Interview: FINN’s Maximilian WührBy: Christian Jansen Simon Richardson
Last update 2023-02-16 Reading time 3:08 min
Gain exclusive insights on car subscriptions, innovation, and startups from FINN’s Maximilian Wühr in this interview with Simon Richardson and Christian Jansen.
How long has your company been in existence and how did it come about?
We founded FINN in 2019 and want to give everyone access to worry-free mobility. After wanting to buy a car and being frustrated by the experience, I wanted to make it easier for consumers to drive their own car.
What are your target audiences?
At FINN, both consumers and business customers (B2B) benefit from a hassle-free, worry-free package. The majority of our users are younger than 40 and live in the suburbs or in the countryside. In the business customer segment, we mainly target small and medium-sized companies that have a need for readily available mobility and want to make their fleet more cost-efficient.
How does the concept of your car subscription service differ from the offerings of other providers?
We focus our offering on the needs of our users: Compared to leasing, we offer more flexible terms with complete cost transparency. We set ourselves apart from rental cars in particular by offering attractive deals in terms of price and vehicle.
What brands and models are available for the car subscription?
We cover everything from compact cars to luxury cars – FINN offers something for everyone.
In which countries do you currently operate and do you plan any future expansions?
We currently operate in Germany and the USA. Our goal is to simplify access to individual mobility for as many people as possible. That’s why further expansions are planned for the near future.
Is there currently still a shortage of vehicles on the market due to COVID-19, the semiconductor crisis and the war in Ukraine?
We see that the availability of vehicles is a challenge for all companies in the industry in the wake of the many trouble spots. At FINN, of course, we have not been completely spared from supply shortages. By purchasing vehicles with foresight, we have been able to provide our users with available mobility at short notice, despite the difficult situation.
In your opinion, how will the car subscription market develop in the next five years?
I believe the reason why car subscriptions are booming and FINN is so successful is because we are addressing three major social trends simultaneously.
- Consumers are changing their buying behavior from offline to online. While it’s perfectly normal to buy shoes on the Internet these days, the willingness to buy cars over the Internet is also growing steadily.
- The trend in the industry is: Away from possession and toward flexible utility. Following the success of music and video streaming, this trend does not stop at car ownership.
- Shifting from combustion cars to electric cars. With electric cars, for example, parts of the population are still skeptical about range and loss of value due to technical progress. A car subscription is an excellent way to test the suitability of electric cars for everyday use over a longer period of time. We have observed that most of our users who have driven an electric car once remain loyal to it.
With these trends behind us, I am convinced that demand for car subscriptions will continue to grow and become the third pillar of automotive sales alongside financing and leasing.
What are the contract terms for your car subscriptions?
Our users can choose between a term of 6, 12 or 24 months. With the Flex option, however, we also offer vehicles with a term of just one month, thus providing our users with maximum flexibility.
Is it possible for customers to extend their contract without changing the car?
We aim to offer our users the latest version of the vehicle. That is why it is only possible to extend the subscription in exceptional cases.
Is it possible to switch between different cars within the car subscription?
It is not possible to switch between different cars within a car subscription. However, flexible terms allow our customers to decide for themselves how often they would like to enjoy a different model.
Do you offer new or used vehicles?
We offer new cars to our users.
How does the booking, takeover, and return of the car take place?
The booking process is completely online and is as easy as ordering shoes on the Internet. On average, our ordering process takes 5 minutes. After successful verification, we deliver the car to a desired location of our users free of charge. At the end of the subscription period, there are two options: Return to one of our locations or an uncomplicated pick-up directly on site.
Are the car subscription vehicles regularly maintained?
With FINN, all services associated with car ownership are included in the monthly rate – including maintenance. We take care of the smooth processing of the services without any stress for our users.
Do you offer a free replacement vehicle when the subscription car is in the workshop or for the main inspection?
As part of our carefree experience, our users receive a free replacement vehicle if the FINN car needs to be repaired for a longer period of time.
February 16th 2023