MICHIGAN – September 21, 2020, 5:05 pm A car rental company is buying a car leasing company in a deal that could potentially bring some stability to Detroit’s struggling rental market.
Rentals, car rentals and car ownership are all important to the Detroit rental market, which is suffering from the economic downturn and the loss of many middle-class jobs that used to support a thriving rental industry.
A deal announced on Thursday by CarRental Michigan, a subsidiary of the Detroit-based rental company, is expected to be finalized in the coming days.
It is unclear how much the company will save, as it has not been announced whether the purchase of the leasing company will be made through a private placement or a takeover.
The car rental business in Michigan has been in decline since the beginning of the year.
According to a report by the Michigan Department of Licensing and Regulatory Affairs, Michigan rental vacancy rates dropped by about 15 percent in August, a decline that included a drop in car rentals by 8.5 percent.
Detroit’s rental vacancy rate is currently hovering around 11.6 percent.
The Detroit News reported in September that the number of Detroit renters was expected to rise this year to about 1.8 million, up from 1.3 million in 2016.
Rental companies, like CarRenters, have been under pressure to bring back some of the lost revenue that was lost in recent years as the Detroit area’s economy recovered.
But there are other rental companies in the Detroit market that are competing to make the transition.
There are several rental companies offering car rentals in the city, including rental company M-Pesa, which has had a contract to rent cars for the past two years, and rental company RentCars.com, which operates the popular M-Pet program.
M-PESA, which recently announced it would be laying off 25 workers and lay off more than a dozen employees, is one of several car rental companies that have been struggling.
Car rental company The Rental Connection, which had been struggling, announced a deal to buy CarRents, which owns several car leasing companies.
This is an important deal for the Detroit Rental industry, which could provide some stability for the rental market in the future.
CarRency is an industry leader and we are proud to be part of it.
It is our hope to see the CarRens remain in Detroit, according to the company.
Both companies are investing heavily in their digital marketing campaigns, said Michael Zielinski, CEO of CarRrents.com.
“We are making a strategic investment to continue to deliver a competitive rental platform, which will help us continue to grow the Detroit auto rental market and drive new business to the city,” Zielinksi said.
In July, CarRescue announced it was laying off about 100 employees, about half of the company’s workforce, and was restructuring its operations.
Other rental companies, such as CarRattie, have also been struggling to make a transition to an online rental model, which some rental companies have also struggled with.
Although some rental services have been selling cars online, other services such as leasing, carpooling, and Uber are available.