Peer-to-peer marketplace operator Collaborate Corporation (ASX: CL8) debuted its DriveMyCar website on Monday. The website has immediate market access to more than 2 million prospective customers.
Hot on the heels of the website debut, Collaborate announced it was adding 105 new 2018 Subaru models to its DriveMyCar fleet – accounting for DriveMyCar’s largest ever single fleet boost.
Collaborate established DriveMyCar as a peer-to-peer service. Also known as a sharing service, DriveMyCar enables car owners to make money off their unused vehicles by renting them out to other people at lower prices to traditional car rental companies.
The DriveMyCar website was created in collaboration with RACV, and as a result, gives Collaborate the gateway to RACV’s 2.1 million membership.
Victorian-based mutual RACV offers its clients products and services in motoring and other transport, travel, home, member discounts and financial services.
Collaborate chief executive officer Chris Noone said there were strong synergies between the company and RACV, which will boost DriveMyCar’s presence and Victorian market share.
The website unveiling also kicked off a new marketing campaign for DriveMyCar. The campaign will comprise online advertising, search marketing and PR.
In addition to its partnership with RACV, Collaborate Corporation has developed strategic relationships with Uber, Subaru, Orix and Interleasing.
Strong financial position
In the financial year ending 30 June 2017, Collaborate Corporation achieved a 50% surge in year-on-year revenue, driven by the recent success of its DriveMyCar and MyCaravan business units.
The company also finished the year with its market cap sky rocketing 199% to $21.1 million and $3.64 million cash on hand – up $3.5 million.
According to Collaborate Corporation, it will be launching the remainder of its previously announced initiatives in the coming months including the Mobilise market place and MyCaravan website enhancements.