Australian car subscription platform Karmo has secured a $138 million debt facility from the finance arms of Volkswagen and Toyota and has acquired rival Motopool.
Karmo says the Motopool acquisition has propelled it to be the top Australian car subscription business, while the financial backing will allow it to deepen its influence within an industry projected to be worth $66.7 billion globally by 2032.
The acquisition of Motopool has combined the companies’ FY24 revenues to $33m, says Karmo.
The new entity will service thousands of customers across all key Australian capital cities, specialising in a range of new models, with more than 30 brands from budget friendly cars, commercial utes and vans to high end luxury vehicles, including hybrid, plug-in hybrid and full electric vehicles.
The combined business intends to acquire an additional 5000 cars in the next year.
Automotive industry pioneer and Karmo founder and chief executive Nick Boucher will remain chief executive while Motopool chief executive Andrew Rickett will become chief operating officer, says Karmo.
Building out the senior leadership team is Karmo chief financial officer John Bush with former Motopool chief operating officer Laura Harewood taking on the newly created role of chief revenue officer, while former Karmo chief operating officer Sam Zammit becomes chief product officer with a focus on driving innovation and local and international expansion.
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