SG Fleet oversees 140,000 vehicles in its fleet management and leasing arm.
It has taken a stake in Collaborate Corp, which owns the Carly car subscription service.
SG Fleet's CEO will take a seat on the Collaborate board.
The $700 million fleet management group SG Fleet has taken a stake in the ASX-listed parent of car subscription company Carly to expand into a new channel becoming increasingly popular with the younger demographic.
SG Fleet oversees 140,000 vehicles in its traditional fleet and novated leasing operations. The investment marks a step outside its traditional business to tap into a fast-growing area where younger drivers in particular like the flexibility of a Netflix-style subscription service where they pay a monthly fee for the use of a car.
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Simon Evans writes on business specialising in retail, manufacturing, beverages, mining and M&A. He is based in Adelaide. Connect with Simon on Twitter. Email Simon at simon.evans@afr.com
