UK P1 Supercar Club Rises Again

The P1 supercar hire club is back on its feet, after a rough couple of months due to the recession during which P1 ran into financial difficulties. The club was struggling to repay asset finance repayments of 100,000 pounds a month to found its fleet, but nobody would buy supercars when P1 tried to sell. The market had frozen at the exact time P1 really needed the money.

Eventually, the banks called in the loans. P1 club was put into new administration as the founder, Mr Michael Breen, sought new funding from investors. Finally, in August he bought his business back.

P1 is hoping to attract new customers, as his new line up of drool worthy supercars consists of Aston Martin DBS, Ferrari F430 Spider and the Nissan GT-R. They already have a Ferrari 458 Italia, McLaren MP4-12C and Mercedes-Benz SLS on order. The new P1 will offer 30 supercars and premium models and still has 50 of its original members. Before collapsing, P1 had a peak of 240 members.

So how does it work? Every member pays for one of the three available packages priced at 9,250 pounds, 12,250 pounds or 14,250 pounds. In exchange, each member gets a number of points to be used for supercar rental.

On paper, the future sounds rosy. “Say an average supercar costs about 150,000 pounds - you’ll typically lose 30% of that in the first year, on top of the 5,000 pounds for insurance and 2,000 pounds for a service” says Breen. “That’s a 52,000 pounds cost in a year. P1 lets you enjoy access to a supercar with none of the risk.
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