It looks like there is going to be a new rental car company joining the market. This new company, Silvercar, has just announced that it raised nearly $5 million in funding. The goal of this company is to improve the car rental experience at airports all over the world. Although this company might have to start off small, it hopes to grow its presence in a number of years.
This announcement was made by the CEO of Silvercar, Luke Schneider, after a filing with the Securities and Exchange Commission was unearthed by the media. Right now, Silvercar is still refusing to say who the investors are. It is not known if Silvercar is the one that wants the investors’ names kept secret or if it is the investors themselves who wish this.
According to Mr. Schneider, this new capital is going to be used to commence operations. The company hopes that this capital will help it open up new stores in additional markets and help the company to continue to rapidly expand. Silvercar has only been open for six months but has already grown to serve four different locations. The plan is for the company to continue this very aggressive growth pattern.
So far, Silvercar has received a number of great reviews across the board. TechCrunch’s very own Ryan Lawler was able to try out the service. According to his review, Silvercar provided him with the quickest time from the airport terminal to his rental car that he has ever seen, hands down. The service was just as fast when he went to return the car.
Right now, Silvercar’s expansion plans have been mostly focused on Texas. Some of the main areas where people can find Silvercar include Austin, Houston and Dallas. However, Silvercar hopes to move beyond Texas in the near future. It wants to bring its car rental program to as many places around the world as possible.
Although its expansion plans are very ambitions, Silvercar has it work cut out for it. The car rental market is a very competitive place. Lately, there have been a number of companies entering this market, but they have done so by offering their own unique services. For example, some offer only hourly rentals, and others offer a car sharing program. Either way, very few new car rental companies try to enter the market by providing the same service as other car rental giants, such as Hertz.
However, Silvercar does believe it is bringing its own unique experience to the table. It believes it is providing a faster and better service than what is available right now. Despite this fact, it won’t take Hertz and other car rental juggernauts long to take notice of Silvercar. Right now, Silvercar is limited to just Texas, but if it continues to expand, it could become a real threat. It will be interesting to see how the other car rental companies respond to this new challenger in an already competitive market.