The vehicle subscription business Wagonex has said interest for car subscriptions has 'grown dramatically' in the last year, as it achieved two milestones in its development.
The company said that consumer searches are exceeding 11,000 a month - 10 times more than the same period last year.
The Cardiff-based start-up claims it has clocked-up 100,000 customer enquiries and surpassed 10,000 registered users on its platform.
Wagonex believes the growth is driven by providing the technology and backend services that allow vehicle manufacturers and retailers to offer subscription options direct to consumers.
Last year, Volvo Car UK officially launched its single payment Care by Volvo car subscription service which accounted for 8% of its retail sales, said Volvo UK MD Kristian Elvefors in March.
“After all the effort we’ve put into building the company and getting the tech just right, everything is clicking into place and gathering pace.”
Wagonex recently launched an updated version of its plug-and-play subscription platform, making it easier for dealers to unlock the potential of vehicle subscriptions.
Dealers can either set-up their own ‘white label’ vehicle subscription site powered by Wagonex tech or upload individual vehicles for subscription through the shared portal on its website.
Wagonex said a completely branded white label subscription site can be up and running within a fortnight, while dealers can begin uploading individual vehicles within an hour of registering.
Wagonex’s software brings together instant insurance quoting, ID validation, credit checks, online contracts and e-signatures.
Wagonex CEO and founder, Toby Kernon, said: “We are delighted to have hit these two milestones in our development.
"Over the next few months we will be launching subscription platforms for a number of very big name automotive brands and, once people see them going big on subscription, we expect subscription to become an increasingly important part of the car retail mix.”
Wagonex is currently working with MyCarDirect and Renault Trucks.