Ep. 224: Former Upbound / Rent-A-Center CEO Now Advising DriveItAway On Cars: Get Ready For The Ultimate Disruption

Recorded on-site at the Auto Finance Summit in Las Vegas this month, Mitch Fadel, former Upbound / Rent-A-Center CEO and John Possumato, DriveItAway's CEO join me for an exciting episode that will change the auto industry forever. Mitch Fadel's proven track record at Rent-A-Center—scaling from 50 stores to over 2,000—demonstrates his unmatched ability to drive exponential growth and redefine access to essential goods for underserved consumers. Under his leadership, the company evolved into the Upbound Group, introducing Acima, a cutting-edge virtual leasing platform that empowers customers with limited credit to acquire furniture and appliances from trusted partners like Ashley Furniture, bypassing traditional barriers. Now, Mitch is strategically pivoting into the automotive sector, advising DriveItAway on their initiative to target used electric vehicles returning from leases to address a critical gap in sustainable transportation for lower-middle-income families. Why? Because the dusty old buy-here-pay-here car scene hasn't evolved since the flip phones ruled. More specifically, the stagnant buy-here-pay-here market, unchanged for 35 years, leaves millions behind, but DriveItAway's lease-to-own approach promises to revolutionize it through targeted partnerships with dealerships, delivering mobility that's both aspirational and attainable. With the potential to capture 5-10% of car sales, this initiative creates enduring value for consumers, dealers, and manufacturers alike, (a triple win!) positioning DriveItAway as the indispensable force for equitable progress in the EV era. Tune in for something truly disruptive!______________________________This episode is sponsored by DriveItAway. If you’re a franchise dealer, you can now launch a profitable (and scalable) micro-lease to own program with zero upfront costs, to transform your unsold inventory into monthly revenue, effortlessly. And if you want to support DriveItAway’s mission directly, check out their stock on the OTC markets, "DWAY." Learn more at driveitway.com/dealers_______________________________Connect with Mitch Fadel on LinkedInConnect with John Possumato at [email protected] or on LinkedIn ________________________________Connect with Elena:https://evs4everyone.com/https://www.linkedin.com/in/elenaciccotelli/Let's talk on X:https://twitter.com/EVs_forEveryoneAre you connected with the show on LinkedIn? https://www.linkedin.com/company/the-evs-for-everyone-podcast/________________________