WabiCar offers subscriptions for a minimum of 30 days, with no-strings-attached cancellation. Subscribers can switch vehicles at any time. The subscription covers vehicle taxes, comprehensive insurance, roadside assistance, and the first 1,500 kilometers (930 miles) of driving per month.
Vehicles range from ultra-compact to SUVs. Currently, the only brands on the app are Hyundai and Suzuki, including electronic and hybrids models. Pricing varies from €360 ($407 U.S.) per month for an ultra-compact to €398 ($450 U.S.) for a compact, and €548 ($620 U.S.) for an SUV.
Santander is planning to expand WabiCar to Andalusia, Catalonia and the Valencia region in the near future, it said in a news release.
The app is planning to increase the number of vehicles on the app through dealer partnerships. “This service presents a new business opportunity for dealers, who can use Wabi’s digital platform to promote… second-hand and kilometer-zero vehicles,” Santander said.
“We are working to stay a step ahead of customers’ needs, partners (car dealers) and communities by offering solutions to the demand for instant mobility services,” said Ángel Fernández de Bobadilla, CEO of Santander Consumer Spain.
However, SCF made the unusual decision to create a new brand instead of adding a subscription service to Coches.com. But it’s important to note that the new venture does not compete with Coches.com’s core business — new car sales — nor with its leasing channel, which offers traditional 36-month leases at considerably lower monthly rates.