Singapore Windsor Holdings Limited said that its wholly-owned subsidiary, SMI Auto Services Pte Ltd, has been appointed the sole country franchisee in Myanmar by the French car rental farm Europcar.
The franchise agreement will be valid for five years, and is renewable for a further five years upon mutual agreement between both parties.
Singapore Windsor said that this new car hire business initiative will add on to the firm’s growing services in Myanmar.
The recent tourism growth in Myanmar has resulted in a strong demand for car hire and rental services. The company said it will adopt a two-pronged strategy for this business segment, targeting the business-to-business opportunities with the growing number of international companies that are establishing their operations in Myanmar.
In addition, it will offer such car hire services to hotels and hospitality establishments groups that are expanding rapidly.
The SGX-listed firm said car rental business in Myanmar is expected to grow further with driver inclusive services and, over time, the self-driving of cars within the local community is expected to gain popularity with a growing middle- income economy.
Present in over 140 countries, Europcar has one of the largest vehicle rental networks through its own operators, franchisees and partnerships.
Singapore Windsor said this business franchise is expected to scale up quickly with a pool of vehicles and drivers to tap the latent market potential in Myanmar.
Mark Bedingham, president and chief executive officer of Singapore Windsor, said: “The demand for reliable and customised car rental services in Myanmar is more evident than ever and we have a strong operating platform to support growth in this frontier market.”
