Sign up Australia
Proactive Investors - Run By Investors For Investors

Collaborate Corporation shares gain on record car rental growth

Collaborate’S DriveMyCar is a peer-to-peer car rental service.
Collaborate Corporation shares gain on record car rental growth
DriveMyCar recently expanded its fleet size

Collaborate Corporation’s (ASX:CL8) DriveMyCar business unit is on track to deliver another quarter of strong growth, with a number of sales records broken before the end of the March 2017 quarter.

The company’s shares were last trading 14.29% higher intra-day on Monday, at $0.024.

DriveMyCar is a peer-to-peer car rental service where owners list their vehicles and renters find and book the vehicles after passing the company’s verification processes.

Significantly, net rental days booked for the March 2017 quarter as of 17 March had reached 16,766 days, 54% higher than the full December 2016 quarter.

Last month, DriveMyCar expanded its fleet size with the addition of 101 Subaru Impreza 2017 model vehicles.

61% of the 101 Subaru Imprezas have already been booked within 2 days of official availability. All vehicles are expected to be booked by the end of March.

DriveMyCar also offers cars for rent to UberX driver-partners.

The company has witnessed a 116% growth in net rental days booked for UberX rentals for the March 2017 quarter to date, compared to the full December 2016 quarter.

Last month, DriveMyCar signed a strategic agreement with ORIX Australia, part of the ORIX Corporation (TYO:8591), the largest fleet management group in Asia Pacific.

The agreement enables the renting of ORIX vehicles through DriveMyCar’s platform to private and corporate rental customers.

View full CL8 profile View Profile

Collaborate Corporation Ltd Timeline

Related Articles

Data servers
July 31 2018
The company is expected to list on the main board of the LSE in September
marketing
September 18 2018
New business from the likes of Vodafone and GSK and a strong contribution from The Corner, which it acquired in December, meant revenues jumped 70% in the first half
1535732048_universal-mcloud--wind-turbines.jpg
September 01 2018
The tech group is increasingly expanding its geographical reach and gaining traction in China

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use