Mycardirect says its revenues are set to double this year as growing numbers of business and retail customers turn to car subscription.

Duncan Chumley, Mycardirect CEO

The company, part of the AAM Group, has already seen revenues triple in 2022 and it’s now bullish of further record revenue growth for 2023, thanks to the flexibility and reassurance of vehicle subscription, in particular during the cost-of-living crisis.

Duncan Chumley, Mycardirect CEO, commented: “2022 was an extremely encouraging year for us, and I’m very confident that 2023 will build on last year’s success with record revenues forecasted. As more businesses and retail customers discover vehicle subscription and the flexibility and other benefits it offers, I am positive we will continue to see significant growth.”

Founded in 2020, Mycardirect’s mission is simple: to simplify people’s lives with an easier alternative to the expense of short-term rental, commitment of long-term leasing, and the complexity of car ownership. Customers can cancel or change a vehicle mid-contract with no long-term contract lock-in.

The company said it’s worked from the start to ensure it has the necessary infrastructure and software in place to ensure longevity of the business model. Customer contracts are priced to be sustainable over an extended period, and prices are guaranteed for the duration of the contract.

“Our success story is rooted in our strategy of growing the business organically,” added Chumley. “Our pricing model is sustainable and our prices are guaranteed for the length of the contract. The recent decision of Cazoo to exit the subscription market and to concentrate on their core business is undoubtedly having a positive impact on our new customer order take.”

Electric vehicles also have a dominant role in customer take-up. Fully electric and hybrid vehicles now have just under a 40% share of its fleet, alongside petrol and diesel vehicles, supported by the ability for customers to test them out or switch to more conventional vehicles if an EV doesn’t meet needs. Vehicles on the books range from a Citroën C3 Aircross to an Ineos Grenadier or a Ferrari.

“At Mycardirect we strongly believe in full customer choice so we continue to offer a wide range of petrol, diesel, EV and hybrid models. That said, the flexibility offered to customers by Mycardirect has seen exponential growth in EV orders. Increasingly, EVs and hybrids are becoming the vehicles of choice for our customers,” added Chumley.

Speaking to Fleet World recently, Chumley and AAM Group chairman David Murray-Hundley said they’re working to make Mycardirect the leading vehicle subscription company in the UK in the next year.

Plans for 2023 also include expanding the fleet to cover 1,000 subscription vehicles with fleets – and targeting growing LCV interest.

To read Fleet World’s interview with Mycardirect, click here.