Mercedes dealer to operate luxury car rental service
A Haxaco Mercedes-Benz showroom. Photo courtesy of Haxaco
Haxaco, a major Mercedes-Benz dealership, will focus on expanding the luxury car rental service in addition to its core car retail business this year.
At a recent annual meeting, its chairman Do Tien Dung said the company had almost achieved monopoly status in luxury car rentals in Ho Chi Minh City and Hanoi, as its competitors had been driven out of business due to the pandemic.
Haxaco made VND205 billion ($9 million) in profit in 2021, and it aims to increase that figure by 3.4% this year.
Apart from being Mercedes’ dealership in Vietnam, it has also been distributing MG, a British car brand, since 2020.
Dung said MG’s resale segment has seen some achievements but has yet to meet the expectations of the company and its shareholders.
Haxaco plans to become the exclusive distributor of a new car brand in Vietnam, but its chairman also noted that such ambitions require time and planning.
It also plans to issue shares worth VND595 billion this year to raise funds for the opening of new Mercedes-Benz showrooms.
Such investment is vital to maintaining competitiveness against larger competitors, Dung added.