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Increasing Population of Smartphone Users to Drive Growth
With the emergence of latest technologies, such as improved GPS tracking and high-speed internet, most players in the car rental market are offering smartphone-based applications to their customers. This strategy helps them effectively acquire new customers and retain old ones. The increasing usage of smartphones worldwide, coupled with their high penetration in developing countries owing to reducing prices is anticipated to drive the global car rental market growth.
For instance, according to a report published by the Indian Cellular and Electronics Association and KPMG, India will register around 820 million smartphone users by 2022. In addition, the increasing demand for car rentals from corporate travelers is projected to further strengthen the growth. However, increasing fuel prices and low penetration of alternative vehicles (such as EVs) may hinder the growth.
In the Course of the Implementation Process of Its Financial Restructuring, Europcar Mobility Group Announces a Large Support of Its Affected Financial Creditors as of December 18, 2020
On November 26
th, 2020, Europcar Mobility Group (Paris:EUCAR) announced having entered into a lock-up agreement with the members of the coordinating committee representing the group of holders of each series of 2024 Senior Notes, 2026 Senior Notes and of the EC Finance plc s Senior Secured Notes, also holding interests in the RCF
1 and the Credit Suisse Facility (representing approximately 51.1% of the 2024 Senior Notes, approximately 72.7% of the 2026 Senior Notes, 100% of the Credit Suisse Facility, approximately 44.9%
2 of the RCF commitments and approximately 22.2% of the EC Finance plc s Senior Secured Notes) (the Cross-Holders Coordinating Committee ). On December 7
(2)
Regulatory News:
In the context of implementation of its financial restructuring and the agreement in principle entered into with some of its creditors on November 25
th, 2020, Europcar Mobility Group announces the opening of an accelerated financial safeguard proceedings (procédure de sauvegarde financière accélérée)
Europcar Mobility Group (Paris:EUCAR)
reaches a new step with the opening on this December 14
th, 2020 by the Paris Commercial Court (tribunal de commerce de Paris) of an accelerated financial safeguard proceedings (procédure de sauvegarde financière accélérée) for its benefit. With this step, the Group is pursuing the implementation of its financial restructuring. It should be noted that these proceedings will have no impact on the operational activities of the Group.