AN Australian digital direct-to-consumer car sales model has received a second injection of funds and is on a mission to expand EV ownership through zero-interest finance and access to new and used vehicles.

Vyro, which recently received $1 million capital led by Antler Australia and Ellerston Capital, opened with a soft launch late last year and now says it has 1000 on its waiting list and has sold “numerous” cars.

The attraction for buyers is attractively priced EVs that can come with zero-percent interest finance through fintech lender Plenti, which is backed by Westpac after the bank provided Plenti with access to a $250 million facility for EVs and charging equipment.

Vyro gets its new stock from Australian dealers and distributors and its used vehicles from auction sites in Australia and Japan. It works with Byron Bay-based The Good Car Company that deals exclusively in new EVs from Hyundai and Polestar.

The Good Car Company also deals with Japanese car auction houses for used Nissan Leaf and e-NV people movers. Prices for the used vehicles start at $17,000 for a Leaf and from $59,000 for an e-NV seven seater.

The company’s co-founder and CEO, Will Wise, told GoAutoNews Premium that Vyro was “proactively working with suppliers to forecast sales and establishing new supply routes through grey imports and manufacturers who are yet to arrive in Australia.”

“This isn’t enough though. We urgently need policy reform to further incentivise manufacturers to send their zero-emission vehicles to Australia.”

“Vyro is backed by major venture capital investors and leading service partners. We are innovating in the electric vehicle ecosystem to become the country’s leading dedicated electric vehicle platform, with a goal to sell 100,000 zero-emission vehicles by 2026.”

He said that the purpose of Vyro was to “solve the three main problems Australians face when trying to purchase an EV – upfront cost, supply and the dealership model.”

In a statement, he said: “The traditional dealership model relies on maintenance after the point of sale.”

“With EVs requiring far less of the maintenance than petrol-guzzling rivals. Vyro wants to pass those savings onto consumers with an end-to-end virtual dealership model, from trade-in to delivery.”

He said that “spiking petrol prices are underlining a reality most Australians already see – the future for passenger vehicles in Australia is electric.”

“It’s also obvious to the automotive industry that the days of car dealerships are numbered.

“Consumers are sick of the trawling and haggling, just as much as the misleading car financing.

“The team at Vyro believe it’s time for a smooth, 100 per cent digital electric vehicle buying journey, with affordability and transparency at the forefront of every sale.”

In its virtual dealership model, it competes with Cars24. It also shares a belief in EVs with subscription business CarBar which has stated that it intends to increase its EV numbers to 25 per cent of its fleet, up from the current five per cent.

In its business outline, Vyro is described as “a one-stop shop for anyone looking to make the switch” to EVs.

“It allows customers to trade in their fuel-powered vehicle, compare and purchase an electric car and bundle it together with insurance and carbon-neutral home energy.

“Customers can then cover the upfront costs with innovative zero-per-cent interest finance, powered by Vyro’s partnership with leading fintech lender Plenti.”

Mr Wise said the funds from the capital raising would be used to expand the business. He said that for the future, Vyro will offer services such as peer-to-peer car share, energy arbitrage and carbon emission abatements.

“These features will make electric cars more affordable to buy and own than traditional fuel-powered vehicles,” he said.

The company was co-founded by Mr Wise, formerly Siteminder’s principal engineer; former Brighte commercial manager Tanvir Uddin; and Tessa Fields who comes to Vyro from UK start-up Florence.

By Neil Dowling