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Car rental company RexRent, part of Insight Group, reviews its 2023 operational performance

The fleet of one of the largest car rental companies in Russia, Bilantlia JSC (part of Insight Investment Group, providing services under the RexRent brand, previously under the Avis / Budget brand) grew by 14% in 2023, from 1415 to 1648 vehicles.


The most popular rental cars were Chinese brands. Their share in the RexRent fleet grew from 3.7% in 2022 to 40.8% in 2023. The share of Russian brands remained almost unchanged and amounted to 4.3%, while the share of Korean brands decreased from 47.3% to 29.6%, and the share of other brands totaled at 25.4%.


While commenting on the end-of-year review, RexRent CEO Alejandro Carreño noted that in the second half of 2023, the company had seen an increase in interest in short-term rentals, which had grown on average by 30% compared to the same periods the year before. "We would characterize this as the beginning of a revival in demand and interest towards domestic tourism, although we are still far from the domestic tourism volumes in the post-Covid year 2021. In conclusion, provided that the country stabilizes, especially in its southern regions, we foresee a surge in interest in domestic and road tourism in 2024," he added.


Alejandro Carreño also predicts an increase in demand in the corporate short-term rental segment, due to the country's growing economy and the relaunch of production facilities left behind by Western companies. The development of short-term car rentals in hospitality and tourism will depend on a number of factors: the opening of airports in the southern regions, stability in the country, and the growth of inbound tourism potential. Thus, the company has high hopes for an increase in tourist flows from China (allowing for a more active development of its Far Eastern subdivisions), as well as from friendly countries such as the UAE or Iran.


According to Mr. Carreño, RexRent plans to introduce Chinese-made hybrid cars into its rental fleet in 2024.


RexRent (JSC Bilantlia, formerly Avis/Budget) is one of the largest car rental companies in Russia, providing short-term rentals, subscription services, and operating leases. The company has offices in 20 cities throughout Russia. It has been part of Insight Investment Group since August 2023.

 

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