Intelligent Car Leasing has launched a car subscription service in partnership with Wagonex, the car subscription marketplace platform.
With car subscriptions predicted to account for 10% of all new vehicles retailed in the US and Europe by 2025 – and 16 million vehicles in total – according to industry analysts Frost & Sullivan1, the Glasgow-based leasing provider aims to capitalise on this burgeoning financing option.
Intelligent Car Leasing is the first broker to provide such a flexible service, where customers will be able to sign up for a subscription that includes all services bar fuel, for periods ranging from six months to 24 months.
The innovative approach to car provision offers customers a choice of cars with no upfront costs and covers insurance, maintenance, as well as roadside recovery, in an inclusive monthly package.
The service is highly flexible, allowing users to swap between vehicles every six months if they wish. For example, it offers the opportunity to try an electric car before swapping to a petrol or diesel SUV, perhaps for a family holiday.
Announcing the partnership, Marc Murphy, Head of Sales and Marketing at Intelligent Car Leasing, said: “Increasingly, consumers want new ways to access the services they desire, whether it’s for films, clothes or for online deliveries.
“We believe now is the time for consumers to switch on to the benefits of car subscriptions, where all services are wrapped into the one package, and there’s the flexibility to choose different cars when they want and to stop the subscription at their convenience. It really is the next step forward in car usership models.”
“Flexibility is the essence of car subscriptions, which allow the consumer to drive a car without any long-term financial commitment,” said Wagonex, Head of Platform Joakim Thomter: “We are an established player in the subscription market, and partner with a number of recognised automotive brands. This now includes Intelligent Car Leasing in the broker space.”
Car subscription forms part of a richer blend of growing mobility services in which personal contract hire (PCH) is helping to fuel the move away from the traditional car ownership model, accounting for 64% of all new contracts written in 20182.
Users can access the service from Intelligent Car Leasing’s online portal where a selection of cars are available for subscription on a fixed monthly fee.
1 Frost & Sullivan Your Next Car Could Be A Flexible Subscription Model http://bit.ly/2Qu3a12
2 Figures from the British Vehicle Rental and Leasing Association (BVRLA)