Lotte Rental holds most rental cars in Asia

Lotte Rental holds most rental cars in Asia

Lotte Rental, the car rental service unit under Lotte Group, said Thursday that it had the most cars of any Asian rental firm, including Japan’s Toyota Rent-a-Car.

Compared to the Japanese company’s 110,000 units, Lotte boasts 130,000 units as of last year, ranking first in Asia and sixth globally, according to the Korean car rental association.

Lotte said it aims to rank fourth globally by 2020.

Lotte has retained its No. 1 position domestically, having a 25 percent share in the market. On the back of the dominant position, the company has expanded its business into Vietnam’s Ho Chi Minh, Hanoi and Da Nang since 2008.

“We have grown into Asia’s No. 1 by creating synergy with Lotte Group and expanding business overseas,” Lotte Rental’s chief executive Pyo Hyun-myung said in a company statement.

The local rental company, which posted 1.2 trillion won ($1 billion) in sales in 2015, a 20 percent rise from the previous year, said it aimed to record 1.5 trillion won in sales this year.

Source : http://www.koreaherald.com/view.php?ud=20160331000806

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