Cadillac is burnishing its reputation as a luxury-brand iconoclast with the introduction of its Book “vehicle subscription” service in New York City on Thursday. And it’s making another big play for younger consumers in the process.
The General Motors-owned premium brand will offer Book members access to their choice of popular Cadillac models for however long they want the model, then the ability to switch to another model. Cadillac executives are describing Book as an unprecedented take on the various new use models that have become popular with more consumers in the last several years, casting it as the first of its kind and the best of traditional and new mobility-services worlds.
“Two of our main strategic initiatives are reaching Generation X and Generation Y, and building brand affinity with the next generation of consumers,” Melody Lee, Cadillac director of brand marketing, told me. “And this is one of the most innovative ways we’re trying to do this. “We’re not trying to replace anything we’re doing; Book is complementary to that. We’re seeing Generations X and Y luxury consumers start to change their preferences to look at ownership in a different way, and to prioritize experience over ownership, and to have different expectations about what a vehicle does for them. And we see white space within and around traditional models of ownership — leasing, financing or buying — and the other extreme of rental or ride-sharing and car-sharing, like Uber and Lyft.”
Offered at first only in New York with the service beginning February 1, the cost of Book by Cadillac will be $1,500 a month, in a month-to-month arrangement with no long-term commitment. Book will offer only Platinum-level versions of the XT5 sport-utility vehicle, CT6 flagship sedan, Escalade, CTS-V and ATS-V. Members will be able to use an app to prompt white-glove concierge pickup and delivery to their requested locations. There is no limit on mileage. Registration, taxes, maintenance, insurance and detailing of the Book vehicles will be handled by Cadillac.
Read the full article on Forbes.
And check out how other automobile companies such as Ford and Faraday Future are entering the mobility era!