Toyota has announced the official launch of KINTO, a new company to manage and operate its car subscription service. KINTO is funded by Toyota Financial Services and Sumitomo Mitsui Auto Service Company.
“As society shifts from conventional car ownership to car usage that can be enjoyed wherever and as much as users would like, there is a growing need for a service that allows customers to freely select the car that they like or want to drive, and enjoy it as they like, instead of using a car simply as a means of transportation,” the company wrote in a press release.
KINTO offers two services that will soon be available in Japan: KINTO ONE allows customers to drive one Toyota-branded vehicle over a three-year period, while KINTO SELECT allows customers to drive six models of Lexus-branded vehicles over a three-year period. Both are monthly fixed-sum services that include insurance payments, vehicle taxes, registration charges and regularly scheduled maintenance of the vehicles.
KINTO SELECT will launch on Feb. 6, and KINTO ONE will become available on March 1. Both services will be deployed on a trial basis through select Toyota and Lexus dealers in the Tokyo metropolitan area, with a nationwide rollout scheduled for this summer. The number of vehicle models available will be expanded in the fall.
Recent projections have shown that the global automotive subscription market will grow at a compound annual growth rate (CAGR) of 71 percent between 2018 and 2022. Several automakers have already launched the services, including some luxury car companies.
BMW offers subscription access to its vehicles through its Access by BMW program, which costs between $1,099 and $2,699 per month. Audi gives subscribers access to five vehicle options — the A4, S5 Coupe, A5 Cabriolet, Q5 and Q7 — for $1,395 per month. The automaker’s plan also includes unlimited mileage, and allows customers to swap vehicles twice per month.
Porsche Passport charges between $2,000 and $3,000 per month for access to different vehicles, including the Boxster, Cayman, Macan, Panamera and 911.