Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Collaborate Corporation has partnered with Hyundai to launch an industry first vehicle subscription plan
  • This contract will enable customers to subscribe for vehicles provided by Hyundai dealers in Australia through Collaborate’s Carly service
  • Hyundai’s partnership with Carly is a big step for the car subscription industry in Australia
  • Collaborate saw a 44.4 per cent uptake on the market this morning, trading for 1.3 cents each before entering a trading halt

Collaborate Corporation has signed an agreement with Hyundai Motor Company to launch an industry first vehicle subscription proposition.

This proposition will enable customers to subscribe, via Collaborate’s Carly service, to vehicles provided by Hyundai dealers in Australia.

“Some are complaining that conditions are tough in the automotive retail market, so Hyundai and Carly are seizing the opportunity to empower Hyundai dealers to innovate and engage customers in a fresh way that suits their lifestyle and budget,” CEO Chris Noone said.

“This latest agreement with Hyundai follows the recent signing of agreement with Suttons Motors and Turners Automotive Group and is further validation of the vital role that Carly plays in the rapidly changing automotive industry,” he added.

From today, Carly and Hyundai will jointly initiate a dealer signup and onboarding campaign to engage Hyundai dealers in the subscription program.

Carly will develop a Hyundai mini-site to showcase the vehicles available for subscription and will utilise geo-location functionality to display the vehicles.

The digital marketing campaign will be managed by Carly and developed by Hyundai which will drive subscriber purchases across various channels such as web display, searching, re-targeting, and social media sites such as Facebook and Instagram.

Rather than just selling the vehicles to enable other companies to generate subscription revenues this deal will see the dealers retain ownership of the vehicles.

This will enable them to benefit from a recurring revenue stream, an ongoing relationship with customers, and secure quality cars for eventual resale.

Collaborate is currently in a trading halt with shares up 44.4 per cent, trading for 1.3 cents apiece at 1:20 pm AEDT.

CL8 by the numbers
More From The Market Herald

" Wiseway Group (ASX:WWG) launches $4m entitlement offer

Wiseway Group (ASX:WWG) has launched a four to 25 pro-rata non-renounceable entitlement offer to raise up…

" Vmoto (ASX:VMT) enters joint manufacturing agreement with Super Soco

Vmoto Limited (VMT) has signed an agreement with Super Soco Intelligent Technology to establish a joint manufacturing company.

" Qantas (ASX:QAN) to fully acquire Alliance Aviation Services (ASX:AQZ)

National aircraft carrier Qantas (ASX:QAN) will acquire the remaining shares in long-term partner Alliance Aviation Services…

" Orcoda (ASX:ODA) granted US patent, appoints Arrowhead to support commercialisation

Orcoda (ASX:ODA) has appointed Arrowhead Capital Advisors following its issue of United States Patent US11/182704 B2…