Tribecar acquires Popular Rent a Car; enters corporate leasing market

TRIBECAR has acquired car rental company, Popular Rent a Car, entering the corporate leasing market. This move comes after the car-sharing platform acquired Car Club, another car-sharing platform, in March.

The acquisition was for an undisclosed eight-figure sum, according to Tribecar, and included WhizzCar, a car-sharing service under Popular Rent a Car. This will add 400 cars to Tribecar’s existing fleet of over 1,300 vehicles, consisting of cars, commercial vehicles and motorcycles.

With the addition of Popular Rent a Car’s corporate leasing arm, Tribecar will have new corporate clients, including statutory boards..

“Tribecar’s corporate leasing arm is expected to grow the business and eventually contribute to 20-30 per cent of our overall business revenue,” said Adrian Lee, co-founder of Tribecar.

All of Popular Rent a Car’s staff will join Tribecar after the acquisition. Ho Kok Kee, managing director of Popular Rent a Car, will join Tribecar’s board as an adviser as well.

WhizzCar members will be able to access all services via Tribecar’s platform by mid-November. Lee expects that the car-sharing business can still grow by 15 to 20 times, and remains Tribecar’s focus.

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“As we look to expand beyond our current market, we want to ensure that we can leverage our team’s innovation and knowledge of car-sharing technology combined with Popular Rent a Car’s focus on delivering quality service and customer satisfaction,” said Lee.