Thairung Group, Thailand's leading group of companies in the automobile business, announced that its car rental subsidiary 'Bizcar Rental' has acquired and merged with Drivemate, the fastest-growing peer-to-peer car rental platform in the country. The move signals a strategic step towards a more comprehensive and scalable mobility solution provider and strengthen Bizcar Rental's (under Thai V.P. Corporation Company Limited) initial public offering (IPO) expected in 2024.
Bizcar Rental, a subsidiary of Thairung Group that provides comprehensive long-term and short-term car rental services, will be integrated with Drivemate to strengthen the platform. This will include adding more electric vehicles (EVs) to the system and meet the shifting needs of modern consumers, increase overall vehicle selection and offer car delivery services. Drivemate offers members the opportunity to list their personal vehicles onto the platform to earn income by renting out their cars to other consumers. The combined company aims to help Drivemate generate over 500 million baht of income to consumers within three years.
"The acquisition of Drivemate is a perfect way to strengthen Thairung Group's automotive and leasing businesses in a scalable and comprehensive way," Kaewjai Phaoenchoke McDonald, Chief Executive Officer of Thairung Group, said.
"The combination of Bizcar and Drivemate will provide customers with more convenient services, add more EVs to the system to meet the needs of modern consumers, and give Drivemate a pick-up and drop-off centres with staff to provide car delivery services. In addition, the existing Drivemate team will continue to manage the company after the acquisition by Thai V.P. Corporation. We will help the two companies operate more smoothly and efficiently," Artikhun Phaoenchoke McDonald, Chief Operating Officer, said.
"Drivemate is a car rental business model that is designed to help our members earn income from their cars. This can help to reduce the burden of car payments and help people see their cars as assets that can generate income. Unlike Grab when our members rent out their cars on the Drivemate platform, they do not need to drive the cars themselves. Customers rent the cars and use them independently, allowing members to continue with other lives," Silrath Sukwatthanasiri, Drivemate CEO & Co-Founder, said.
The merger acquisition is expected to meet the needs of customers well. This includes additional investments in adding more electric vehicles (EVs) to the service, improving the application, and expanding the business in Thailand. Consumers who want to rent a car should think of Drivemate first, as the slogan says, "All Cars in One App".