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Collaborate Corporation Ltd launches rental service for Uber drivers

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Collaborate Corporation Ltd’s (ASX:CL8) shares were last trading about 17% higher for the day, after launching a rental car offering for UberX driver-partners in Brisbane and Melbourne.

The company's move into Brisbane was made possible by the state of Queensland making ride-sharing legal from today. Victoria legalised ride sharing last month.

Collaborate’s DriveMyCar ride-share rental offering for UberX driver-partners was launched in July 2016 in Sydney and the initial uptake has been very strong.

Capitalising on the growing demand for vehicles by UberX driver-partners, DriveMyCar platform will expand its rental base to provide a range of vehicles.

The vehicles will be sourced from an expanding base of supply partners, which include corporate fleets, automotive manufacturers and dealers in Sydney, Brisbane and Melbourne.

The addition of ride-share rentals in July 2016 was a considerable factor in DriveMyCar recording the second highest monthly ‘rental transaction value’ to date, which was a 9% increase on the previous month.

Notably, the business also posted the highest ever recorded ‘net rental days realised’ in July, representing a 15% increase compared to June 2016.

The company generated a total rental transaction value of $388,000 for the quarter ended 30 June 2016, a 41% growth compared to the same period in 2015.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

Quick facts: Collaborate Corporation Ltd

Price: 0.016 AUD

ASX:CL8
Market: ASX
Market Cap: $18.43 m
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