ONTO Enters Administration

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All-eletric car subscription provider; ONTO has today entered administration after being hit by the falling prices of electric vehicles. ONTO have over 7,000 vehicles on fleet and have introduced over 20,000 customers to subscriptions from day one.

One of their largest backers was Legal & General who recently said that they would not provide any further funding to ONTO, they had reportedly already provided £22.5m into the company. ONTO were also on receipt of a recent funding round where they raised circa £47m.

Why has ONTO failed?

ONTO purely focused on electric vehicles, think back 12-18 months there were some high initial outlay on these vehicles. With the government subsidaries being cut and with falling EV pricing ONTO have really struggled with the financing of these cars due to them all being secured to the assets.

With over 7,000 vehicles in its fleet at the start of 2023, if each car was to prove a loss it, it is very difficult to either increase the prices or take the hit on the disposal of these vehicles and fulfil the financing contracts.

Comments from the Industry

We have spoken with a nunber of our car subscription contacts who have provided the following comments:

"ONTO have made some massive in-roads over the last few years, but they have not taken into account that Electric Vehicles will become more mainstream, with lower starting prices resulting in lower residual values. On top of that, companies such as Drover and ONTO have priced their cars to put people in them, whilst using the funding rounds to cover any shortfalls."

"We're not cheap and thats for a reason, the market is volatile and many of the vehicles have been based on Covid period residual values, it is tough out there, but vehicles need to be priced accordingly. I just hope the staff find jobs during this difficult period."

ONTO Alternatives

The direct competitor to ONTO would be Elmo Car Subscriptions, but any of the vehicle subscription providers can help.

Volvo Car Subscription

Care by Volvo Logo
Prices From
£569 per month
Initial Fee
£0
Age Restrictions
Over 18
Notice Period
3 Months
Minimum Term
3 Months
Max. Mileage
2000 miles per month

Cocoon Vehicles

Cocoon Logo with Trademark
Prices From
£399
Initial Fee
From £95
Age Restrictions
Over 18
Notice Period
5 Days
Minimum Term
28 Days, Best Price 90 Days Plus
Max. Mileage
2000 miles per month

Conduire

Initial Fee
£540
Age Restrictions
25 Plus
Notice Period
10 Working Days
Minimum Term
3 Months
Max. Mileage
2,000 miles per month

Drive Car Flex

Drive Car Flex
Prices From
£399.00
Initial Fee
£195.00
Age Restrictions
21 plus
Notice Period
5 Working Days
Minimum Term
1 Month
Max. Mileage
2,000 Miles miles per month

Drive Fuze

Prices From
419.00
Initial Fee
0
Age Restrictions
25 to 75
Notice Period
14 days’ notice is required to (before rolling month)
Minimum Term
30 Days
Max. Mileage
1000 Standard (Up to 2000) miles per month

elmo

elmo logo
Prices From
£379 per month
Initial Fee
£0
Age Restrictions
25 Plus
Notice Period
30 Days
Minimum Term
60 Days
Max. Mileage
1200 miles per month

Evogo

Evogo Logo
Prices From
£275
Initial Fee
1.5 times rental payment
Age Restrictions
18
Notice Period
89 Days
Minimum Term
89 Days
Max. Mileage
2500 miles per month

EZOO

EZOO Car Subscription Logo
Prices From
£239
Initial Fee
£120
Age Restrictions
Ages 25 to 75
Notice Period
1 Month
Minimum Term
1 Month
Max. Mileage
1500 miles per month

Flexed

Flexed Car Subscriptions
Prices From
£375.00
Initial Fee
£175.00
Age Restrictions
25 Plus
Notice Period
Rolling 28 Days
Minimum Term
28 Days
Max. Mileage
1250 miles per month

Flexigo

Flexigo Car Subscriptions
Prices From
£399
Initial Fee
£195
Age Restrictions
18 Plus
Notice Period
7 days
Minimum Term
28 Days
Max. Mileage
2000 miles per month

Genesis Flexibility

Genesis Flexibility Logo
Prices From
£599
Initial Fee
£0.00
Age Restrictions
18 Plus
Notice Period
6 Months
Minimum Term
18 Months
Max. Mileage
833 miles per month

Leaseplan

Leaseplan Car Subscription
Prices From
£200
Initial Fee
TBC
Age Restrictions
25 Plus
Notice Period
14 Days
Minimum Term
3 Months
Max. Mileage
2000 miles per month

Mocean

Mocean Subscriptions Logo
Prices From
£393
Initial Fee
£0.00
Age Restrictions
25 plus
Notice Period
1 Month
Minimum Term
3 Months
Max. Mileage
2,000 miles per month

Mycardirect Ltd

Mycardirect Ltd Logo
Prices From
£439
Initial Fee
£0
Age Restrictions
18 Plus
Notice Period
1 month
Minimum Term
1 month
Max. Mileage
2000 miles per month

Nissan Subscriptions

Nissan Logo
Prices From
£529.00
Initial Fee
£0.00
Age Restrictions
25 Plus
Notice Period
3-Months
Minimum Term
3-Months
Max. Mileage
2,000 miles per month

More Information

If you would like more information on the ONTO administration, please use the external links below:

Patty Atindehou

Patty is the content writer for Car-Subscriptions.co.uk and loves her cars and the automotive industry in general. She worked for large dealer groups in the United Kingdom and the USA specialising in high-end and premium vehicles. Her goal is to provide the most interesting information on the vehicle subscription industry.

Article Details

Post Published: September 11, 2023
Post Last Updated: November 15, 2023
Article Categories: ,
Read Time: 19 minute(s)