Vehicle subscription specialist Mycardirect is to significantly expand its business in the UK and internationally after securing new investment.
Launched in 2020, the business offers both cars and commercial vehicles, and is owned by AAM Group, a leading provider of bespoke MaaS that works with car subscription, car clubs, accident management and vehicle rental companies.
Mycardirect already claims to be one of the largest car subscription businesses in Europe and says the market is continuing to expand, as more fleets and private drivers turn to flexible vehicle services.
AAM Group COO Colin Mather 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.”
Electric vehicle take-up is particularly high – these now make up almost a quarter of all new orders for Mycardirect – and the new funding will help drive this further.
The new “significant” investment comes from Pario Ventures, whose CEO and founder, David Murray-Hundley, also joins the Mycardirect board on an advisory basis. Further investment is expected to follow.
Colin Mather added: “AAM Group’s infrastructure, vehicle supply channels and industry experience create an unrivalled opportunity to service this growing market through our branded company, Mycardirect. We welcome David Murray-Hundley to the board; his experience and that of the Pario team in driving growth through diverse markets will prove invaluable.”
David Murray-Hundley commented: “The car subscription space is one full of relatively young companies that face a number of challenges to grow as a business. 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 success.”
