Latest news with #AidanRushby
Yahoo
3 days ago
- Automotive
- Yahoo
'I have little sympathy for the lenders - where was the car finance value for consumers?'
Even as a child, if Aidan Rushby witnessed bullying at school the now entrepreneur's modus operandi was to come to the rescue. Fast forward several years to where Rushby set up car finance app Carmoola to help consumers and get rid the "horrendous" commissions which could see millions owed compensation following the motor loan mis-selling scandal. 'There is something about serving and helping people,' says Rushby, co-founder and CEO of the fintech start-up. It's about delivering value for consumers so they can get a great product and ultimately you can drive a great business. I love seeing customers' reactions to the product.' Read More: I ditched waking up before 5am every day to grow my luxury bedding brand Rushby knew he was on to something when his mother-in-law understood the concept of Carmoula when he pitched it to her, ahead of launching the company in late 2022. Carmoola has since processed around four million loan applications in the three years since the app first came to market — and acquired total funding to the tune of £146m. Before car financing came car washing when he set up his first business as a 15-year-old. He later set up his own motor racing team, made websites at university selling T-shirts before working in property and 'being out and about' in Bristol. In 2013, Rushby started to think about digitising the rental experience and set up his first business venture, Movebubble, which lasted seven years. 'It was painful and I made so many mistakes,' he admits. 'I had a fair amount of childhood trauma and I was in this loop of failing. I was quite persistent and kept on trying to raise money to keep it going. 'It's not a great place as an entrepreneur to fear failure as you really need to embrace it. I wasn't scared of taking risks, I was more scared of how others would perceive it if it didn't work.' Rushby, who has dyslexia, stepped away as CEO in 2021 and sensed an opportunity in the car finance market after mulling consumer business ideas in the mortgage and investment space. He tested demand with a basic landing page website under a different brand name. Within a few hours, there were hundreds of sign ups for the product offering and it gave Rushby confidence to drive the business forwards. 'I saw that consumers were being ripped off by all these traditional lenders where they were paying the dealerships massive commissions and raking up the APRs,' he says. 'I thought there was a big opportunity to go direct to the consumer and deliver a modern fintech product experience.' Read More: 'In our workplace, we look for passionate, slightly unhinged mountain climbers' There were still stumbling blocks ahead of launch as investors began to ask questions after regulatory approval took six months longer than expected. Carmoola received the green light in the same week that Russia's invasion of Ukraine escalated. With two of Rushby's co-founders and engineers hailing from Ukraine, there was a frantic move to make the border crossing to Poland before it closed a few hours later. Of Carmoola's 50 staff, half are engineers now based in Warsaw and the rest housed at the firm's Primrose Hill headquarters in London. A revenue run rate is closing in on £20m, with Carmoola growing at 150% year-on-year. Its customer support team is employed directly and based in the UK, with Rushby noting that salaries are paid above market average in a bid to be pivotal, on-hand support to its customers. 'Consumers are trusting Carmoola with a very big purchase, probably the most important purchase after their home,' he says. 'It's an incredibly stressful time for those people who can't pay their car loan. They need professionals who can help them on that journey during periods if they lose their job or something happens in the family.' Rushby is also eyeing the looming Supreme Court ruling which could see payouts for millions of drivers after dealerships increased commission without being disclosed to consumers. The Financial Conduct Authority could then set up a redress scheme for lenders to compensate consumers, while payouts could take up from six months up to one year. 'It was one reason why Carmoola was created, to get rid of the horrendous commissions,' says Rushby. 'These people [lenders] were well aware of what they were doing in terms of ripping the consumer off. I have little sympathy. The traditional process was so opaque and they were acting for their own pockets. Where was the delivery of value to the consumer?' Read More: 'I returned to my old office to sell ties after being made redundant' Carmoola's next port of call is to build out financial products centred around the vehicle by launching a leasing-style PCP product as well as car insurance. New markets' expansion outside of the UK will also be explored. One senses that with the plentiful hurdles that Rushby has overcome during his career, both privately and in business, the entrepreneur relishes opportunities to solve them. Sure enough, as a founder he admits this to being 'super fun'. 'The more scary it is, the better sometimes,' he adds. 'It's a fun intellectual challenge of how to fix these things.' View from the top: how to build a successful start-up Go with your own gut Don't look for other people to give you advice. You have to make the decisions and they come from listening to other people. Very few people have the context that you are trying to solve, so you have to form your own judgement and be disciplined as an entrepreneur. Writing a journal is powerful I write a CEO report outlining what we are doing at strategic and operational levels. It's a powerful tool to look back over time in how I was thinking at the time and whether it played out. Show value proposition To show real understanding, are you able to communicate that to somebody who has no idea? Do they get it and does it make sense to them? I pitched Carmoola to my mother-in-law and she got it straight away. I wouldn't say that is the golden rule but it is a useful way of articulating whether the business model makes sense. A step by step process This gave me a high level of confidence to make sure it would work after the lessons from my first business. What is the real size of the market? How is revenue generated and how many people are likely to use the product? How cost effective is it to acquire the customers in this space? Then it's how to generate revenue and what the unit economics look like for the product. I forecast all of that before we even started. The real thinking From here, it is whether you are confident in acquiring these customers, what the competition is going to do and if they can stop you; to how much time you have got to really make it fly and the key elements of what you need to deliver on so that they can't copy you. Read more: 'I returned to my old office to sell ties after being made redundant' 'In our workplace, we look for passionate, slightly unhinged mountain climbers' Britain's 'king of billboards' who sold his business for £1bn
Scottish Sun
06-07-2025
- Automotive
- Scottish Sun
Map reveals UK's pothole hellscape with thousands fed up with state of roads in major city – is your area in the top 10?
Across the UK, drivers are growing increasingly frustrated with pothole-filled roads, poor maintenance and the stress of deteriorating conditions DRIVING PAINS Map reveals UK's pothole hellscape with thousands fed up with state of roads in major city – is your area in the top 10? Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) THE state of the UK's crumbling roads is driving residents around the bend, with motorists in major cities growing increasingly frustrated by the deteriorating conditions. Motoring experts have unveiled the cities where frustration with potholes and congestion is at its peak - revealing that these issues are playing a significant role in one in three Brits losing their passion for driving. Sign up for Scottish Sun newsletter Sign up 3 A pothole plague and bumper-to-bumper congestion - why millions of Brits are falling out of love with driving this summer Credit: Getty 3 Driving in the UK has gone from a symbol of freedom to a stressful chore, as worsening roads leave motorists fed up Credit: Getty 3 Belfast leads the frustration over potholes As it's the summer, many motorists are preparing to pack up their cars and head off on their family holidays. But according to a new report from car finance giant Carmoola, millions are simply dreading getting behind the wheel - due to the country's worsening roads and traffic. A particular issue is the UK's so-called 'pothole plague', contributing to a third of drivers (32%) saying they no longer enjoy driving. Hot-headed road users - described as 'aggressive or impatient drivers' - are the main reason half (49%) of Brits have become disillusioned, while 46% claim the stress of driving has taken all the joy out of it. Aidan Rushby, chief executive of Carmoola, said: 'We have uncovered a very human truth. 'That driving, once a symbol of freedom and adventure, has become something many people now dread.' Belfast drivers are the most ticked off when it comes to the conditions of their roads, with 26% saying they're overly frustrated with the state of potholes. Meanwhile, when it comes to congestion, 38% of Glaswegians say bumper-to-bumper congestion is what riles them up the most. These statistics highlight why only a quarter of road users view driving as a source of escape, while 34% see it merely as a practical means to get from A to B. Indeed, many say they simply find driving boring and would choose almost anything else above getting behind the wheel. Keir Starmer says councils must prove they are making potholes repairs or lose funding To that end, 20% would rather organise their sock drawer and 15% say they would sit through a three-hour meeting instead. 13% would prefer to watch paint dry and 9% would opt to do a tax return. UK'S WORST AREAS FOR POTHOLE FRUSTRATION REVEALED Belfast – 26% Nottingham – 22% Plymouth – 22% Birmingham – 20% Manchester – 19% Newcastle – 18% Cardiff – 17% Southampton – 17% London – 17% Bristol – 16% Edinburgh – 15% Glasgow – 15% Brighton – 13% Norwich – 12% Liverpool – 11% Leeds – 9% Sheffield – 9% POTHOLE PLAGUE Back in March, it was found that our pothole-plagued roads will take 12 years and nearly £17billion to fix, according to a report. More than half of local streets have less than 15 years of life left, says a survey by the Asphalt Industry Alliance. But, on average, they are re-surfaced only once every 93 years. AIA boss David Giles laid bare the scale of the problem, explaining how, despite £20billion being thrown at road maintenance in the past decade, the short-term approach has failed. He said: 'There have been no significant improvements in structural road conditions.' The AIA claims getting roads back to ideal condition would take 12 years and cost a corking £16.81 billion. Its survey also found 94 per cent of local authority highway teams believe there has been no improvement to their roads over the past year, with two thirds saying they have got worse. And despite councils spending £137.4million filling 1.9million potholes last year, the repair backlog continues to balloon. The Department for Transport said: 'We're investing £1.6billion to help councils resurface local roads and fix the equivalent of up to seven million extra potholes over the next financial year.'
The Sun
06-07-2025
- Automotive
- The Sun
Map reveals UK's pothole hellscape with thousands fed up with state of roads in major city – is your area in the top 10?
THE state of the UK's crumbling roads is driving residents around the bend, with motorists in major cities growing increasingly frustrated by the deteriorating conditions. Motoring experts have unveiled the cities where frustration with potholes and congestion is at its peak - revealing that these issues are playing a significant role in one in three Brits losing their passion for driving. 3 3 3 As it's the summer, many motorists are preparing to pack up their cars and head off on their family holidays. But according to a new report from car finance giant Carmoola, millions are simply dreading getting behind the wheel - due to the country's worsening roads and traffic. A particular issue is the UK's so-called 'pothole plague', contributing to a third of drivers (32%) saying they no longer enjoy driving. Hot-headed road users - described as 'aggressive or impatient drivers' - are the main reason half (49%) of Brits have become disillusioned, while 46% claim the stress of driving has taken all the joy out of it. Aidan Rushby, chief executive of Carmoola, said: 'We have uncovered a very human truth. 'That driving, once a symbol of freedom and adventure, has become something many people now dread.' Belfast drivers are the most ticked off when it comes to the conditions of their roads, with 26% saying they're overly frustrated with the state of potholes. Meanwhile, when it comes to congestion, 38% of Glaswegians say bumper-to-bumper congestion is what riles them up the most. These statistics highlight why only a quarter of road users view driving as a source of escape, while 34% see it merely as a practical means to get from A to B. Indeed, many say they simply find driving boring and would choose almost anything else above getting behind the wheel. To that end, 20% would rather organise their sock drawer and 15% say they would sit through a three-hour meeting instead. 13% would prefer to watch paint dry and 9% would opt to do a tax return. UK'S WORST AREAS FOR POTHOLE FRUSTRATION REVEALED Belfast – 26% Nottingham – 22% Plymouth – 22% Birmingham – 20% Manchester – 19% Newcastle – 18% Cardiff – 17% Southampton – 17% London – 17% Bristol – 16% Edinburgh – 15% Glasgow – 15% Brighton – 13% Norwich – 12% Liverpool – 11% Leeds – 9% Sheffield – 9% POTHOLE PLAGUE Back in March, it was found that our pothole-plagued roads will take 12 years and nearly £17billion to fix, according to a report. More than half of local streets have less than 15 years of life left, says a survey by the Asphalt Industry Alliance. But, on average, they are re-surfaced only once every 93 years. AIA boss David Giles laid bare the scale of the problem, explaining how, despite £20billion being thrown at road maintenance in the past decade, the short-term approach has failed. He said: 'There have been no significant improvements in structural road conditions.' The AIA claims getting roads back to ideal condition would take 12 years and cost a corking £16.81 billion. Its survey also found 94 per cent of local authority highway teams believe there has been no improvement to their roads over the past year, with two thirds saying they have got worse. And despite councils spending £137.4million filling 1.9million potholes last year, the repair backlog continues to balloon. The Department for Transport said: 'We're investing £1.6billion to help councils resurface local roads and fix the equivalent of up to seven million extra potholes over the next financial year.' JOY-RIDING With 60% of lapsed drivers saying they wish they could rediscover the joy of driving, Carmoola has launched its 'Joy Ride' service – an initiative designed to inject some much-needed cheer back into everyday journeys. A series of Joys – women joyful by name and nature (pic attached) – took over one of Britain's dullest-sounding streets: Mundania Road in East Dulwich (pic of them there attached), London, joining real drivers for their daily routes, dancing, chatting and singing along the way, transforming routine trips into unexpectedly uplifting experiences. 'We believe driving can and should be something people look forward to – not something that adds stress to their day,' adds Carmoola's Rushby. 'That's why we created Joy Rides: to remind people what driving can feel like when it's filled with laughter, company, and a bit of unexpected delight. Sometimes, a little joy is all it takes to make driving feel fun again. 'And for 3.26 million Brits, the thing that's reduced their enjoyment of driving is not owning the car they really want. We've seen first hand the joy that a dream car can bring – which is exactly why we're on a mission to make car ownership simpler, more empowering, and more joyful for everyone.'
The Irish Sun
06-07-2025
- Automotive
- The Irish Sun
Map reveals UK's pothole hellscape with thousands fed up with state of roads in major city – is your area in the top 10?
THE state of the UK's crumbling roads is driving residents around the bend, with motorists in major cities growing increasingly frustrated by the deteriorating conditions. Motoring experts have unveiled the cities where frustration with potholes and congestion is at its peak - revealing that these issues are playing a significant role in one in three Brits losing their passion for driving. Advertisement 3 A pothole plague and bumper-to-bumper congestion - why millions of Brits are falling out of love with driving this summer Credit: Getty 3 Driving in the UK has gone from a symbol of freedom to a stressful chore, as worsening roads leave motorists fed up Credit: Getty 3 Belfast leads the frustration over potholes As it's the summer, many motorists are preparing to pack up their cars and head off on their family holidays. But according to a new report from car finance giant A particular issue is the UK's so-called 'pothole plague', contributing to a third of drivers (32%) saying they no longer enjoy driving. Hot-headed road users - described as 'aggressive or impatient drivers' - are the main reason half (49%) of Brits have become disillusioned, while 46% claim the stress of driving has taken all the joy out of it. Advertisement Read more Motors News Aidan Rushby, chief executive of Carmoola, said: 'We have uncovered a very human truth. 'That driving, once a symbol of freedom and adventure, has become something many people now dread.' Belfast drivers are the most ticked off when it comes to the conditions of their roads, with 26% saying they're overly frustrated with the state of potholes. Meanwhile, when it comes to congestion, 38% of Glaswegians say bumper-to-bumper congestion is what riles them up the most. Advertisement Most read in Motors Exclusive Exclusive These statistics highlight why only a quarter of road users view driving as a source of escape, while 34% see it merely as a practical means to get from A to B. Indeed, many say they simply find driving boring and would choose almost anything else above getting behind the wheel. Keir Starmer says councils must prove they are making potholes repairs or lose funding To that end, 20% would rather organise their sock drawer and 15% say they would sit through a three-hour meeting instead. 13% would prefer to watch paint dry and 9% would opt to do a tax return. Advertisement UK'S WORST AREAS FOR POTHOLE FRUSTRATION REVEALED Belfast – 26% Nottingham – 22% Plymouth – 22% Birmingham – 20% Manchester – 19% Newcastle – 18% Cardiff – 17% Southampton – 17% London – 17% Bristol – 16% Edinburgh – 15% Glasgow – 15% Brighton – 13% Norwich – 12% Liverpool – 11% Leeds – 9% Sheffield – 9% POTHOLE PLAGUE Back in March, More than half of local streets have less than 15 years of life left, says a survey by the Asphalt Industry Alliance. But, on average, they are re-surfaced only once every 93 years. AIA boss David Giles laid bare the scale of the problem, explaining how, despite £20billion being thrown at Advertisement He said: 'There have been no significant improvements in structural road conditions.' The AIA claims getting roads back to ideal condition would take 12 years and cost a corking £16.81 billion. Its survey also found 94 per cent of local authority highway teams believe there has been no improvement to their And despite councils spending £137.4million filling 1.9million potholes last year, the repair backlog continues to balloon. Advertisement The Department for Transport said: 'We're investing £1.6billion to help councils resurface local roads and fix the equivalent of up to seven million extra potholes over the next financial year.' JOY-RIDING With 60% of lapsed drivers saying they wish they could rediscover the joy of driving, Carmoola has launched its 'Joy Ride' service – an initiative designed to inject some much-needed cheer back into everyday journeys. A series of Joys – women joyful by name and nature (pic attached) – took over one of Britain's dullest-sounding streets: Mundania Road in East Dulwich (pic of them there attached), London, joining real drivers for their daily routes, dancing, chatting and singing along the way, transforming routine trips into unexpectedly uplifting experiences. 'We believe driving can and should be something people look forward to – not something that adds stress to their day,' adds Carmoola's Rushby. 'That's why we created Joy Rides: to remind people what driving can feel like when it's filled with laughter, company, and a bit of unexpected delight. Sometimes, a little joy is all it takes to make driving feel fun again. 'And for 3.26 million Brits, the thing that's reduced their enjoyment of driving is not owning the car they really want. We've seen first hand the joy that a dream car can bring – which is exactly why we're on a mission to make car ownership simpler, more empowering, and more joyful for everyone.'
Glasgow Times
02-07-2025
- Automotive
- Glasgow Times
Study reveals why Glasgow drivers hate driving today
The study by digital car finance lender Carmoola found more than half of drivers in the city (53 per cent) drive less than they used to, and more than a quarter (26 per cent) have lost their passion for it altogether. The M8, which connects Glasgow and Edinburgh, was branded one of the UK's dullest drives by 40 per cent of locals. Relentless roadworks (65 per cent) and inconsiderate drivers (55 per cent) were also named factors for the loss of enthusiasm. Read more: Ex-Rangers boss Van Bronckhorst appointed Liverpool's new assistant coach The top reasons for Glasgow drivers falling out of love with driving were identified as roadworks and poor road conditions (65 per cent), aggressive or inconsiderate drivers (55 per cent), and a desire for healthier lifestyles, like walking or cycling more (39 per cent). The study suggests that Britain as a whole is losing its love of driving, with almost a third (32 per cent) of UK drivers saying they no longer enjoy being behind the wheel. Once a symbol of freedom and spontaneity, driving is now increasingly seen as a joyless task, with just 24 per cent of Brits still viewing it as a source of escape. Aidan Rushby, chief executive officer and founder of Carmoola, said: "We've uncovered a very human truth - that driving, once a symbol of freedom and adventure, has become something many people now dread. "We believe driving can and should be something people look forward to - not something that adds stress to their day." The study also explored why people have fallen out of love with the road. High levels of stress, aggressive or impatient drivers, constant traffic jams, poor road conditions, and city driving were cited as the main reasons.
