Tribecar, Singapore’s domestic car-sharing platform, has acquired Car Club, the country’s first car-sharing operator, from Mitsui & Co. of Japan.
The deal’s magnitude has not been revealed. Tribecar plans to use the money to grow and improve its present services and capabilities across the island. Car Club will continue to provide service to its current clients.
In the coming weeks, the united business will provide Tribecar and Car Club members access to a fleet of nearly 1,400 automobiles at sites around the island. Members of both companies may now choose from a variety of subscription plans, corporate programmes, premium luxury automobile choices, and other modes of transportation (motorcycles, cars, vans, and lorries), with options ranging from hourly bookings to monthly subscriptions and leases.
Car Club was founded in 1997 as NTUC Income’s car-sharing cooperative and was bought by Mitsui & Co. in 2016, after which it formed a joint venture with another Japanese firm, Willers.
“With this new relationship, we will have more resources to develop our car-sharing technology arm for businesses and corporations in the region,” said Lewis Chen, General Manager of Car Club.
Tribecar teamed with NTUC Income and wholesale automobile marketplace Carro in January 2021 to provide usage-based insurance (UBI) coverage for its rental car fleet.
