Welcome back to the latest episode of “The Future of Automotive” on CBT News, where we put recent automotive and mobility news into the context of the broader themes impacting the industry.
I’m Steve Greenfield from Automotive Ventures, and I’m glad that you could join us this week.
When electric vehicle startup Fisker went bankrupt in 2024, a fleet operator called American Lease saw an opportunity to serve the rideshare world in a place where it’s rapidly going all-electric.
The company bought up the remaining stock of Fisker’s vehicles, around 3,000 Fisker Ocean SUVs.
American Lease spent around $42.5 million to buy the cars at a fair market rate of around $13,000 each, according to bankruptcy documents.
It now rents them out for as low as $399 a month to Uber and Lyft drivers.
But the life of a cab in New York isn’t easy, with potholes, rough roads, and distracted drivers threatening disaster at every turn. Where do these Fiskers go when something needs repair?
They can’t go back to Fisker. Fisker’s closed up shop and has no way to service and repair their vehicles.
Instead, they can find their help around the corner from American Lease’s Bronx warehouse at the BHP Service Center.
BHP had the foresight to acquire a number of collision damaged Fisker Oceans to provide spare parts.
BHP has also purchased spare parts from Fisker directly, and has even figured out how to manufacture some parts on its own. That includes making molds for body panels and parts like bumpers.
I knew people who bought Fisker Oceans and loved the vehicle.
For now, I’m glad that I’ll be able to find one or two circulating around JFK or LaGuardia next time I’m up there summoning an Uber or Lyft car.
So, with that, let’s transition to Our Companies to Watch.
Every week we highlight interesting companies in the automotive technology space to keep an eye on. If you read my weekly Intel Report, we showcase a company to watch, and we take the opportunity here on this segment each week to share that company with you.
Today, our new company to watch is Updation.
Updation empowers auto dealers with their AI vendor & contract management application.
Updation’s contract management ai-application empowers dealers with improved efficiency, risk mitigation, compliance, and strategic decision-making.
The Updation product streamlines contract processes, enhances collaboration, and delivers significant value, making it an indispensable tool for any organization dealing with contracts.
Revolutionize vendor and contract management with their intuitive platform.
Boost efficiency, enhance organization, and gain valuable insights for a competitive edge.
If you’d like to learn more about Updation you can check them out at www.updation.ai
So that’s it for this week’s Future of Automotive segment.
If you’re an AutoTech entrepreneur working on a solution that helps car dealerships, we want to hear from you. We are actively investing out of our DealerFund.
Don’t forget to check out my first book, “The Future of Automotive Retail,” and my brand-new book, “The Future of Mobility”, both of which are now available on Amazon.com.
Thanks (as always) for your ongoing support and for tuning into CBT News for this week’s Future of Automotive segment. We’ll see you next week!
