Loopit co-founder and managing director Michael Higgins said further international markets were planned and the company was looking at applying the subscription model to other products and industries .
“The COVID-19 pandemic saw new car sales at an all-time low and led to increased interest in subscription from dealerships wanting additional revenue,” he said.
“Our technology has already proven a success across Australia and we’re excited to bring this innovative solution to dealer partners overseas.”
Mr Higgins said the new name was chosen to highlight the flexibility and recurring nature of subscription.
“As a brand, Loopit ties more closely to the technology behind our offering, while Blinker was specifically automotive inspired,” he said.
“We are exploring the opportunity to expand beyond cars, to be the primary solution for subscription mobility more widely, and we now have a name to suit.”
Loopit is a cloud-based end-to-end software solution that allows car dealerships, OEMs and emerging car subscription providers to offer car subscription-as-a-service to its customers.
Mr Higgins said car subscription services such as Hellocars – also controlled by Mr Higgins and his brother Paul – have been increasing in popularity during the pandemic.
“Consumers are looking for a more flexible alternative to traditional car ownership,” he said.
“Over the lockdown period, Loopit saw a massive 52 per cent increase in inquiries from dealerships wanting to integrate subscriptions into their business.”
For dealers, the Loopit platform provides a “subscription in a box” solution that includes the software, training and services needed to offer car subscription to customers.
“With Loopit integrated onto their websites, dealer partners simply need to select cars from their stock to make available for subscription,” Mr Higgins said.
“Customers can then browse through the website, choose the car they want and subscribe online.”
Loopit partnered with Titan DMS and Dealer Solutions in 2019 with Titan DMS becoming the first distributor for the platform in the Australian market.
Dealer Solutions, part of Cox Automotive, was Loopit’s first integrated website partner, offering the subscription to its network of dealers currently using Dealer Solutions as their preferred website partner.
The combined Titan DMS and Dealer Solutions networks provide Loopit with access to more than 1000 dealers in Australia. It now operates in NSW, Victoria, Queensland, South Australia and Western Australia.
By Neil Dowling