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Collaborate Corporation business segment DriveMyCar signs vehicle supply agreement

The supply channel of vehicles from Custom Fleet will be available from DriveMyCar’s Sydney, Melbourne and Brisbane locations.
A young couple in an open top car
Collaborate Corporation is focused on peer-to-peer marketplaces.

Collaborate Corporation Limited's (ASX:CL8) business segment DriveMyCar has signed an agreement with Custom Fleet for the supply of vehicles to the marketplace.

Custom Fleet will provide vehicles in Sydney, Melbourne and Brisbane for collection from central locations.

Additionally, vehicles are intended to be available for pick up from DriveMyCar’s locations at Sydney and Melbourne airports.

Collaborate CEO Chris Noone said, “We are very pleased to commence working with Custom Fleet to provide customers with a large fleet of quality vehicles in key locations as we gear up for increased demand in the warmer months.”

The new supply channel of quality vehicles will be available to private renters, business customers and Uber drivers.

Initial launch this month

The initial launch will be this month in Sydney, Melbourne and Brisbane featuring 30 Subaru Forester vehicles with the potential for more vehicles and more locations to be added as demand increases.

Custom Fleet is Australia and New Zealand’s premier fleet management organisation with more than 2,400 customers in metropolitan and regional Australia.

Broadening fleet utilisation

Its chief risk officer Michael Ortolan said, “Custom Fleet is looking forward to developing a mutually beneficial relationship with DriveMyCar to broaden our fleet’s utilisation.

“We believe DriveMyCar has forged a niche in the peer to peer rental space and we expect the partnership to grow.”

Collaborate Corporation is Australia’s leading listed company focused on ‘collaborative consumption’, ‘peer-to-peer’ or ‘sharing economy’ businesses.

The company operates peer-to-peer marketplaces underpinned by a proprietary PeerPass verification platform.

Three business segments

It has three core business segments:

- Australia’s leading peer-to-peer car rental business;
- Australia’s leading peer-to-peer caravan rental business; and
- a rental marketplace for under-utilised assets.

Noon recently told Proactive Investors: “We’ve got a dual focus on working with strategic partners and also marketing directly to consumers, both on the supply and the demand side.

“So we leverage both of those great opportunities that we have, but what we look to do is do it cost-effectively ... so we get lowest cost per acquisition and the highest number of users.”

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Collaborate Corporation Ltd Timeline

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