According to the elmoDrive website, the business has now been wound down, disappointing hundreds of customers across the UK who are currently looking for EV car subscriptions or a subscription company that doesn’t end up closing the doors.
elmo Drive follows the likes of Drover, Cazoo and ONTO who no longer offer car subscriptions in the UK, however many of the other vehicle subscription providers are here to stay.
This is different to what we were told by our contacts at elmo; Billy Haslam “We currently are undergoing a defleeting exercise in order to raise cash, so we’re having to recall vehicles from customers to then defleet. We don’t have any replacement vehicles and there are no plans to get any more in the next two quarters.”
Existing elmo Customers
Customers who currently subscribe to a car through elmo are being asked to contact their team at [email protected] – It is believed the contact numbers are currently voicemail only.
Luckily you’re on the right website for finding an alternative car subscription company, we have a wide range of providers who can help you subscribe to your next vehicle, these include; Cocoon, Evogo, Flexed, Flexigo, MyCarDirect and Volvo.
Just click on the button below to compare the various providers in the UK:
Why did elmo wind down the business?
elmo Drive is owned by Constellation Automotive group, within this structure includes well-known automotive company brands such as Cinch, WeBuyAnyCar.com and BCA. Whilst we could look and speculate at all of the reasons why this was wound down, we do understand that many of the companies who are offering the companies have been hit very hard with the strong depreciation of electric vehicles recently.
With manufacturers such as Tesla heavily discounting their new vehicles, this has had a huge effect on the selling of second hand models and putting many customers with finance or PCP’s into serious negative equity. Whilst this has been good for car subscribers as the risk lies with the provider, in turn it has hurt the profitability of many of these businesses in the UK.
elmo was in a slightly better position than the likes of Drover who heavily subsidised their rates via funding rounds, as they had the new car source via it’s Marshall group and then the ability to sell their ex-subscription vehicles via Cinch and BCA car auctions.
More Information
If you are an elmo customer who needs any additional help, please do reach out to the team to see if we can provide you with information, your first port of call should be the email address for elmo as above.
