New York City’s largest car rental company says it’s pulling out of the city
New York’s largest vehicle rental company, MSY Car Rentals, announced on Tuesday that it was pulling out in the city due to growing competition from car rental firms like Hertz and Park City.
MSY’s move to a new location in the Bronx comes as the industry grapples with a sharp slowdown in rental growth, and the company’s stock fell more than 6 percent in early trading.
In an interview with CNBC, MSX CEO and chief operating officer James Kallen said the company would focus on growth in the Greater New York Area and its other metropolitan areas.
He said the move would not affect the company or its clients in New York, Pennsylvania, and Connecticut.
“We’ll still be here in New Jersey and Connecticut,” he said.
“Our customers have told us they are looking for better rental options and better deals.”
The company’s CEO said MSY would focus its efforts on expanding into the greater New York and New Jersey areas.
MSY has more than 200 locations across the U.S., and it operates in more than 100 cities in the United Kingdom, Germany, Ireland, Australia, and Canada.
The company says that its New York properties offer an “extraordinary” and “truly unique experience.”
“Our goal is to provide a high-quality, highly affordable and convenient car rental experience to our customers in the New York metropolitan area and throughout the greater region,” Kallent said in a statement.
“While our current market conditions and trends are challenging, we remain committed to our strategy to be a leader in the automotive rental industry in the U: New York State, as well as in the broader automotive rental community.
MSYS will remain focused on our growth plans and are actively pursuing new opportunities to expand our presence.”
The company will now focus on expanding its business in other U.K. cities, as the region faces a similar slowdown in car rental growth.
MSys first office in London opened in December of last year, and it currently has about 30 employees and a total of around 2,500 vehicles.
MSX is also building a new office in New Zealand, and in 2017 it announced plans to expand its business there, as part of its plan to expand globally.
In 2016, MSYS also said it would start building a large, new building in the London borough of Barking, which is currently home to a large Chinese-owned property development called “Dalian Wanda.”