Loopit has released the first of a new monthly report dubbed the Vehicle Subscription Utilisation Index (VSU) that provides an in-depth analysis of vehicle utilisation across its network of car subscription providers.
The Vehicle Subscription Utilisation Index (VSU) published by Loopit akin to VFACTS for car subscription aims to highlight the opportunities present for the automotive industry within the car subscription space, providing transparency around the types, make models and cost of vehicles utilised on subscription in Australia today.
“Loopit now powers more than 80% of Australia and New Zealand’s car subscription market and is growing at a rapid pace internationally, with more than 27,000 vehicles under management on our platform. With the depth and understanding Loopit has of the industry, it made sense that we would act as its spokespeople with the Vehicle Subscription Utilisation Index,” said Michael Higgins co-founder and managing director at Loopit.
A combination of consistent supply and affordability has seen MG emerge as the leading automaker for car subscription, with the MG3, ZS and HS all making an appearance in the top ten. Alongside this, the Polestar 2 has topped the list of most-subscribed electric vehicles as supply constraints and high demand continue to delay deliveries of the Tesla Model 3 and recently launched Model Y.
“A healthy portion of the initial release of Polestar 2 electric vehicles have found their way onto subscription fleets with our providers. Although I anticipate Tesla will come out on top in October as new cars begin to arrive on Australian shores and order books among car subscription providers are filled.”
Higgins says he hopes the new monthly report can alleviate any misconceptions about the car subscription space and showcase the growing demand for flexible car ownership alternatives among consumers.
“The types of vehicles being utilised on car subscription largely reflect the most popular models on sale today. Car subscription is emerging as a flexible alternative to car ownership and provides more choice for consumers. We see car subscription as a way for automakers and dealers to provide their customers with more mobility choices, alongside traditional sales and finance models.”
The data is global but Loopit says the vast majority of vehicles actively utilised on subscription would be from Australia and New Zealand.
The VSU Index measures vehicle utilisation on subscription rather than individual vehicle volume. Due to the inherent flexible nature of car subscription, vehicle utilisation is measured by considering the cumulative number of days in which any given vehicle is utilised within an active subscription during the monthly reporting period. In this way, we equally consider utilisation for individual vehicles being utilised across multiple subscribers, as well as individual vehicles that remain with the same subscriber for longer periods.
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