Financial statements of 10 car rental companies after the COVID-19 crisis
The COVID-19 pandemic has led many countries to implement measures such as travel restrictions and lockdowns, which have brought economies to a halt, especially in the tourism and hospitality sectors. This crisis has had a clear impact on the car rental business. Today, Exclusive Car Rental will take you to explore the financial statements of 10 car rental companies after the crisis to analyze whether the future trend will be better or worse. Let's follow!

Income , Profit (Unit : Million Baht)

Data source:https://www.set.or.th/th/home , https://datawarehouse.dbd.go.th/index , https://www.dataforthai.com

Summary of the past 4 years, during the Covid outbreak in 2020-2023, it was found that the car rental market value decreased for short-term car rentals and for long-term car rentals. The main cause was the lockdown measures that caused economic activities to stop, especially income from short-term car rentals related to tourism, which decreased by 80% compared to 2020. However, in 2023, the economy began to recover, resulting in the car rental market value expanding in both short-term and long-term car rentals.

10 Facts About Car Rental Service Providers

1.Budget Car Rental (Budget Car Rental Co., Ltd.)
Budget Thailand is a company under the name World Class Rent A Car and has car rental service points at various airports in Bangkok, Suvarnabhumi International Airport. In addition, Budget has a wide range of cars to choose from, no matter what your budget is. If you have a tight budget for a vacation, you can book a luxury or sports car. Or you can choose a cheaper option by renting an economy or compact car for business trips. If you are looking for a car with a world-class brand, you must try our service.
Address: 19/23 Royal City Avenue Building, Soi Soonvijai, Petchburi New Road, Bangkapi Subdistrict, Huai Khwang District, Bangkok 10310

Tel: +66(0) 2203-9222

Website: https://budget.co.th/

2.Sixt (Master Car Rental Co., Ltd.)
Master Car Rental Co., Ltd. provides daily, weekly and monthly car rental services with quality and affordable cars, as well as car rental reservations worldwide, including corporate rental programs. There are more than 20 car models and 20 branches nationwide, including major airports and tourist cities such as Suvarnabhumi, Don Mueang, Chiang Mai, Phuket and others.

Address: 888 Soi Lat Phrao 112 (Aim Somboon), Plab Phla Subdistrict, Wang Thonglang District, Bangkok 10310

Tel: 02-9352333

Website: https://www.sixtthailand.com/

3.PHATRA LEASING PUBLIC COMPANY LIMITED (Phatra Leasing Public Company Limited)

Phatra Leasing Public Company Limited was established in 1995 and is the largest Operating Leasing Company in Thailand, abbreviated as "PL". It provides a full range of vehicle services for corporates, including vehicle consulting and management. It has a wide range of vehicles, such as executive cars, trucks, and commercial aircraft. It is also the only leasing company that can quickly approve vehicle leasing under specified financial conditions.
Address: 252/6, 29th Floor, Muang Thai-Phatra Office Building, Ratchadaphisek Road, Huai Khwang Subdistrict, Huai Khwang District, Bangkok 10320

Tel: 02-2907575

Website: https://www.pl.co.th/

4.THAI PRESTIGE RENT A CAR CO., LTD. (Thai Prestige Rent A Car Co., Ltd.)
Thai Prestige Rent A Car Co., Ltd. was established on September 15, 1988 with a current registered capital of 100 million baht. The company has a management team and employees with more than 18 years of experience in the car rental business. It provides car rental services of all types to government agencies, state enterprises, and large private companies, as well as individual customers, both in the form of short-term and long-term rentals, along with driver services for customers.

Address: 888 Soi Lat Phrao 112 (Aim Somboon), Plab Phla Subdistrict, Wang Thonglang District, Bangkok 10310

Tel: 02-9352333

Website: https://www.thai-prestige.com/

5.ThaiRent a car (Thai Rent a Car Corporation Co., Ltd.)
Thai Rent a Car Corporation Co., Ltd. has a long history of 45 years and is a leader in the car rental market in Thailand. It started as a family business and has developed into an organization with international standards. The company is committed to improving the level of car rental services for tourism and business to provide customers with greater convenience. It is also fully integrated in the automotive industry and has a management team with experience and capabilities that have been passed down through many generations, making the company continuously strong in the Thai car rental market.

Address: 2371 Petchburi Rd., Bangkapi Subdistrict, Huai Khwang District, Bangkok 10310

Tel: 02-3188888

Website: https://thairentacar.com/

6. asap (Synergetic Auto Performance Public Company Limited)

asap stands out for its ability and agility in quickly providing cars that meet customer needs, in order to provide the most comfortable and impressive experience, under the vision of business operations, "The company is committed to being a market leader in providing complete mobility services, focusing on innovation and new technologies to fulfill customer needs."

Address: 149 Moo 3, Theparak Road, Theparak Subdistrict, Mueang District, Samut Prakan 10270

Tel: 02-0918000

Website: https://www.asapcarrent.com/en

7.AVIS Rent a car (Thai International Rent a Car Co., Ltd.)

Avis is a world-renowned car rental brand with over 11,000 locations in 180 countries and a history of innovation in the car rental industry. In Thailand, Avis has the most branches, 29, mostly in airports, with a wide range of car models and sizes to meet the needs of customers in every region and interesting tourist destination.

Address: 1041 29 Ploenchit Road, Lumpini Subdistrict, Pathum Wan District, Bangkok 10330

Tel: 02-2511131

Website: https://m.avisthailand.com/

8.BIZCAR rental (Thai V.P. Corporation Co., Ltd.)

Bizcar Rental has improved its car rental service to ISO:9001 standards to increase convenience in traveling. There are various types of car rental services such as daily, weekly, monthly and yearly, including car service with a professional driver. There are branches in Bangkok, Suvarnabhumi Airport, Chiang Mai, Phuket, U-Tapao Airport, etc. Open 24 hours a day. There are many types of cars to choose from, such as 4-seater cars, 7-seater cars, pickup trucks, vans and special cars. All cars are inspected and checked regularly to maintain the best quality of service for customers.

Address: 1871 Phetkasem Rd., Lak Song Subdistrict, Bang Khae District, Bangkok 10160

Phone: 090-5456000

Website: https://www.bizcarrental.com/

9.KCAR (Krungthai Car Rent & Lease Public Company Limited)
Krungthai Car Rent & Lease Public Company Limited provides car rental services for both individuals and organizations. We offer a wide range of car models and brands. Customers can rent a car monthly starting at 1 month, with prices that are up to 40% cheaper than renting a car daily. In addition, we provide comprehensive after-sales services with staff ready to assist customers 24 hours a day to ensure that customers are most satisfied with our car rental services.

Address: 455/1 Rama III Rd., Bang Kho Lae, Bang Kho Laem, Bangkok 10120

Tel: 02-2918888

Website: https://www.krungthai.co.th/

10. SOUTHEAST CAPITAL CO., LTD.

Southeast Capital is the leading corporate car rental business in Thailand. We offer a wide range of cars and comprehensive services such as replacement car arrangements in case of accidents, maintenance services, and comprehensive car insurance to help customers manage their corporate expenses effectively.

Address: 184, 2nd Floor, Surawong Road, Si Phraya Subdistrict, Bang Rak District, Bangkok 10500

Tel: 02-8615656

Website: https://www.southeastcapital.co.th/

The impact of the COVID crisis on the car rental business

• Rental cars are sitting idle as the country’s lockdown measures have halted tourism. No tourists are using rental cars for their trips.
• When cars are sitting idle, there is no income to pay for the necessary expenses of the rental car business, such as parking fees, car installments, and employee salaries.

• No car rental service for airport transfers due to all flights being cancelled and airports being closed, resulting in no car rental service during that time.
• With no car rentals, the company had to adjust its operating strategy, selling some cars and increasing online marketing. It also requested a suspension of car payments and other expenses.

How have many companies adapted their strategies to cope with the impact of the COVID crisis?

1. Many companies in the car rental industry have started running promotions to attract customers, such as offering special prices for car rentals or giving away freebies when renting a car.

2. Companies are selling some of their cars to cut costs and use the capital to continue operating.

3. Start marketing online and use tools such as SEO, Google My Business and social media to increase channels for business promotion.

4. The car rental business can be divided into 2 main types: short-term rental for individual customers and long-term rental for organizations. The short-term rental business has been affected by the decline in tourists, causing entrepreneurs to organize campaigns to attract customers and develop new services. They also have to look for ways to turn the crisis into an opportunity, emphasizing that renting a car for personal driving can reduce the risk of the spread of the COVID-19 virus better than using public transportation.