Park24 Co., the operator of metered parking lots, has said it will turn Mazda Car Rental Corp. into a subsidiary on March 31 to embark on a car-sharing business.
Park24 said it will acquire a 98.6 percent stake worth around ¥2 billion in Mazda Car Rental from its current large shareholders, including Daiwa SMBC Capital Co. and Sumitomo Mitsui Auto Service Co.
Using its roughly 8,600 parking facilities across the country, Park24 plans to offer a car-sharing service that enables a group of registered people to share a vehicle without actually owning it.