CarTrawler, a key B2B car rental and mobility solutions provider, reports a 5% revenue increase in 2023, strengthening its global position through strategic partnerships and technological advancements.
CarTrawler, leading B2B technology provider of car rental and mobility solutions to the global travel industry, announces its financial results for the year ended 30 September 2023, with total revenue of 173.8m euros up +5% from 165.6m euros in 2022.
CarTrawler’s strong performance was fueled by the ongoing recovery and growth in travel demand post-COVID and several significant new business wins. Notable new partnerships included American airline Avelo, Spanish low-cost airline Volotea, and a collaboration with Hilton Honors. The stabilisation of car rental pricing from the record highs of 2022 played a role, with car reservation volumes increasing 15% year-on-year as a result of continued strong consumer demand and new business wins.
The company is one of the largest players in the B2B car rental marketplace and its other key partners include easyJet, Norwegian Air Shuttle, Emirates, United Airlines, Uber and American Express Travel, as well as a network of over 2,200 car rental and mobility suppliers across 50,000 locations in more than 150 countries.
CarTrawler generated an operating profit of 8.3m euros, up from 3.3m euros in 2022 (+150%) and is on track to deliver further growth and a strong financial performance in 2024 and 2025 following 10 significant new contract signings in the last year including the Air France-KLM Group, Wizz Air, Jet.com and Jet2holidays and Luxury Escapes.
Over the past two years, CarTrawler has made significant investments to enhance its offerings. These include migrating its technology platform to a highly scalable, multi-region cloud-based infrastructure, developing a market-leading AI-driven revenue management platform and launching a full-service redemption loyalty program.
Commenting on the company’s performance and growth plans, Peter O’Donovan, Chief Executive, CarTrawler, said: “Our strong performance in 2023 is testament to the strength of our market leading proposition and the talent across our business, which in combination maximises ancillary revenue for our 250 travel partners and 70 airline partners.
We continue to develop new and innovative ways to improve the car rental experience for consumers – be that through our intuitive booking platform, the market leading choice of booking options we offer, or the award-winning customer service we provide.
The outlook for our business is the most positive it has ever been. The strength of our proposition is enabling us to deliver a record level of new business, with several new partners going live in the coming months. This is in addition to the 10 new partners already added the last year and in combination will drive further growth in our 2024 financial year.”
Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales.
She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.
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