Bolt has signed framework leasing agreements with Luminor and Swedbank, whereby the banks will provide up to EUR 126 million to finance new Bolt Drive cars and triple the company’s fleet in the Baltic States.
Swedbank will provide up to EUR 80 million and Luminor will provide up to EUR 46,2 million for the purchase of the new cars.
The framework agreements will enable Bolt Drive to expand its fleet of vehicles in the Baltic States that ranges from compact automobiles to SUVs and vans.
The new vehicles will be introduced initially in Tallinn, Riga, Jurmala and Vilnius.
Bolt Drive Estonia’s CEO, Henriko Aero, believes that fleet expansion is necessary: “Compared to last year, the number of trips in Estonia has increased substantially, necessitating a fleet expansion. Using Estonia as an example, we think that the use of short-term car rental services will increase throughout the Baltic States as well. Also, we already know that 68% of Bolt Drive users regard rental cars as a viable alternative to a personal vehicle. We are happy that banks believe in the future of personal car rental alternative and are willing to work with us to develop this business model”.
The service is now also available in Riga, Jurmala and Vilnius, bringing the total number of cars available in the three countries to about 2,000.
During Bolt Drive’s two years of operation, the two banks have financed nearly all of rental cars in the Baltic States. (ERR/Business World Magazine)
