8:00 am, March 12, 2022
Car subscription business Mycardirect has won financial backing from investor Pario Ventures as it looks to hit a target of 10,000 vehicles over the next year.
The deal was for an unspecified amount but Mycardirect, which launched in 2020 and is owned by AAM Group, said it expected to build a larger customer base of private and corporate customers.
At the moment, fleets make up a fifth of its business.
Pario Ventures said the online firm’s existing relationships within the AAM Group meant it had been able to maintain supplies from its manufacturer and dealer partners while others had struggled to get vehicles during the ongoing semiconductor shortage.
David Murray-Hundley, pictured right, the founder and CEO of Pario Ventures, said the next step for the Hemel Hempstead-based Mycardirect was for it to expand into the US market.
‘The car subscription space is one full of relatively young companies that face a number of challenges to grow as a business,’ he said.
‘When Pario Ventures met the AAM Group team, we knew straight away that the Mycardirect brand had the potential to expand rapidly both here in the UK and in the US market.
‘With AAM Group’s decades of experience and impressive access to stock, combined with Pario Ventures’ decades of expertise in expanding companies into new markets such as the US, we have a strong team to succeed.’
AAM Group chief operating officer Colin Mather, pictured left, said: ‘The flexibility of car subscription makes it highly attractive to consumers in these times of economic uncertainty.
‘There is no long-term commitment, insurance and maintenance is included, monthly costs are known and a vehicle can be exchanged or returned as personal circumstances change.’
