Car-hire firm CarTrawler revenue jumps as rental prices stabilise

CarTrawler revenue jumped 5% to €174m in the year to the end of September 2023 as car reservation volumes increased 15% year-on-year following a decline in car rental pricing from “record highs” in 2022.  Picture: Larry Cummins

CarTrawler, the Irish car rental firm used by travel businesses, posted a jump in annual revenue, driven by stabilised pricing which also contributed to ongoing pent-up post-pandemic demand among holidaymakers.

CarTrawler revenue jumped 5% to €174m in the year to the end of September 2023, as car reservation volumes increased 15% year-on-year following a decline in car rental pricing from “record highs” in 2022.

Positive outlook

Despite lingering cost pressures for consumers, CarTrawler chief executive Peter O’Donovan said the outlook for the firm “is the most positive it has ever been”.

“The strength of our proposition is enabling us to deliver a record level of new business, with several new partners going live in the coming months,” he added.

The company also posted an operating profit of €8.3m, surging 150% from €3.3m in the previous year.

Despite lingering cost pressures for consumers, CarTrawler chief executive Peter O’Donovan said the outlook for the firm “is the most positive it has ever been”.

Contracts

CarTrawler has secured contracts with airlines, hotels, travel agencies including Emirates, United Airlines, Uber, easyJet and American Express Travel.  The company provides technology to its clients for customer car rental services.

The company has a total 250 travel and 70 airline customers. CarTrawler agreed contracts with 14 new clients in its last financial year and are signed 10 more agreements the current year with companies including Air France-KLM Group, Wizz Air and Luxury Escapes.

The firm has a network of over 2,200 car rental and mobility suppliers across 50,000 locations in more than 150 countries.

The car-hire company was founded in 2004 by brothers Greg and Niall Turley, who eventually sold their majority stake in CarTrawler for around €100m in 2011.

The business employs approximately 400 people and is headquartered in Dublin.