Lolocar Acquires Olacar Expands Car Rental Services To Uruguay
- Lolocar’s entry into Uruguay follows a US$ 75,000 funding boost from ANII, marking its first significant investment outside Chile.
- With the acquisition, Lolocar will start with 90 vehicles in Uruguay, planning to increase to 400 within a year.
- A partnership with Seguros Sura ensures comprehensive insurance coverage for users, enhancing travel safety.
Lolocar, originally a Chilean startup, has now ventured into Uruguay by acquiring the local carsharing company OlaCar. This strategic move not only diversifies Lolocar’s operational base but also sets a foundation for expansion in Latin America’s peer-to-peer car rental market. Scheduled to finalize in the coming weeks, this acquisition promises a broader vehicle availability for users and a new role for OlaCar’s founder, Rodrigo Escobilla, as Lolocar’s country manager in Uruguay.
Since its inception in early 2023, Lolocar has quickly become a key player in Chile, boasting 2,500 users and nearly 300 vehicles. Its business model, offering rates 30% lower than industry averages, not only caters to travelers but also provides car owners a chance to earn substantial extra income. This model is set to replicate in Uruguay, providing similar financial benefits to car owners and affordability to renters.
The expansion is underpinned by a significant early investment from Uruguay’s National Agency for Research and Innovation (ANII), which earmarked US$ 75,000 for Lolocar. These funds are intended for re-investment in Uruguay to kickstart operations and sustain growth. By increasing its fleet and enhancing service offerings, Lolocar is poised to strengthen its market presence and influence in the regional mobility sector.
For more details, visit Cronica.
