CL8 raises the bar by adding luxury cars to sharing model
Hey! Looks like you have stumbled on the section of our website where we have archived articles from our old business model.
In 2019 the original founding team returned to run Next Investors, we changed our business model to only write about stocks we carefully research and are invested in for the long term.
The below articles were written under our previous business model. We have kept these articles online here for your reference.
Our new mission is to build a high performing ASX micro cap investment portfolio and share our research, analysis and investment strategy with our readers.
Click Here to View Latest Articles
DriveMyCar, a core business of Collaborate Corporation (ASX:CL8), this week added BMW, Jaguar, Land Rover and Mini models to its fleet.
The Australian peer-to-peer car rental platform, which is the largest in the country, has partnered with Trivett, one of Australia’s largest prestige automotive groups, to enable customers to rent premium cars at a prices up to 70% cheaper than a similar model from a traditional car rental company. This way, drivers are able to experience a luxury car without the costs associated with purchasing and maintaining one.
Vehicles from several of these brands have been previously unavailable for rent in Australia, which means CL8 are breaking new ground by expanding their fleet. Despite this, the prices on offer are significantly lower than similar vehicles rented through traditional car rental companies.
A day of driving in a Range Rover Evoque will cost the driver $75 through DriveMyCar, while a similar model elsewhere can cost up to $142.86. A BMW X1 will only cost $70 on the new platform; for a similar price, customers would be able to get a Mitsubishi Outlander from another rental company (according to rate comparisons from this month). The company are describing the new offering, via Trivett’s fleet, as providing customers access to ‘affordable luxury’.
“This venture offers customers a wonderful entree into a wide variety of prestige models,” said Peter Mullan, Managing Director of Trivett. “For discerning drivers that want to be certain they are making the right choice, it’s a fantastic way to ‘live’ with a vehicle for a little while and ensure it meets their needs. It’s in line with our innovative customer-centric philosophy, aimed at delivering premium service at every touchpoint.”
The luxury cars will be available in Sydney and Melbourne, including from airports, for a period of up to 365 days. DriveMyCar will coordinate online booking, pick up, payments, and insurance for damage or theft as well as 24/7 roadside assistance.
Chris Noone, CEO of DriveMyCar, commented that customers are fed up with high prices and lack of choice provided by traditional car rental companies.
CEO of DriveMyCar, Chris Noone
Mr Noone said: “To address this, DriveMyCar is giving people the opportunity to experience luxury vehicles by renting them directly from Trivett, one of Australia’s largest prestige automotive dealers, at very reasonable prices.”
General Information Only
S3 Consortium Pty Ltd (S3, ‘we’, ‘us’, ‘our’) (CAR No. 433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information and is for informational purposes only. Any advice is general advice only. Any advice contained in this article does not constitute personal advice and S3 has not taken into consideration your personal objectives, financial situation or needs. Please seek your own independent professional advice before making any financial investment decision. Those persons acting upon information contained in this article do so entirely at their own risk.
Conflicts of Interest Notice
S3 and its associated entities may hold investments in companies featured in its articles, including through being paid in the securities of the companies we provide commentary on. We disclose the securities held in relation to a particular company that we provide commentary on. Refer to our Disclosure Policy for information on our self-imposed trading blackouts, hold conditions and de-risking (sell conditions) which seek to mitigate against any potential conflicts of interest.
Publication Notice and Disclaimer
The information contained in this article is current as at the publication date. At the time of publishing, the information contained in this article is based on sources which are available in the public domain that we consider to be reliable, and our own analysis of those sources. The views of the author may not reflect the views of the AFSL holder. Any decision by you to purchase securities in the companies featured in this article should be done so after you have sought your own independent professional advice regarding this information and made your own inquiries as to the validity of any information in this article.
Any forward-looking statements contained in this article are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results or performance of companies featured to differ materially from those expressed in the statements contained in this article. S3 cannot and does not give any assurance that the results or performance expressed or implied by any forward-looking statements contained in this article will actually occur and readers are cautioned not to put undue reliance on forward-looking statements.
This article may include references to our past investing performance. Past performance is not a reliable indicator of our future investing performance.
