Sinergy of Three World Class Enterprises, IndoPenske Offers the Most Reliable and
Trusted Commercial Vehicle Rent
• Indorent, subsidiary of Indomobil Group, collaborates with Penske Truck Leasing, USA and Mitsui & Co., Ltd., Japan in establishing a commercial vehicles rental company in Indonesia
• “One Stop Shopping” service, giving peace-of-mind to customers anytime and anywhere.
• Offering wide range of commercial vehicles starting from pick-up trucks, light trucks, medium trucks up to heavy duty trucks.
• IndoPenske, the leading commercial vehicles rental company, committed to ensure the quality of vehicles and vehicle readiness in the best condition.
Jakarta, 27 October 2022 – Indorent, one of the largest car rental company in Indonesia, a subsidiary of Indomobil Group, announces a strategic partnership with the largest commercial vehicles rental and leasing company from the United States, Penske Truck Leasing, USA and, Mitsui & Co., Ltd., Japan, a global trading and investment company with a diversified business portfolio. The three companies form a joint venture,IndoPenske, to offer the best and most trusted commercial vehicles rental services in Indonesia.
The relatively stable economy in Indonesia with the growth of 5.44 percent in Q2/2022, serves a huge business potential in Indonesia. With the improving situation of Covid-19 in Indonesia, the economy of this country is expected to grow sustainably, which is supported among others by the increasing of mobility.
At the brand launch of IndoPenske, Harry Pramono, President Director of Indorent and also President Director of IndoPenske, said, “Along with the economy growth in Indonesia, enterprises tend to spend their capital expenditure focusing on their main business activities which increases their revenue. There is a trend for enterprises to choose renting over buying vehicles, both passenger vehicles and commercial vehicles. This shifting can be seen from the increasing number of vehicles rental every year in Indorent, and the high demand from these enterprises for a reliable vehicle rental services. IndoPenske established to offer and provide reliable and trusted commercial vehicles rental solutions.”
“The consideration of this shifting is due to the benefit of using rental services. IndoPenske fully understands the market changes and has established solid and reliable fleets, such as pick-ups, light trucks, medium trucks, up to heavy duty trucks, which accessible throughout the country,” said Harry Pramono.
The main benefit offered by IndoPenske is the “one stop shopping” services, encompassing guarantee on the vehicle quality, assurance that vehicles are available continuously in best condition, vehicle replacement, repair and regular maintenance carried out by the company, and many others IndoPenske will always put service excellence and reliability as the center of their focus.
“This new venture provides a tremendous opportunity and leverages the collective strengths, reputation and expertise of our partners,” said Art Vallely, President of Penske Truck Leasing. “Indorent has built a solid reputation for customer satisfaction, which aligns well with our values and commitments as an organization. Together, IndoPenske will bring a new level of service and scale to the commercial vehicles rental industry in Southeast Asia. We look forward to our work together and growing this business for the future.”
Takeshi Mitsui, General Manager, Freight Mobility Solution Business Division, Mitsui & Co., Ltd., welcomes this new adventure, saying that,. “Mitsui & Co., Ltd., Japan is exceptionally proud to become the part of the IndoPenske, launched today. We are very confident that this joint initiative will be a great success in serving the customers with the best commercial vehicles rental solution in supporting the economy growth in Indonesia”.
Indorent, a subsidiary of Indomobil Group, is a national company with a long track record in the industry and is one of the biggest car rental company in Indonesia with a fleet size of more than 25,000 vehicles. Relying on the experience and expertise from operating the rental business, both passenger vehicles and commercial vehicles and the largest rental logistics company in Indonesia, PT Seino Indomobil Logistics, Indorent has a very deep understanding on the market characteristics in Indoneisa.
Penske Truck Leasing, a Reading, Pennsylvania, USA-based company, is engaged in the same sector with more than 50 years of experience. In the USA, the company has total of more than 400,000 units in North America. One of the advantages of this partnership is Penske’s expertise in operating rental agency with the latest technology that allows monitoring status of each vehicle unit real time.
The business is fortified with the strategic partnership with Mitsui & Co., Ltd., who is a global trading and investment company with a diversified business portfolio that spans approximately 63 countries. Moreover, the company has an important global network and focuses in various aspects of the business, one of which is “transportation and mobility”.
Capitalizing the experience, expertise and professionalism, merged from of the three world class industry players, IndoPenske is very committed to provide the best services in fulfilling the need of customers in Indonesia with reliable vehicles.
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For more information, please contact:
Name: Caecillia Naomi Saputra
Growth of PT Indomobil Multi Jasa Tbk Supported by the Growth of PT CSM Corporatama Post Covid-19 Pandemic
Even with the Covid-19 pandemic situation in Indonesia in 2020 and 2021, PT Indomobil Multi Jasa Tbk (IMJ) kept showing positive growth. This positive growth was supported by the growth of PT CSM Corporatama (CSM), in which 99.99% owned by IMJ.
CSM focus on providing car rental services (B2B Rental) and logistics services, especially logistics for FMCG industries. Currently, CSM is the third largest rental company in Indonesia, and the largest logistics solution provider in Indonesia (according to Independent Market Research conducted by Frost & Sullivan in 2022). In the Q1 of 2022, CSM contribute positive impact to the profitability of IMJ, by booking revenue of 714 billion IDR and EBITDA of 380 billion IDR.
Both rental segment and logistics segment contribute positive growth to the CSM and IMJ as shown on the graph below:
Figure 1 – Growth of CSM’s Revenue (in billion IDR)
Positive growth on the revenue is supported by the loyal customers of CSM, trusting their car rental needs and logistics needs to CSM, and also supported by the competitive advantages owned by CSM. Some notable customers of CSM including Unilever Indonesia, Mayora, Softex, and Indofood in the logistics segment, and Haleyora, Telkom, Pertamina, BCA, and BNI in the rental segment.
CSM also booked a positive year-on-year growth on EBITDA, with CAGR of 13% from 2019 – 2021. In Q1 of 2022, CSM booked a 40.5% growth on EBITDA (Q1 of 2021 vs Q1 2022) as the Covid-19 situation subsided in Indonesia.
Figure 2 – Growth of CSM’s EBITDA (in billion IDR)
Financial performance of CSM also continue to improve, as shown below on the Balance Sheet summary.
Figure 3 – CSM’s Balance Sheet Summary
Anticipating continue high demand from CSM’s customers, CSM will continue to contribute positive impact to IMJ.