Sydney-based start-up Drive My Car Rentals, which has been tipped as one of Australia’s most promising tech ventures, is on the hunt for a new CEO after its former boss stepped aside.
Drive My Car Rentals, which is part of a portfolio of companies belonging to Future Capital Development Fund, says it has an “urgent vacancy” for a new chief executive.
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Operating online, Drive My Car Rentals connects car owners looking for extra income and drivers looking for an alternative to conventional car rental companies.
Future Capital chief Andrew Fiori-Dea says Drive My Car Rentals’ former chief executive, Daniel Noble, has chosen to step aside “on the basis he thought it was growing so strongly”.
However, Noble will remain as a shareholder and will be involved in the business as a consultant.
According to Fiori-Dea, there will be no other changes regarding the directorship of the business.
“[Drive My Car Rentals] has gone from an entrepreneurial start-up to a fast-growing, medium-sized business,” he says.
“The business has changed from its initial focus as a start-up that needs to sell and get to market, to a business with a more operational focus.”
“[It has] got really good, strong revenues and demand that is extremely strong, so it needs someone who has the skills for the next phase of the business cycle.”
Reports suggest Drive My Car Rentals has a revenue forecast of $6.5 million this year, although Fiori-Dea has refused to confirm this figure.
According to Fiori-Dea, Noble chose to step aside because he recognises Drive My Car Rentals now requires a different skill set to “take the business to the next phase of its life”.
“We are now in an enviable situation where demand for vehicles exceeds our ability to meet the supply. A lot of our focus is around securing and building a loyal supply of vehicles,” he says.
“What we’re wanting to do is continue to build the relationship with vehicle owners, so we can continue to get a steady stream of cars.”
“[We’re also focusing on] more geographic growth. At this stage, our growth stems from NSW and Victoria, and now we want to expand the operation so it is really fully national.”
“We have customers in Perth, Adelaide, Darwin and far north Queensland, but we want to solidify the business from a national perspective.”
Fiori-Dea says once the business is comfortable it has achieved this goal, it will turn its attention to expanding the business internationally.
“We’ve already had preliminary discussions with parties in both the UK and Europe, and also the US,” he says.
“The likelihood is it will be one of those two geographic locations – Europe, inclusive of the UK, and/or the US.”
Fiori-Dea says the business is already well capitalised, so the focus is really on good business management, including managing the sales and marketing, and managing the team more broadly.
Drive My Car Rentals currently employs 14 staff, although Fiori-Dea expects this number to increase.
“There are no secrets or magic here – it’s about pure day-to-day management to ensure the business grows consistently and well, of course,” he says.