Collaborate Corporation Launches Carly Vehicle Subscription- Share Price Zoomed Up By 8.333%

Collaborate Corporation Launches Carly Vehicle Subscription- Share Price Zoomed Up By 8.333%

On 29 March 2019, Collaborate Corporation Limited (ASX: CL8), a retailing company that is engaged in monetizing the under-utilized asset through the operation of peer-to-peer marketplaces announced the launch of Carly, which is Australia’s first truly flexible, and comprehensive car subscription product in Sydney. They also have plans to launch this in other cities as well. In Sydney, more than 130 vehicles from 13 brands featuring over 30 models are made available for subscription.

Carly allows the users to change the car with the change in their lifestyle. Carly allows the users to switch the car whenever they wish to, and the car will get delivered by Carly. The car can be changed as per the requirement that depends whether the user needs a hatchback during the week, sportscar for a weekend or a bigger car to suit the family size and needs. The car gets delivered by Carly directly to the subscriber’s location at the time convenient to the subscriber.

The subscribers of Carly can start, pause and stop their subscription as per their requirement. For those drivers and especially younger generations who look for flexibility, Carly provides the option where they can remove the long-term financial commitment required to buy or finance a vehicle. Thus, the subscribers can remove the need to lock into long-term debt. The whole process can be performed online and thus eliminates the need to visit multiple dealers, negotiate the price and complete endless forms. Also, the subscription starts at a very affordable price of $119 per week, making it suitable for a vast range of customers.

The company believes that the potential market size of Carly subscription is exceptionally large. In 2018, more than 870,000 new passenger and SUV vehicles were sold worth ~$30 billion. Apart from that, for the used car as well, there is a substantial market size potential. But it will require some time to transit customers from buying vehicles to utilizing vehicle subscription services.

Chris Noone, who is the Collaborate CEO is excited about Carly’s launch in the Australian market. He also highlighted that people are re-evaluating the advantages of making a long-term vehicle purchase commitment. It is also gaining traction amongst the automotive dealers who are looking for new ways to reverse the decline in vehicle sales. Carly has seen interest at the industry level as well. Thus, indicating that it might change the dynamics of the automotive industry in the short, medium and long term.

On 4 March 2019, the company added 65 new vehicles to the DriveMyCar Fleet.

Sponsored ad by Kalkine

On 22 January 2019, the company started the consumer pre-launch campaign for Carly.

In the last six months, the stock has given a negative return of 25%. However, in the previous one month, the stock has generated a return of 9.09%.

The stock closed the trading day at A$0.013 (As on 29 March 2019), up by 8.333% as compared to its previous trading day’s closing price. The company has a market capitalization of A$8.67 million with approximately 722.54 million outstanding shares.


Disclaimer

This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.

Facebook Comments

Join Our Discussion

Start discussion with value Investors for ASX Stock Market Investment and Opinion.


6 Cannabis Stocks under Investor’s Limelight…

Cannabis companies that sell both medicinal weed and recreational pot. Marijuana stocks to look at. Marijuana mergers and acquisitions. Dispensary data analytics. Upcoming marijuana IPO’s Those phrases have become increasingly common as marijuana legalization spreads.

Global spending on legal cannabis is expected to grow 230% to $32 billion in 2020 as compared to $9.5 in 2017, according to Arcview Market Research and BDS Analytics. As of June 29, 2018 the United States Marijuana Index, despite a lot of uncertainty around regulations, has over the past 1 year gained 71.49%, as compared to about 12% gain seen by the S&P 500.

Click here for your FREE Report

LEAVE A REPLY

Please enter your comment!
Please enter your name here