
Our motto at Builders + Backers is to disrupt to democratize—focusing on technologies and companies building around the digital area. All of the companies we invest in align with our investing thesis: focusing on technology first and enabling companies to automate, increase efficiency, and grow at unprecedented levels. We aim to remove the go-between and connect creators of things with the value they’re creating. NXCR exemplifies this beautifully with their mission to improve the car buying experience, and we’re excited to be a part of their journey.
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