Modo The Car Co-op: Shifting carsharing into high gear

 Modo The Car Co-op

About this story

  • Organization
    Modo The Car Co-op
  • Region
    Lower Mainland, BC
  • Area of impact
    Energy & Environment
  • Type of investment
    Grant and Line of credit
  • Download a
    long version of this story

Carsharing has caught on in the Lower Mainland—and Modo The Car Co-op and Vancity have been there from the beginning. In fact, it was a grant from Vancity that enabled Modo to purchase its first car and claim bragging rights as the first carshare program in the English-speaking world.

“The Modo story is an excellent example of Vancity’s enterprise development path in action,” says Rebecca Pearson, Vancity account manager for community business. “The member received an initial grant, and as the co-op grew, so did our relationship. Over the years, we’ve offered Modo a range of grants, loans and financial services so they can meet their daily cash flow needs, purchase new vehicles and grow their business.”

The relationship between Vancity and Modo continues to evolve. In 2011, Vancity increased Modo’s line of credit, giving it the flexibility it needed to purchase 50 new vehicles for its ever-expanding fleet, which includes conventional vehicles, as well as hybrids and even four fully electric vehicles.

Watch our Impact Story spotlight on Modo the Car Co-op