Lexus is Introducing a Car Subscription Service Later This Year
Ellen Smith — April 11, 2018 — Autos
References: newsroom.toyota.co.jp & psfk
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.
Image Credit: Toyota
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.
Image Credit: Toyota
Trend Themes
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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.
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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.
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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
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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.
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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
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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.
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