The huge success of subscription-based services like Netflix prompted entrepreneur Kelvin Chng to hit the road with his own car-based concept.
Mr Chng, 33, is the co-founder of Carro, which allows subscribers to select a plan and drive off with a car without needing to worry about annual depreciation and unexpected expenses such as repairs and insurance premiums.
He says: “Customers can pay a flat monthly fee that includes all costs associated with car ownership and, for added peace of mind, at the end of the term, customers can return the car with no questions asked about minor wear and tear, dents and scratches.”
Carro – the “Netflix for cars”, in Mr Chng’s words – was started over three years ago and broke even within its first year of operation.
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