The CEO of car rental company CaraCar has admitted that its Australian operations have “troublesome growth” and it is planning to close.
The company’s shares are down 12.4 per cent in recent trading, while the company has been hit by a global financial crisis.
CaraBara has been struggling to compete with Airbnb and other services, which it competes with to the tune of more than $1 billion in annual revenue.
In a statement on Monday, CaraBanka CEO Peter Williams said that “recent trends have been challenging”.
“Our business has struggled due to a combination of a challenging market environment, significant debt and uncertainty over the next few years.
This includes continued competition from the new technology platforms, and competition from services that have been launched,” he said.
Mr Williams said he would have to make tough decisions “in the coming months” about whether to close the company.
“We’ve had a challenging period in our company’s history and have been forced to make difficult decisions,” he added.
Mr CaraCoa, based in Melbourne, was founded in 2013 and has about 500 employees.
It offers car rental services in the US, UK, Canada and New Zealand.
It recently announced that it had added about $1.5 billion in funding to fund its expansion plans.
It plans to launch new car rental businesses in the coming years.
It said the business was struggling to stay afloat due to the financial crisis and the recent disruption in global finance markets.
Mr Bartlet said the company’s financial performance “had been driven by the pressures of the global financial downturn”. “
While the challenges are complex, our vision for the future is to provide an affordable and convenient service for local residents in Melbourne.”
Mr Bartlet said the company’s financial performance “had been driven by the pressures of the global financial downturn”.
“In the past two years we’ve had to significantly increase the cost of operations and our investment into the business has resulted in a decrease in revenue and operating expenses,” he continued.
CaraCara is now one of the country’s largest car rental companies. “
However, we are continuing to see significant growth in our business, driven by our growing user base and growing traffic to our website and app.”
CaraCara is now one of the country’s largest car rental companies.
The Australian Tax Office said that in the six months to June, the company earned $3.1 million.
It also reported that the car rental market had “significantly declined” in Australia in the past six months.