A major luxury car rental company has said that it expects to sell about 2 million cars in 2018.
The firm, which has a market share of about 15 per cent, said it expects that it will also rent out about 500,000 luxury vehicles through its online platform.
In the first quarter of 2019, it said, it expects it will sell about 7.2 million luxury cars in the U.S. and Canada.
The company has a $2.3 billion cash position and $3.2 billion in debt, according to an investor presentation.
Its shares were up 0.6 per cent to $25.70.
In Canada, the luxury rental industry is also expanding.
In 2018, the industry grew by 2.7 per cent compared with the same period last year, according a report by the Conference Board of Canada, citing a U.K. and a report from the International Auto Alliance.
The conference report noted that the luxury car market in Canada is expected to reach $3 billion in 2019, up from $2 billion last year.