Collaborate reports ‘exceptional’ growth in December quarter – driven by new products

Collaborate Corporation ASX CL8 DriveMyCar Mobilise MyCaravan

Collaborate Corporation (ASX: CL8) has reported “exceptional” growth during the December quarter, driven by the launch of key products last year – Mobilise and MyCaravan.

Additionally, the flagship DriveMyCar service’s new website debuted in late September with immediate access to more than 2 million prospective customers via its partner Victorian-based RACV.

During the December quarter, rental transaction value soared 62% on the previous corresponding period to A$814,000. Driving the transaction increased was the new RACV DriveMyCar website, which achieved a 137% surge in December 2017 compared to November 2017.

DriveMyCar is a peer-to-peer service where vehicle owners rent their cars to those needing a rental or hire car.

Collaborate also introduced its Flexible Rideshare Rentals division in late December, which is for Uber owner-drivers requiring a vehicle while their own is undergoing repairs or service.

According to DriveMyCar, renters are able to access a wider range of cars for lower cost compared to traditional hire channels – especially for longer term hire.

Meanwhile, the Mobilise product was unveiled in late October, with more than 3,700 assets listed by the end of the year.

Mobilise offers equipment owners the opportunity to generate revenue by hiring out their equipment. Available equipment includes access such as cherry pickers and scissor lifts, earth movers like diggers and loaders, air tools including air compressors and jack hammers, and compaction such as drum and trench rollers.

The MyCaravan website was debuted during the December quarter with improved functionality and messaging capabilities.

Additionally, Collaborate kicked-off Facebook and search marketing campaign.

MyCaravan will also be exhibiting at the 2018 Newcastle Caravan, Camping and Holiday Expo in early February.

In keeping with the Collaborate theme, MyCaravan enables caravan owners to gain revenue from renting their caravan, camper trailers and motor homes to holiday makers throughout Australia.

By late afternoon trade, Collaborate’s share price was up 3% at A$0.033.

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