Hyperdrive
Tesla’s Price Cuts Almost Put One of Musk’s Friends Out of Business
Scott Painter’s subscription startup temporarily postponed loan payments, dismissed staff and still needs to raise more money.
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A year ago, a serial entrepreneur who’s tried again and again to disrupt auto retailing announced he was taking another swing.
Scott Painter — the founder of auto-fintech startup Fair, auto-pricing service TrueCar and auto-shopping portal CarsDirect — said his latest venture would shell out $1.2 billion ordering electric vehicles from the likes of Tesla Inc., General Motors Co. and Volkswagen AG. The company, called Autonomy Inc., would offer subscriptions to models including the Tesla Model 3 and Chevrolet Bolt, offering consumers an option between a short-term rental and a multiyear lease or loan.