This article was published on April 24, 2024

‘Airbnb for cars’ platform SnappCar changes hands in bid for further growth

The Dutch car-sharing company has been fully acquired by AutoBinck Group

‘Airbnb for cars’ platform SnappCar changes hands in bid for further growth

Dutch car-sharing platform SnappCar, which claims to be the largest of its kind in the Netherlands, has been fully acquired by AutoBinck Group — a shareholder in the scaleup since its founding in 2011.

The ownership change also sees the return of SnappCar’s founder, Victor van Tol, in the role of the CEO.

Van Told told local newspaper mt/sprout that the acquisition will enable faster decisions and eliminate the need for external investments. AutoBinck, which specialises in mobility and energy solutions, has a turnover of approximately €1bn.

According to the two companies, the deal aims to support SnappCar’s further growth.

“We see potential in the shared car market, which more and more people are using. Car sharing is also becoming increasingly relevant in big cities,” Paul Zekhuis, CEO of AutoBinck Group, said in a statement.

The developments follow two years of consecutive growth in the Dutch market, where the scaleup has been focusing its efforts, after exiting Denmark and Sweden.

The company has seen its car rentals increase by 30% and 20% in 2022 and 2023, respectively. A major driver behind the growth has been the “keyless car” feature, which enables renters to unlock the vehicles using the SnappCar app.

Van Tol, who in the past has characterised the platform as the “Airbnb for cars,” said that the keyless vehicles are rented seven times more often.

Available in over 95% of Dutch municipalities, the platform now counts 10,000 cars. The company claims that its services have saved 1,739,642 tons of CO2 so far.

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