Planet42 Is A Start-Up Car Rental Company That Allows Its Users To Pay On A Subscription Basis. Planet42 is a South African startup that buys cars and let’s its users access them on a subscription basis. It mostly targets people who would otherwise not access car loans from banks due to a variety of factors including credit scores. The startup has scoring algorithms that determine the risk factor of each customer. It then buys the car from their partner dealerships and gives it to the qualifying customer for a subscription. The cars come with tracking systems, comprehensive and mechanical insurance. Planet42 has already partnered with over 300 dealerships in South Africa and has over 2,000 cars bought and delivered to paying customers.
“Our ambition is to make mobility accessible to everyone who can afford it, including the people that banks deem “blacklisted”, which comprise more than 90 per cent of our clientele. We’ve already signed up over 300 car dealerships across South Africa, but there are still several thousand to go. And that’s just the first market we have tackled.” Eerik Oja, the chief executive officer (CEO) and co-founder of Planet42 told Tech Moran.
Planet42 launched in 2017 as CarGet as a response to the failure of banks to provide financing for millions of South Africans that have to endure a dangerous and inefficient public transport system every day. Getting a car with Planet24 is simple as one can submit an application and get pre-approved in 1 minute. Clients can then choose a suitable car at any of the hundreds of car dealerships it works with in South Africa. After a quick assessment and verification, a contract is signed and the company buys the car that the client chose from the dealership so clients can use it on a subscription (rent-to-buy) basis. The monthly rental payments also include comprehensive and mechanical insurance.
The company makes a social impact in places where access to mobility is an issue and helps people so they can move around quicker and safer. It believes that by tackling physical mobility, and giving people more time and peace of mind to focus on important things like family, career and education, it will bring about social mobility.
