THE car subscription service Mycardirect is trialling subscriptions within the broker sector.
Currently Mycardirect, part of the Mobility-as-a-Service (Maas) firm AAM Group, says three leasing brokers are working with the platform to see how it fits within current broker offerings.
We are looking to grow our subscription service within the broker sector as they have brilliant databases. Meanwhile brokers will want to look to subscriptions as customers start to ask for more flexibility in their leases.
Duncan Chumley, CEO, Mycardirect
Duncan (pictured right) said that while the broker trial was continuing, Mycardirect’s developers were building a broker portal. He added:
We’re looking to develop choice elements of the package, depending on what brokers want. Brokers can then use the portal to build the subscription model a customer wants.
Today (28 June), Mycardirect announced that it was partnering with EV charge point subscription provider Egg to offer customers a free EV chargepoint with their electric car subscription, subject to a 12 month agreement.
Mycardirect said it was planning to grow its subscription fleet to 10,000 vehicles with potential expansion in the US also slated.
Currently the fleet sits at 1000 vehicles, with 60% of the fleet consumer and the remainder business subscriptions.
In March this year, parent company AAM Group (formerly Alliance Asset Management), secured investment funding from Pario Ventures to boost its subscription business.
David Murray-Hundley, CEO and founder of investment firm Pario Ventures, who has now joined the board of the AAM Group said:
The car subscription space is one full of relatively young companies that face a number of challenges to grow as a business. When Pario Ventures met the AAM Group team, we knew straight away that the Mycardirect brand had the potential to expand rapidly both here in the UK and in the US market. With AAM Group’s decades of experience and impressive access to stock, combined with Pario Ventures’ decades of expertise in expanding companies into new markets such as the US, we have a strong team to success
Ralph Morton is the leading journalist in the leasing broker sector and editor of Broker News, the website which provides information and news for BVRLA-registered leasing brokers. He also writes extensively on the fleet and leasing market in both the UK and Europe.
