NOTICE: RENTCARS CEASE OF BUSINESS Dearest Visitor,
RentCars will cease from car rental business.
We used to be one of the most popular car rental firms in the Singapore.
We like to thank everyone for their warmest support since we started early 2008.
Due to poor economic situation coupled with some serious bad debts from irresponsible customers, we are bleeding badly.
In fact, we're losing thousands a month and since we cannot sustain, we have no choice but to close this very baby of ours.
We started RentCars because we want our customers to save money by helping them to source for great deals among the car rental industry.
However, most of the car rental firms weren't so supportive. Knowing that we can't serve our customers, we switched to direct car rental by
working with financially distressed owners, helping them relieve their financial burden.
Many of them wanted to sell their cars but was shocked that they have to pay tens of thousands in outstanding loan interests to the banks.
Even if they wish to sell away, they would have to cough out money.
The banks are not helping. The government is not helping.
Most of them are in dire straits.
We became their only source of hope.
We become their candle in the wind.
Initially, things were going on well. Economy was stable and we made some decent money. We have always been friendly, honest & responsible
and pay our owners promptly. It has been great fun because we live and breath cars. Everyday, we wash & groom each and every car like our own.
As time goes by, we decided to get our own office so that customers and car owners, knows that we will be committed in this business.
And that is when things started to turn bad. Really bad.
Late last year, economy started to decline and there are cases that hirers run away after damaging our cars. Even when the hirers run away,
we help to pay insurance excess. We just don't want the owners to suffer from our customers (hirers) irresponsibilities.
There are also quite a lot of cases where we pay for irresponsible hirers for their fines, damages and such.
With impacts from multiple sources, it drains our resources. We did our part because we wish to be responsible citizen.
But we ended up to became a victim of our own kindness.
Just some time back, we realize that the company will be penniless if we cannot survive the Lunar New Year. And we didn't survive.
We had more debts than our revenue would allow, and the forecast was unhealthy. We started to return cars to owners.
Some owners were nice enough to understand that we done our best, because we had always been prompt in sending payments to them.
Some owners aren't that nice and tried to sue us for minor scratches or tear & wear, even though we have help to relieve their loan installment for months,
saving them plenty of money for a mistake of buying a car which they can't afford.
It is really a waste. We had been really working hard to be one of the most popular car rental websites in Singapore.
We had almost 4,000 clients and had work 7 days a week, so that we can help the cars owners while making some money.
But we have no choice because we aren't making money while hirers are cheating us and owners are taking us for granted.
This is a very lonely period because none of us got any income for Christmas, New Year, Lunar New Year and Valentine's.
We hope that our stakeholders forgive us for giving up. We are really tired. We're tired because after so much effort being put into it,
we are losing money ever since last October. Whenever we managed to pull through, one hirer after the next, sabotage our revival as they run away.
No matter how we tried, we lost badly.
We guess that we lost about $100,000 and had drained off all of our life savings. We're destroyed because we had a dream.
We're really really sorry and please forgive us. We like to thanks all of the nice customers who sent us well-wishes.
If there's any enquiries or wish to buy this website & our clients list, please contact us at
[email protected] or call us at (65) 6778 5866.
Management, RentCars Pte Ltd
Friday, 13th Feb 2009
