As the global car rental market heats up, venture capitalists have begun to add car rental companies at home and abroad. Cai Lihong, vice president of Yihai Car Rental Co., revealed that when the news that Avis and Hertz snapped up the car rental company Dollar Thrifty Automotive Group (“DTG†for short), a venture capital partner quickly sent a short channel congratulations. The company's overseas listing has opened up space.
In the United States, the car rental company DTG soared above $ 80 due to the snap-up of the two major car rental giants, Avis and Hertz, while its share price was only about $ 1 three years ago, which was much higher than DTG expected 7 months ago 50 U.S. dollars. Both of them snapped up DTG, on the one hand, it came from the recovery of the American car rental market, and on the other, it came from economies of scale. Hertz ’s latest bid has been set at $ 72 per share.
In China across the ocean, car rental companies have also attracted the attention of venture investors. Many senior car rental companies said that China's car rental industry has just entered the fast lane, and with the improvement of policies, China's car rental industry will enter a blowout period.
Selling cold leasing fever
In the first four months of 2011, the Chinese car sales market turned cold, but the car rental market was extremely hot. On the 25th, Wang Zhijian, CEO of Shanghai Shiyou Car Rental Co., said, "Although we only have more than 200 vehicles, we have achieved our profit target in advance. We originally planned to achieve a breakeven in 8 to 10 months, but we have reached the target in March 2011. The current occupancy rate is about 65%. "In June 2010, Shanghai Shiyou Car Rental Co., Ltd. was established to conduct business nationwide.
As the first company to achieve profitability in the industry, Yihe Car Rental Company is often troubled by the fact that no car can be rented. In the car rental company of Hi Hi in Xujiahui Shengai Building, Cai Lihong said, "Compared with the industry's average rental rate of 60% to 65%, our average rental rate is more than 75%. During the Shanghai Auto Show, the rental business was quite hot. We The rental price has been raised by one-third, but the supply is still in short supply. So the chairman Zhang Ruiping had to rent his car BMW to the customer. "Yihi car hire employees have to borrow Cai Lihong's private car office, Cai Lihong also He readily agreed, "They all consider for the company, which can increase the rental rate of Yihe Car Rental Company."
The fierce leasing market does not stem from reduced supply. During this period, major car rental companies have been busy running horses to purchase and operate vehicles, among which the fastest expansion is the Shenzhou car rental company. Wang Zhi insisted, "The market demand is beyond imagination. During this period, Shenzhou Car Rental Company announced that it has spent hundreds of millions of dollars to purchase more than 1,000 operating vehicles. Such a huge market supply is rushing to the market, and the demand for car rental market has not decreased."
Venture capital betting busy
Sensitive venture capitalists have seen the prospects of China's car rental industry. Wang Zhi, who is busy with the first round of financing, insisted that “although the company is only one year old, there are many venture investors who come to negotiate. But it is not that we can become shareholders of the company with money. We are more interested in the financial strength and Resource strength. "
It is understood that Yihai Car Rental has raised three rounds of financing from three top venture capital companies, raising a total of 95 million US dollars. In March 2008, Qiming Venture Capital and IGNITION CAPITAL PARTNES made a first round investment of USD 5 million; in July 2009, the second round of financing was completed, with a financing amount of USD 20 million, led by CDH Ventures and JF Asia And Qiming Venture Capital followed suit; in August 2010, Goldman Sachs and other companies made a third round of betting with a total investment of $ 70 million.
Shenzhou Car Rental, a leading car rental company, is also famous. In September 2010, Lenovo Holdings injected RMB 1.2 billion in cash into Shenzhou Car Rental in the form of "equity + debt" to obtain more than half of the equity of Shenzhou Car Rental. After having a large amount of funds, Shenzhou Car Rental Company began to run horse farms, mergers, acquisitions and purchases of operating vehicles.
When talking about why venture capital is so eager to bet, Wang Zhi insisted, "China's car rental has just started, and there is still a lot of room for the future. In the first-tier cities, the purchase of new cars is restricted, and people are pursuing convenient travel. Car rental. At present, Chinese car rental customers are more business travel customers, self-driving travel customers and other small consumers with advanced consumption awareness. It is expected that after 3 to 5 years, more consumers will change their minds and realize that cars are only mobility tools rather than assets "It will not necessarily require you to buy a car yourself." Cai Lihong said, "China is already the world's largest car sales market, and may become the world's largest car rental market in the future."
Many senior car rental companies believe that the “Notice on Promoting the Healthy Development of the Car Rental Industry†issued by the Ministry of Transport in April will promote the rapid development of the car rental industry. Wang Zhijian pointed out, "The car rental industry could not be called an industry before. The introduction of policies affirmed the status of the car rental industry." The "Notice on Promoting the Healthy Development of the Car Rental Industry" clearly pointed out that the next 5 to 10 years will be car rental The critical period of development. It is necessary to establish and improve the legal system of car rental and formulate a development plan for the car rental industry to promote the healthy development of the car rental industry.
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