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Growth in Uber car supply can help reduce private car ownership: Singapore GM
UBER'S collaboration with Lion City Rentals (LCR) to put in bids for certificates of entitlement (COE) for cars here can help Singapore reduce private car ownership, said Warren Tseng, Uber's general manager in Singapore.
"It's (COE) an open bidding system, and we're pretty comfortable with the overall situation with Lion City Rentals. We work with the Land Transport Authority (LTA) on some of these things, and they're pretty comfortable with LCR as well," said Mr Tseng on Monday.
It was reported earlier that Uber-owned Lion City Rentals had put in 630 bids for COEs and got 510 in the latest bidding exercise.
LTA had said that the growth of the private-hire car sector "will provide more point-to-point transport options for commuters", saying that it could then reduce the demand for private cars over time. It has also said that COE premiums should reflect market demand and supply.
Mr Tseng said on Monday that Uber's collaboration with Lion City Rentals is part of its "supply growth initiative", and Singapore is its first test bed for this model on exchange leasing. Uber has now replicated the model in the United States and India.
This model helps Uber grow its supply of cars, while providing affordable and flexible rental options for Uber drivers.
"Getting more of these cars on the road means there are more ways for people to get around the city and it complements public transport, and ultimately it'll reduce private car ownership," said Mr Tseng.