BMW, the German carmaker, is launching a new program to help drivers buy and sell their own vehicles.
The company is partnering with a local dealership in California and a credit card company to allow borrowers to buy and rent their own cars.
BMW is also partnering with several other companies, including car lending site Credit Karma, and a small automotive tech startup to help borrowers set up auto financing accounts.
“We are now seeing a tremendous interest from both consumers and borrowers in financing their own personal vehicles,” BMW said in a statement.
It is a major step in the evolution of auto financing, but the company has also made it clear that the new program will not be the last.
This is a huge step forward in helping the industry move forward.
The world is looking to get ahead of the curve, but it’s a huge risk that can take years to see if this is the right path for consumers, says Kevin Hynes, senior vice president and head of BMW Finance.
“We are confident this is going to be the right solution for consumers.”