Cycle & Carriage Singapore enters car leasing business, partners Gojek
AUTOMOTIVE group Cycle & Carriage Singapore on Thursday said it has entered the car leasing business through the formation of a new unit wholly owned by parent company Jardine Cycle & Carriage (Jardine C&C).
The new unit, Cycle & Carriage Leasing, will provide various leasing options from daily rentals to long-term car rentals of up to three years, and will also be available to private hire drivers.
In line with the move, Cycle & Carriage Leasing has also formed a fleet partnership with Gojek, as it looks towards leasing and managing car fleets for corporate clients, including key players in the ride-sharing space.
The partnership marks Cycle & Carriage's move into the mobility space by working with an on-demand ride-hailing operator, it added.
Cycle & Carriage Singapore managing director Eric Chan said car leasing is the latest development and business expansion for the group in Singapore.
"This reflects our drive to stay ahead and be competitive in the automotive industry by responding dynamically to changing market demands," he said.
Cycle & Carriage Leasing's fleet will consist mainly of brands represented by Cycle & Carriage Singapore - namely Kia Cerato, Kia Stonic, Kia Niro Hybrid as well as Mitsubishi Attrage. Other car makes meanwhile, will also be available to provide more options.
Jardine C&C shares were trading at S$36.25 on Thursday, up 0.2 per cent or six Singapore cents as at 12.15pm.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Transport & Logistics
Toyota hits record annual output, sales on robust demand
Nissan, Mazda roll out new models for China as they aim for comeback
VinFast chief plans to invest US$1 billion more from his fortune in EV maker
XPeng CEO says its software, AI upgrades to enter ‘super fast cycle’
Swedish manufacturer is latest to offer electric pleasure craft in Singapore
Mercedes says it will continue to invest in China tie-ups