Collaborate Corporation Limited currently oversees peer-to-peer marketplaces and their model let's both owners and renters to conduct transactions everyday. Using their platform DriveMyCar, one of Australia's top peer-to-peer auto rental platforms, the company has been able to sustain a powerful spot within the car rental industry.
Additionally, with its newly launched Car subscription model, Carly, the company is rapidly scaling in the Vehicle Subscription Market. The company’s other businesses include MyCaravan (connecting holidaymakers with caravan owners), Mobilise (rental marketplace for under-utilized assets) and Peerpass (enabling people and companies to safely transact).
The $60 billion per annum automotive sales industry is undergoing enormous changes. The new car sales are declining as Gen Y and Gen Z sees car ownership as a burden. Younger generations prefer access to a car over ownership and; moreover, they want a car that matches their needs now, not what they were three years ago. Besides, owing to banking Royal Commission, car buyers are facing tighter credit conditions to finance car purchases.
In addition, dealer profit margins are also squeezing which has also put enormous pressure on the automotive industry. Net Profit % of Sales for the average dealer has declined over past few years as depicted in the figure below.
In order to solve the problems of automotive industry, CL8 has come with a solution i.e. Car Subscription. Car Subscription alleviates the above-mentioned issues and is a new recurring revenue stream that can acquire customers online and at the dealer.
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