Subscribed 2018: End of Car Ownership
Automobile purchases dropped in 2017. Fewer teens are getting their driver’s licenses. Uber provided 4 billion rides worldwide last year. Alternatives to ownership are taking off. Why? Because the transportation services market is a $5.4 trillion opportunity and people simply don’t want to deal with the hassles of car ownership when technology is enabling new alternative models. In a panel moderated by Wall Street Journal reporter Tim Higgins, chief executives from Silvercar, Turo and Fair discuss how the subscription business model is quickly becoming the future of the auto industry. Each company has a different approach to solving the limitations of ownership, but they all have one thing in common---they all start with the customer and not the product.
The auto industry is in a tough spot. You’re in a margin business: manufacturing. And you face new businesses with recurring revenue models. The real invention is how do you escape the whole paradigm business model and not be left behind.
Scott Painter, Founder and CEO, Fair.com