Chilean startup Lolocar acquires Olacar, expands carsharing operations to Uruguay

• Chilean carsharing startup Lolocar has expanded its operations to Uruguay by acquiring local competitor Olacar.
• The acquisition makes Lolocar the largest peer-to-peer carsharing company in Latin America, with a presence in two countries.
• Lolocar aims to replicate its success in Chile, where it has 2,500 users and over 300 vehicles, in the Uruguayan market.

Lolocar, a Chilean carsharing startup, has expanded its operations to Uruguay by acquiring local competitor Olacar. The acquisition positions Lolocar as the largest peer-to-peer carsharing company in Latin America, with a presence in two countries.

In Chile, Lolocar has achieved significant growth since its creation in early 2023, with approximately 2,500 users and more than 300 vehicles available throughout the country. The company aims to replicate this success in Uruguay, where it will inherit Olacar’s established community and begin operations with around 90 cars, with plans to reach 400 vehicles within the next 12 months.

Enrique Cabo, founder and CEO of Lolocar, emphasized the importance of the acquisition in accelerating the company’s path to profitability in Uruguay and revolutionizing the vehicle usage paradigm in Latin America through the creation of a shared mobility ecosystem.

Lolocar’s expansion to Uruguay began in late 2023 when the company secured a $75,000 grant from the Uruguayan National Agency for Research and Innovation (ANII). Rodrigo Escobilla, partner and country manager for Lolocar in Uruguay, highlighted the compatibility between the two companies and the opportunity to drive peer-to-peer carsharing in the country.

Looking ahead, Lolocar plans to continue its regional expansion, targeting markets such as Colombia, Peru, and Brazil.