PAYG Cars: The pay-as-you-go model used to modernise a traditional industry
2 min read
04 March 2015
There are companies in the UK which already provide vehicle short-term leasing, but the most successful of the bunch only have 4,000 cars – acquired over some 15 years. So the pay-as-you-go model used by Everline Future 50 company PAYG Cars makes the business truly unique.
Name: PAYG Cars
Industry/sector: Car hire
Date founded: 2009
Founder: Clive Bridgeman
Founder Clive Bridgeman has ten years’ experience in motor sales, including 35 years as a business financial adviser. He has also been the owner of a car rental company, which undoubtedly helped him establish PAYG Cars.
The concept behind pay as you go is nothing new, but the principle behind pay as you go cars was only first established in Spain around 2008.
This was later developed in the UK in 2009, when Bridgeman, who lived and worked in Spain for a number of years, automated the business on the internet and recruited three manufacturers interested in starting operations.
The company is on a mission to target SMEs in the South East of England before thinking about expanding throughout the country. But director Larry Chan is keen for national recognition in the retail market overseas.
“The business has tremendous potential in the UK,” he said. “Operating a fleet of 10,000 cars in the UK is not out of the question and, subject to market conditions, we also plan to expand outside the UK within a short space of time.
“We are filling a gap in the market for businesses and people who don’t want any long-term commitment because they don’t know what the future holds, but want better value than can be offered by car club schemes and car rental which make financial sense only for occasional motoring.
“The project has been designed to replace the purchase or leasing of cars with an alternative which is more likely to be successful in the present economic climate, as it involves no financial risk to the car user, while having unique operating benefits.”
Bridgeman also suggested that: “With ‘pay-as-you-go’, there is no financial risk, as there would be with HP, leasing and contract hire, and in these times of unknown job security and unstable financial markets, this can be a major buying issue for people.”