Carly scores extra $2.2m investment

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.

Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.

Business News Australia

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

Does your pay structure answer today's challenges?
Partner Content
If you are not reassessing how your organisation remunerates and rewards employees as a...
Aon
Advertisement

Related Stories

Solar champions Anson Zhang and Jeff Yu win Sydney Young Entrepreneur of the Year Award

Solar champions Anson Zhang and Jeff Yu win Sydney Young Entrepreneur of the Year Award

It was a case of third time's a charm last night for the founde...

ANZ sued by ASIC over alleged lending failures

ANZ sued by ASIC over alleged lending failures

One of the country’s largest banks is in the sights of the Au...

Beach Energy taken to the Federal Court by shareholders

Beach Energy taken to the Federal Court by shareholders

Slater and Gordon (ASX: SGH) has launched a class action against Ad...

Shine launches class action against QSuper

Shine launches class action against QSuper

Members of QSuper have filed a class action against the super fund ...