Vienna Insurance Group acquires stake in ViveLaCar

Vienna Insurance Group (VIG) has acquired a 20% interest in German startup ViveLaCar.

Established last year, ViveLaCar is a team of 16 operating in the emerging space of vehicle subscription services by offering more than 200 different models from around 20 brands at more than 300 locations in Germany. 70% of the subscribers use ViveLaCar for more than six months. With the new funding, the company plans to expand to Austria and Switzerland hence the creation of a new subsidiary called ViveLaCar Wien GmbH.

Here’s how the service works: A customer can select a car online, select a kilometer allowance and purchase the subscription for the monthly fixed price indicated. Later, the customer will pick the car from a designated dealer. The monthly subscription price includes all costs except refueling. Only cars up to two years old are offered and the vehicle remains in the ownership of the dealer, who can use the subscription model to reduce long inventory periods for new models. The dealer also handles warranty and service work.

“This simple, transparent mobility option has convinced us. No longer owning a car, but still being mobile when needed is in line with the idea of a ‘sharing economy’. And doing everything digitally at no risk to the customer or handling contracts and official channels, while also not having to worry about vehicle maintenance, is in the spirit of the times for unbureaucratic mobility solutions.” – Elisabeth Stadler, CEO of Vienna Insurance Group.

“Our analysis in a study of trends showed that almost one out of every two people are interested in testing an electric car on a day-to-day basis over a lengthy period of time. They want to find out whether this form of vehicle drive satisfies their expectations before possibly deciding to buy one. Our innovative car subscription provides the opportunity to easily test an electric car at no risk.” – Mathias R. Albert, founder and CEO of ViveLaCar.