Mycardirect says its revenues are set to double this year, supported by sustained EV customer demand.

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.

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.

Demand is being generated predominantly, but not exclusively, by electric and hybrid vehicles and the share of EVs and hybrids within the Mycardirect fleet now sits at just under 40%. This is supported by the ability for customers to test them out or switch to more conventional vehicles if an EV doesn’t meet needs. Alongside multiple EV models, Mycardirect continues to offer a wide range of petrol and diesel vehicles and 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,” said Duncan Chumley, Mycardirect CEO.

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.”

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.