MyMonthlyCar, a new startup, is set to launch a platform connecting car dealerships with customers for month-to-month used car rentals. The service, co-founded by Igor Dobrianskyi, Kostiantyn Gitko, and Vadym Zotov, also offers a rent-to-own option for customers.
The startup aims to address the issue of depreciating used car inventory at dealerships while providing more flexible and affordable options for individuals needing a car for a few months. MyMonthlyCar will charge dealerships 10% of each transaction and customers a separate 10% fee.
MyMonthlyCar is currently working with an insurance broker to finalise its own insurance program, which is described as key to the business. The company plans to launch its service later this year once the insurance program is in place.
The founders project signing on 100 dealerships and achieving 2,000 monthly rentals with $300,000 in revenue in their first year of operation. They also aim to generate $42 million in revenue over the next five years. MyMonthlyCar is currently bootstrapped but plans to raise a seed round to hire more developers and build out the platform, including an AI tool to help dealers identify suitable cars for rental.