Autonomy Inc., Scott Painter's startup, was on the verge of failure due to Tesla's price reductions and soaring inventory levels.

Painter founded numerous car businesses, including the auto fintech startup Fair.

In addition, he founded the auto shopping website CarsDirect and the used automobile store TrueCar.

Painter's new business intended to purchase EVs from Volkswagen, General Motors, and Tesla.

 Automotive News, Painter's are worth $1.2 billion collectively.

Following that, the startup would provide customers with subscription plans that included choices like the Tesla Model 3 and Chevrolet Bolt EV.

Customers would have the option of taking out loans, long-term leases, or short-term rents.

"Instead of having a $85 million fleet, we suddenly had, say, a $56 million to $57 million fleet in oneday," the company stated.