By Chris Wack

 

AutoWeb Inc. shares fell 8% to $3.27, a day after the company said it and automotive subscription platform Autonomy would rent cars on a short-term basis.

The company said the deal lets car shoppers on AutoWeb's automotive web properties, including Car.com and Usedcars.com, subscribe with Autonomy to drive a Tesla Model 3 on a month-to-month basis after a three-month hold period.

AutoWeb shares ended Thursday's session up 12%, after hitting their 52-week high of $4.35.

Subscriptions include routine maintenance and roadside assistance. Consumers can customize their monthly payments to as low as $550 a month with a $5,500 start fee, up to $1,000 per month with a start fee as low as $1,000. A $500 security deposit is required when the subscription is activated.

 

Write to Chris Wack at chris.wack@wsj.com

 

(END) Dow Jones Newswires

January 21, 2022 11:07 ET (16:07 GMT)

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