SINGAPORE: Cycle & Carriage Singapore said on Thursday (Jul 25) it has expanded into the car leasing segment, in response to changing market demands and competition.
Cycle & Carriage's new leasing arm will provide a range of options from daily rentals to long-term car rentals of up to three years, the automotive group said in a press release.
The leasing arm will carry brands represented by Cycle & Carriage in Singapore, including Kia Cerato, Kia Stonic, Kia Niro Hybrid and Mitsubishi Attrage. Rentals start at S$57 a day.
As part of its expansion plans, Cycle & Carriage will lease the cars to private-hire drivers. It will also lease and manage fleets of cars for corporate clients and ride-sharing industry players, starting with a partnership with ride-hailing operator Go-Jek, it said.
Private-hire drivers who choose to lease through Cycle & Carriage will benefit from "one-stop" support as well as access to a servicing network to provide for "quicker turnarounds" for car servicing, the release said.
"Our deep automotive knowledge and extensive network well positions Cycle & Carriage Singapore to be ready for the fast-expanding mobility market and remain competitive by serving our customers’ needs," said Cycle & Carriage Singapore’s managing director Eric Chan.
“Car leasing is the latest development and business expansion for Cycle & Carriage Singapore. This reflect our drive to stay ahead and be competitive in the automotive industry by responding dynamically to changing market demands.”