Australians not wanting the burden of car ownership but convenience of its travel will soon be able to purchase a subscription to Hyundai where they will be able to drive a Hyundai vehicle via subscription platform Carly.co, which is owned by Collaborate Corporation (ASX: CL8).
The partnership between Hyundai and Carly will be the first vehicle subscription service being offered directly from a car manufacturer, with Hyundai being the third largest manufacturer in Australia by vehicle volume.
Subscribers will be able to sign up via the Carly platform and make reservations before picking up their vehicle from a dealership within the Hyundai dealer network.
“Some are complaining that conditions are tough in the automotive retail market, so Hyundai and Carly are seizing the opportunity to empower Hyundai dealers to innovate and engage customers in a fresh way that suits their lifestyle and budget,” said Collaborate CEO, Chris Noone.
“This latest agreement with Hyundai follows the recent signing of agreements with Suttons Motors and Turners Automotive Group and is further validation of the vital role that Carly plays in the rapidly changing automotive industry.
“It provides the potential to monetise a large volume of vehicles from Hyundai’s 172-strong nationwide dealer network with support from the third largest manufacturer.”
By utilising the Carly subscription service, individuals will be able to access a range of new and used vehicles which are already registered, covered for insurance and well maintained. It will also provide dealerships with a new revenue stream where customers will have the option to switch the vehicle they hire depending on their needs.
“The future of personal mobility will not be based solely around vehicle ownership, and Hyundai will adapt to changing consumer demands,” said JW Lee, CEO of Hyundai Motor Company Australia.
“Through this partnership we will provide consumers with more choice, an alternative to purchasing a vehicle, which for some drivers may better suit their ever-evolving lifestyles.”
Beyond Carly.co, Collaborate also operate online platforms DriveMyCar.com.au which allows users to rent out their personal vehicles to other drivers, MyCaravan.com.au and Mobilise.com.au.
Following news of the new partnership between Carly and Hyundai, shares in Collaborate Corporation (ASX: CL8) reached an intra-day high of $0.018, a rise of 100% on their previous close of $0.009.
Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, a bloodstock enthusiast and former equities analyst.
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