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Tribecar skids as rental market heats up
Company flounders amid fierce competition, user complaints and alleged cash flow issues
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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
Christopher Tan Senior Correspondent, Christopher Tan
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.
