AMSTERDAM — According to Daniel Garnitz, CEO and co-founder of Germany-based Faaren Group, which provides a white-label service that enables dealerships to offer car subscriptions to their clients, it is now facilitating a “five-figure” number of subscriptions per year. 

According to Garnitz, subscriptions now account for 10% of new car sales in Germany. 

“Do not close your eyes to the car subscription market. It has come to stay,” he urged attendees on the second day of the AIM Group’s AutosBuzz conference. 

He described Faaren as integrated into dealerships and “owning the transaction.” 

Garnitz noted that its average subscriber was 38 years, compared with a figure of more than 50 for the average car buyer in Germany. 

He added that EVs accounted for 30% of subscriptions, compared to a figure of 21% for all new car registrations in the country. 

Founded in 2017, Faaren currently has 40 employees.

Correction: This article originally stated that Faaren had exceeded 100,000 car subscriptions a year.

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