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Collaborate Corporation shares gain on record car rental growth

Collaborate’S DriveMyCar is a peer-to-peer car rental service.
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.

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