Kayak Car Rentals, Inc. is taking another step toward a profitable future.
The Tampa Bay-based company, which has been offering car rental services since 2004, said it had booked nearly $3 million in new car rentals in fiscal 2017, up from $2.9 million in fiscal 2016.
The company’s financials are posted on its website.
Kayak said it plans to increase the number of its car rentals to at least 1,500 in the U.K. and the Netherlands by the end of 2020, up to 3,000 in Australia and New Zealand, and 10,000 to 20,000 worldwide.
It also said it would expand its services to other markets in the world, including Asia and Latin America, and add more than 1,000 jobs.
Kayak CEO Mike McLeod said in an interview with The Next Sputnik, a news blog, that the company is looking to increase its annual revenue by $50 million.
McLeod said the company expects to reach profitability in the fourth quarter of 2020.
Kayaks revenues are expected to more than triple from $100 million in the third quarter of fiscal 2017 to $260 million in 2020, he said.
That growth rate is expected to continue through the first half of 2021, he added.
“We expect to reach $350 million in 2019,” he said, adding that he expects to be profitable in 2020.
This year, Kayak will be operating in its first global markets.
Its first U.W. market was launched in December of 2018.
In Europe, Kayaks first European markets were in Belgium and the United Kingdom, but it expanded into Germany and Spain later that year.
According to McLeod, Kayakes new market in Germany is a key milestone in its growth plan.
He said Kayaks European markets will be the largest in the business and the fastest growing in the country.
A new car rental destination in Australia, Japan and Singapore is also on the horizon, he predicted.
For more information, go to: www.kayakcarrentals.com