Mayflower Acme Tours acquires majority stake in GoCar Mobility
Kuala Lumpur, 17 February 2016 – In an interesting move, the well established Mayflower Acme Tour Sdn Bhd acquired a substantial stake in the technology start-up GoCar Mobility Sdn Bhd which was set-up as recently as March 2015. This will now allow Mayflower to expand its presence in the mobility market as Go Car allows its 5,000 members to rent cars by hour or day.
“By joining the Tan Chong family, we will significantly scale our fleet, allowing us to expand to other regions in Malaysia seamlessly, as well as leveraging existing Mayflower’s airport and retail counters. Mayflower’s wealth of experience in this industry will bode well in enabling us to build on Mayflower’s past learning,” said TJ Tan, executive director, GoCar.
Mayflower sees growth opportunity in this combined venture. It represents greater utilization of its fleets, cost reduction to operations, and significant efficiency optimization.
“Mobility is such an important part of our lives these days and today’s investment is our commitment to continually improve our offering to society. We see GoCar as an evolution of our traditional car rental model. The competitive moat around traditional car rental is evaporating,” said Nicholas Tan, head, Tan Chong Financial Services.
“The ‘counter’ is being supplanted by lines of code, new cultures, and mega fleet managers, requiring new skills (and pricing) that shake the rental market over time. With new technologies that GoCar has in its arsenal, we are trying to reach out to new markets, and offer crowd‐sourcing mobility to our corporate and retail customers,” he added.