China Auto Rental has gained more young users, with revenue reaching 3.1 billion yuan in the first half of the year

On August 14, China Auto Rental released its 2018 first half performance report. During the reporting period, the company achieved total operating revenue of 3.08 billion yuan, and rental income increased to 2.49 billion yuan.

Among them, car rental income was 2.07 billion yuan, and fleet rental income was 410 million yuan; the car rental business achieved a 19% growth, and the number of car rental days increased by 25% year-on-year. The company's adjusted net profit was 340 million yuan, a year-on-year increase of 7%, and the adjusted net profit margin was 13.5%, with excellent profitability.

As the core business of CAR Inc., in the first half of the year, the car rental business revenue reached 2.07 billion yuan, a year-on-year increase of 19%. As the company adopted a competitive pricing strategy, continued to expand its market share and consolidate its leadership, the average daily rental rate was further reduced to 222 yuan, the average daily income per car was 138 yuan, and the number of car rental days increased by 25%. Under the economies of scale, due to the reduction of unit operating costs, the profit margin of car rental remained stable.

With the launch of projects such as time-sharing car rental, the number of registered members of China Auto Rental increased by 32% in the first half of this year to 22.8 million, and the proportion of time-sharing users converted to car rental reached 20%.

The new business model meets users' fragmented demands for travel modes, and continues to expand the young customer base by relying on cost advantages and utilizing idle resources.

In the first half of the year, the number of downloads of the China Auto Rental APP reached 31 million, and users placing orders through mobile phones accounted for 85% of the total bookings. The consumption trend of car rental is obviously younger and more mobile.

As of June 30, 2018, the total size of CAR's fleet was 124,000 vehicles, compared with 100,000 vehicles as of June 30, 2017. During the reporting period, the size of the car rental fleet increased to 99,400 vehicles. With the increase in car rental demand and the launch of time-sharing services, the average daily car rental fleet increased by 38% year-on-year.

In order to adapt to consumption upgrades, China Auto Rental invested 4.5 billion yuan last year and another 3.4 billion yuan in the first half of this year to purchase new cars. The size of its fleet has exceeded 120,000 vehicles. In addition, a large number of luxury models were added in the first half of this year.

As a winner of Toutiao's Qingyun Plan and Baijiahao's Bai+ Plan, the 2019 Baidu Digital Author of the Year, the Baijiahao's Most Popular Author in the Technology Field, the 2019 Sogou Technology and Culture Author, and the 2021 Baijiahao Quarterly Influential Creator, he has won many awards, including the 2013 Sohu Best Industry Media Person, the 2015 China New Media Entrepreneurship Competition Beijing Third Place, the 2015 Guangmang Experience Award, the 2015 China New Media Entrepreneurship Competition Finals Third Place, and the 2018 Baidu Dynamic Annual Powerful Celebrity.