UK-based car subscription service MyCarDirect has become profitable after just two years of operations, some 18 months ahead of schedule. The company officially launched in September 2020 with a £6.5 million investment from AAM Group. MyCarDirect, together with AAM Group’s other brands—Onwrd and BestCarFInder—saw total sales increase by 46% to £23M ($26.4M) during the 12 months to June 2022.

A mobility-as-a-service (MaaS) provider, MyCarDirect provides a flexible monthly car subscription service that, apart from the vehicle itself, includes maintenance (excluding accidental damage), MOT, road tax and breakdown cover. Customers can subscribe for 1-24 months and can change the car, subscription length or mileage package on the fly. At the end of the subscription period, they can renew or swap into a new car. The company currently has over 3,000 vehicles available for subscription, with hybrid and electric vehicles accounting for 40% of this.

According to MyCarDirect chief executive Duncan Chumley, “MyCarDirect’s car subscription product appeals to both retail and business customers. The flexibility we offer gives individuals and companies the confidence to choose a vehicle, safe in the knowledge that if circumstances change, they can switch vehicles or reduce, extend or cancel the contract.”

Related Articles