“Driver 1” launches a car subscription service exclusively for 17 to 24 year olds. Affordable and flexible monthly subscription for a nearly new first car. Hand it back when off to Uni and restart when you need it.
London, United Kingdom, January 12, 2019 — Driver 1 are the first company to provide a car subscription service specifically around the needs of first car drivers, making it more affordable for young drivers to pay for a car by the month and return it when they no longer need it. Customers simply choose the first car they want at a monthly subscription, starting from just £96 a month.
Central to the idea is the flexibility to fit in with the lifestyle of young drivers. With Driver 1 you can have a car for 18 months while at school and then restart your subscription after University.
Founder, online entrepreneur Tim Hammond, says, “The options for young drivers are currently limited, with car financing models locking customers in to multi-year periods when they might only want a car for 12 months prior to University and then not need one again until they get their first job.”
“We wanted to design the service around ‘young drivers’, and ensure it meets their needs, which have changed a lot for the current young generation. The car industry has not moved in line with the requirements of this age group, so Driver 1 is here to change that,” says Hammond.
Cars provided by Driver 1 are all 3 to 5 years old and have already depreciated in value by 50% to 70% so our customers are paying far lower monthly subscriptions than if they were buying or leasing a new car, says Hammond.
Young Cars for Young Drivers
There are other car subscription models but none that are designed specifically around the needs, requirements and budgets of young drivers. Research shows that young drivers under 22 are excluded from virtually every other car lease, finance plan, rental or subscription service currently available.*
Safety is paramount so Driver 1 ensures all cars have Euro Ncap 4 or 5 star ratings, are nearly new, between 3 and 5 years old and have been properly serviced.
“Driver 1 can really help move away from the old unsafe cars most young drivers start with into safer nearly new cars which they can’t normally afford to buy. We want to ensure that the most vulnerable driver in the household is driving the safest car,” says Founder, Tim Hammond.
Driver 1 delivers ultimate flexibility for young drivers.
“Design your own subscription plan, tell us how long you need a car, pause it, or swap it, the choice and flexibility are yours,” says Hammond. “We have designed Driver 1 exclusively around the needs and lifestyle requirements of first car drivers so they can get on the road in a nearly new car at an affordable monthly price. You could say ‘we’ve made it like your mobile phone subscription, but with wheels on.”
“We believe that subscribing to your first car makes far more sense than buying, particularly for young drivers who have never bought a car, and who couldn’t see the sense of owning something that depreciates in value,” says Hammond.
How it works
Customers choose the car they want online or via the Driver 1 app, and select the monthly price they can afford to see a range of cars available for local delivery. No deposit, balloon payment or long term contracts, just a straightforward monthly subscription price and the flexibility of returning the car when they no longer need it or swapping it for a larger car. All cars come with free road tax, MOT and a full mechanical inspection.
Driver 1’s “cars on demand” model is a win-win for young drivers and car dealers alike as it opens up a more flexible access to cars for consumers who would not typically choose the nearly new used car market.
Driver 1’s business model means it doesn’t own any cars and doesn’t have to shoulder the capital cost of inventory. Instead, it offers dealer partners a new way to monetise cars that would otherwise be sitting around idle while depreciating. Dealers can list, manage and monetise available car inventory.
However, Driver 1 doesn’t have to rely on dealers yet in every area, and can broaden the choice of cars available by allowing customers to choose the car they want from the open market. Driver 1 will buy the car from the dealership once a customer has selected it. If the car is returned, Driver 1 will offer it back to the dealership at wholesale price, re-offer it if under 5 years old or take it to auction.
Reservations for Driver 1 cars are now being taken and the first young drivers will be taking delivery shortly.
Tel: 07415 407 079
Tim Hammond is a successful technology entrepreneur and investor. A “Who's Who” young entrepreneur of 2002 Tim founded his first Internet start up in 1996 and sold it to a public company.
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