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Socar launches SocarStay, a new platform for car sharing and hotel booking.

Source: Socar

Why it matters: Socar has launched SocarStay, a groundbreaking platform integrating car sharing and hotel booking into a single application. The move is significant as it intersects with the burgeoning global online travel booking sector, which is expected to grow from $520 billion in 2020 to around $1 trillion by 2027, according to the Korea Tourism Organization.

Key Points:

  • SocarStay offers a unique, simplified user experience that combines car sharing and accommodation booking, unlike traditional online travel agencies (OTAs) that require separate platforms for car reservations.

  • The platform offers cost savings through its combined product discount system. In addition, like Socar's successful KTX bundle product launched earlier, it offers affordable, seamless transportation services and exclusive benefits for Mobility Membership Passport holders.

  • In partnership with KTX, Modu Parking, and Elecle, SocarStay aims to boost the local economy by increasing tourist spending. Users can choose from a range of 70 vehicles at any of the 25,000 properties across the country.

  • As a launch offer, customers who combine car and accommodation bookings will receive a free 24-hour Socar rental voucher until the end of August. Socar CEO Jae-wook Park claims SocarStay is "the only product that allows users to book transportation and accommodation at a discounted price through one app.

The Big Picture: With over a decade of experience managing an extensive fleet of more than 20,000 vehicles, SocarStay is looking to accelerate its growth in online travel booking. By making travel planning more accessible and cost-effective, Socar is poised to set a new benchmark in the mobile platform space.