Carly scores extra $2.2m investment

14 November 2019, Written by Business News Australia

Carly scores extra $2.2m investment

Australian car subscription service Carly has signed a major deal with fleet management provider SG Fleet and has bagged a $2.2 million investment in the process.

SG Fleet has committed to supply Carly, a brand of ASX-listed sharing economy business Collaborate (ASX: CL8), with an initial 100 vehicles and additional cars to follow for meeting any increased demand.

Carly and SG Fleet will work together to accelerate the growth of Carly's car subscription demand channels while leveraging SG Fleet's significant experience and relationships in the business and government markets.

Carly CEO Chris Noone says the car subscription service is building steam in Australia.

"This is a new age for car ownership in Australia," says Noone.

"Car finance is harder to obtain and banks are cracking down on lending. As a nation, we're moving to more flexible arrangements to suit lifestyle and personal circumstances."

"When faced with changing market conditions, those that succeed and thrive are always the leaders who innovate and seize the opportunities that these changes bring."

"SG Fleet joining us as a strategic partner is further valifation of Carly's leading role in this rapidly changing industry."

The partnership with SG Fleet follows similar partnerships struck up by Carly with Hyundai, Turners Automotive Group and Suttons Motors.

SG Fleet CEO Robbie Blau says its partnership with Carly sees the group innovate and keep step with the rapidly changing personal vehicle sector.

"SG Fleet constantly introduces new, high value-add solutions to both corporate customers and consumers to cater for their rapidly evolving mobility requirements," says Blau.

"Our investment in Collaborate further strengthens our ability to widen our offering as demand for greater transport efficiency and flexibility intensifies. This investment complements our current core business activities and opens up additional revenue growth avenues."

Shares in Collaborate are up 14.29 per cent to $0.02 per share at 10.47am AEDT.

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Business News Australia

Author: Business News Australia





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