The principle is simple. As an investor, you stump up the money for a car. Buy2LetCars buys the car, negotiating a healthy volume discount from the manufacturer. The car is leased to a customer who pays you an agreed monthly figure for three years.
Wejo, which allows car manufacturers to sell data generated by their vehicles to insurers and transport authorities, is paying several million dollars for Carjojo, a website that negotiates car purchases on buyers’ behalf.
Clare White, marketing Manager at Network Q, said that the PSA Group-owned manufacturer expected that offering online motor finance would drive higher unit sales for dealers as well as increasing penetration of Vauxhall Finance products.
Last month, Oxbotica announced a 14 million pound ($18.3 million) investment round led by AXA SA, the insurance group, IP Group, and Parkwalk Advisors, which backs companies that are spun-out of universities.
The company, which allows private cars to be rented via online and mobile interfaces, announced its U.K. launch on Monday. Currently, Turo has over eight million users throughout 5,500 cities in 56 countries, one-third of that eight million having joined in 2018 alone.