While introducing its Lexus UX Compact UX 200 and UX250H, the luxury car brand announced that it will be rolling out a car subscription service that will be available later this year.
This move isn't a first for the automobile industry, as brands like Volvo, Ford and Porsche have all launched similar programs that grant access to these vehicles. To use the program, consumers will pay-per-use, as appose to owning the vehicle. This method of payment is compatible with long-term use, meaning a consumer can rent a car for as long as they need, with less commitment. Both convenient and affordable, this model of vehicle rentals presents the driver with a new means of accessing a vehicle.
Luxury Car Subscription Services
Lexus is Introducing a Car Subscription Service Later This Year
Trend Themes
1. Car Subscription Services - With luxury car brands like Lexus, Volvo, Ford, and Porsche introducing car subscription services, there is a growing trend towards pay-per-use vehicle access for consumers.
2. Long-term Vehicle Rentals - The rise of car subscription services offers disruptive innovation opportunities in the long-term vehicle rental industry, providing consumers with convenient and affordable options for extended vehicle use.
3. Flexible Ownership Models - The introduction of car subscription services creates a trend towards flexible ownership models, challenging traditional notions of vehicle ownership and opening up new opportunities for innovative business models and pricing structures.
Industry Implications
1. Automobile Industry - The car subscription service trend is disrupting the automobile industry, prompting luxury car brands like Lexus, Volvo, Ford, and Porsche to explore new ways of providing vehicle access to consumers.
2. Car Rental Industry - The rise of long-term vehicle rentals through car subscription services presents disruptive innovation opportunities in the car rental industry, allowing for more flexible and cost-effective options for customers
3. Transportation Industry - The advent of car subscription services creates a trend that challenges traditional transportation models, leading to potential disruptive innovation opportunities and new approaches to personal mobility and transportation services.