Lotte Rental, KB Capital to co-work for car rental

Lotte Rental Co., South Korea's largest car rental firm, has signed a strategic memorandum of understanding (MOU) with the domestic financial company KB Capital to collaborate and strengthen rental business on Thursday.

Under the MOU, the two companies will launch joint marketing campaigns to attract more customers for both long- and short-term car rentals, as well as vehicle repair and maintenance services.

KB Capital will create a dedicated page for Lotte Rental on its online used car platform KB Chachacha, offering financial products to those purchasing used cars.

Lotte Rental will provide repair and maintenance services, including mobile maintenance, to KB Capital's long-term car rental customers.

Lotte Rental will also acquire some of these cars at the end of their rental contracts for use in their used car rental, export, and auction businesses.

The two companies will explore further cooperation opportunities and develop financial products linked to KB Capital's six offline-certified used car showrooms.

Write to Nan-Sae Bin at binthere@hankyung.com