The name Karmo was inspired by the Kamo River in Japan, rivers are known for their ability to adjust and forge new paths. That idea of constant evolution is central to how we work.
Sometimes the best business ideas come through the problem itself. For Nick Boucher, founder of Karmo, it was the simple realization that everyone should have the same freedom that he liked as a manager of the car dealer, the excitement of driving different vehicles without being bound to just one.
Nowadays, that insight has changed into a provider of a car subscription with more than 10,000 customers, $ 39 million in annual turnover and 675% growth over 36 months. But Nick’s journey from the showroom floor to Tech -Onder -entrepreneur reveals lessons that go much further than the car industry.
The curiosity that started everything
Nick’s entrepreneurial story starts with a simple characteristic that many successful founders share: genuine curiosity about people and their problems. “I have always been curious about people, what drives them, what they need and how I can help,” Nick explains. “That natural curiosity led me to the sale and eventually opened the door to the car industry.”
Starting with the lower sport of a dealer, Nick was not satisfied with selling cars: he was hungry to understand the entire ecosystem. “I listened, I asked questions, I paid attention to what worked and what didn’t do,” he recalls. This obsessive attention to detail would serve him well, while he climbed Junior Sales to one of the youngest general managers in the industry.
But it was during his almost two decades in dealers that Nick saw the fundamental shift that would become the base of Karmo. “Customers were no longer loyal to one brand or model, they changed things more often, looking for flexibility that traditional car ownership simply does not offer.”
The irony was not lost to him. “One of the benefits of the work was always access to a new car, and who wouldn’t love that!
The spark that would eventually become Karmo came from an unexpected conversation in 2016. Nick spoke with the cousin of his wife about his new job at Uber and tried to sell him cars when the cousin said something would change: “We don’t buy cars, we get people to use them.”
“That simple concept made an agreement,” Nick recalls. It led to setting up Keyz, a rental machine, while it still achieved two large dealers. “I had spent almost two decades in the traditional automotive retail, but it was the new company that really started to excite me.”
Nick’s early experience gave crucial insights into customers who have access to ownership, a revelation that would form the entire strategy of Karmo when he launched it in 2019.
Building around customers, no cars
Unlike some startups, we did not start with a large check. We had to be careful with every dollar and smart, sustainable decisions
One of Karmo’s greatest early decisions shows the importance of staying close to your market and being willing to turn when you see a greater chance. “When I launched Karmo in 2019, one of our biggest early decisions was to turn Rideshare drivers to the wider audience,” Nick explains. “We realized that this new way of having a car was not only for performing employees, it could go to everyone who did not want the hassle of ownership or buying a car through a dealer but still needed a car that had adapted to their lifestyle.”
This was not only a small adjustment: it was a complete market expansion that “our market enormously expanded and opened new growth opportunities”.
Although many startups focus on building technology because of technology, the approach of Nick was a refreshing customer -oriented. For several years, Karmo has invested more than $ 4 million in building its own software, but with a crucial difference. “Most car rental systems are built around the car, we built ours around the customer,” Nick notes. “That has been a game changer to help us scale up quickly and to improve service at every step.”
This customer-first approach to technology has enabled Karmo to offer more than 230 models in 120+ car lines of 30+ brands: a selection that continues to grow weekly in the direction of their goal of 300+ models.
Perhaps one of the most valuable lessons from Nick’s journey is how Karmo has achieved profitability in a notorious capital -intensive industry. In contrast to many startups that burn through venture capital, Karmo has received a different approach. “Unlike some startups, we did not start with a large check. We had to be careful with every dollar and smart, sustainable decisions,” Nick explains. Are philosophy? “You earn a certain gross percentage of each dollar in income, but you save 100 percent of each dollar that you save.”
This resourceful mentality helped to build “a lean, efficient company that has been profitable, something we are really proud of in a category where that is rare.”
The power to know what you don’t know
Nick’s honesty about his own learning curve offers a different crucial lesson for founders who switch from traditional industries to technically engaged companies. “Coming from a background in car sales, I came in this world with much to learn. Having a strong chairman and an experienced board has been invaluable for my own development and for the strategic design of the company.”
The team that he has put together reflects this dedication of complementary expertise. His co-founder Sam Zammit, who joins 2021, brings strategic thinking and product vision. Coo Andrew Rickett and Chief Revenue Officer Laura Harewood came from the Motopool -Acquisition, which brought operational excellence and commercial insight. CFO John Bush has played an important role in structuring important partnerships, including the debt facility of $ 138 million, supported by Volkswagen and the financial weapons of Toyota.
“We are now a team of more than 70 – and we are growing – and we make it a priority to listen to our people, especially those in the front line. They are closest to our customers, and help their insights to shape what we then build.”
In the core, the success of Karmo stems from a simple but powerful philosophy. The company name itself was “inspired by the Kamo River in Japan, rivers are known for their ability to adjust and forge new paths. That idea of constant evolution is central to how we work. We are not only responding to change, we expect it.”
This adaptability has served them well through challenges such as COVID-19 offerings and the complexity of scaling a new business model. But it is also what positions them for continuous growth in a rapidly evolving mobility landscape.
For Nick, the recent acquisition of Motopool and the most important financing of Automotive Giants only represents the beginning. “In the past 3 years our team has grown with 4, our turnover has risen by 510%and we have a debt facility of $ 138 million secured … The exciting thing is that we will start working.”
But despite the impressive figures, Nick’s focus remains firmly on the human element that has started everything. “For me it’s not just about the numbers. It’s about solving real problems for real people, which gives Australians access to the right car at the right time, on their own conditions.”
The journey from Nick Boucher from Car Salesman to Tech Founder offers various crucial lessons for entrepreneurs. Follow your curiosity: deep industrial knowledge combined with genuine curiosity about customer problems can reveal enormous opportunities that others miss. Live the problem, the most fascinating business ideas often come from solving problems you have experienced from first -hand. Stay close to your market and be willing to run when you discover larger opportunities, but make sure that those pivots are based on real customer insights.
Build technology around customers, no products. When developing technical solutions, always start with the customer experience and work. Manage the art of resourceful growth: profitability and sustainability can be competitive benefits, especially in capital -intensive industries. Surround yourself with complementary expertise by recognizing your knowledge gaps and building a team that fills them. And embrace a constant evolution by building adaptability in the DNA of your company from the first day.
As Nick says: “We are again presented how Australians move in a way that is smarter, simpler and more in harmony with how people actually live. And we have only just started.”
In a world where many startups at all costs focus on growth, the story of Karmo proves that combining deep industrial expertise, customer obsession and resourceful implementation, both profitable and transforming.
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