Tribecar skids as rental market heats up

Tribecar's profit for the 12 months ended June 30 last year was $615, down from $37,928 the year before. Users have flagged it for renting out cars with unpaid road taxes, bald tyres and unrepaired damage.
Tribecar's profit for the 12 months ended June 30 last year was $615, down from $37,928 the year before. Users have flagged it for renting out cars with unpaid road taxes, bald tyres and unrepaired damage.ST PHOTO: MARK CHEONG

Company flounders amid fierce competition, user complaints and alleged cash flow issues

The ballooning private-hire market, which has seen total rental fleet size quadrupling since 2014, may be leaving some operators out of puff.

Tribecar - set up just over three years ago by a family that runs Malaysian conglomerate Insas, and which specialises in short-term rentals - has seen its bottom line eroded severely.

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A version of this article appeared in the print edition of The Straits Times on June 29, 2019, with the headline 'Tribecar skids as rental market heats up'. Print Edition | Subscribe