We have all heard the story of twigs and how you can individually break each one of them and how just a few of them bound together become impossible to break. How did this principle work for nearly 100 Angels who came together as a family and transformed their idle liabilities to assets with Myles Business Associate Program?
It was the winter of 2016, Machindra Darade, a marketing professional in UAE, had returned to his family home in Mumbai to sell off his dispensable liabilities. His idle Hyundai i10 topped the list with annual maintenance costs, insurance premiums and other unnecessary expenses. In between his decision to sell his car and the tedious sale process, Machindra ended up buying 10 more cars. You read that right, no kidding! After all the Myles Business Associate Program (MBAP) helped Machindra sell his idle liability and buy a new car through the company’s finance facility, which would soon prove to be a profit-making asset. Machindra, on the other hand became an entrepreneur and an integral part of the Myles family over-night. “When the Myles team educated me about the program, I found it too good to be true. Also because Myles was fairly a new company back then, my skepticism knew no bounds. But when I met the team at Myles, I knew I could trust them with my hard earned money. Unlike several other start-ups, the Myles team was approachable and keen on building trust and an emotional connect. Since then, the trust has stayed intact and there has been no looking back,” shared Machindra when we asked him to share his journey with MBAP and Myles. While Myles in itself is a business that is scaling, together with MBAP it is one big family of car owners that operates on a revenue sharing model. In its crux, MBAP or as it is commonly called, the Myles Angels Program frees car owners of a major drain on car EMI’s and maintenance, while bringing in extra income.
This feeling of family couldn’t be more apparent than when speaking with Maitryee Mukherjee, a housewife from Delhi, who has rented two cars with the program. At first, it was hard to believe that a lady, such as Maitryee chose to associate with a program that primarily sees men walking in on most days. But it is equally hard to deny that women like her are the spirit of Myles. Maitryee has a warm voice, a soft drawl, and comes across as the friendly, next door neighbor you really wish you had. While Maitryee is a number-buff, she reports that associating and investing in MBAP is no pressure cooker. In fact, she reveals that the program is, rather a unique and assured option for people looking to invest and grow, “I was looking for investment options and like many my objective was to earn maximum return, with little risk in a short period of time. After a thorough market research about the car-rental industry I froze on the Myles Business Associate Program,” shares Maitryee.
Even as Myles takes a 30% share of revenue earned from the car each month, it provides a minimum guarantee payment of 3% of the ex-showroom price. “The transparency maintained by the company in terms of monthly payouts, downtime protection and resale value build a trust that anyone looks for at the time of investment. Apart from the returns, the regular reports, updates and e-mails sent out by the company about the business remind us that we are an important part of this family,” shares Devdutt Tomar, another angel associated with the program who has rented two cars through the platform.
Customer service certainly is important at MBAP – as it is to any company. And while taking care of customers is the most important part of the program, it all comes together and works well when the company you are associated with is as passionate about supporting you as you are about their products and services. “Service is a huge part of what they do at Myles. The primary reason for me to choose Myles over its competitors was that they are supportive and approachable”, shares Sameep Mishra, who is a Software Engineer with a Fortune 500 company.
While Myles is still in its nascent stage, its associates feel it is anything but. MBAP’s policy of caring for its associates clearly sets the tone for the program. The use of advanced technology to monitor the car only adds to that tone. “When I enrolled for the program, my greatest concern was that my car will probably be returned in an unpleasant state. However I was relieved when a Location tracking device and speeding alert system was installed in the car. This speeding system allows Myles to monitor the driver performance by assessing the speed of the vehicles and penalizing drivers for high speed,” shares Anurag Sharma who has rented three cars with the program.
Carrying forward this tone, Myles is now planning on installing On Board Diagnostics system in investors’ vehicles to regularly monitor the car’s health. This system will allow Myles to monitor the driver performance by assessing braking, steering and fuel efficiency, besides tracking the overall health of the vehicle.
While the foundation of the program has been laid, the glue that holds together these people with disparate backgrounds is the shared goal to grow. The Myles team strongly believes that transparent communication is the most deep-seated medium that connect associates to the organization’s larger mission. With this mind, the team is now looking at creating an Investor app. This app will provide investors a real-time view of their MBAP account statement along with the number of bookings made on each of their rented cars.
Even though one may not be able to choose their birth family, they can definitely choose the family they wish to be associated with and grow with for as say, in the end the whole is greater than the sum of its parts!