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The Collaborate Corporation Ltd share price continues to rocket higher

The Collaborate Corporation Ltd (ASX: CL8) share price has been amongst the biggest movers on the market today.

In morning trade the shares of the operator of peer-to-peer and online marketplaces have jumped 20% to 4.1 cents. Its shares have now doubled in value this year.

What happened?

This morning the company provided the market with key performance metrics for its peer-to-peer car rental business DriveMyCar.

Following on from record results in March and April, DriveMyCar has continued to break records for the company in the month of May.

Rental transaction value increased 98% year-on-year to $273,890. Furthermore, net rental days realised increased 106% year-on-year to 7,698 days. Incidentally, both were a 6% month-on-month increase.

Management has put this continued momentum in demand across private, rideshare, and corporate rentals down to the improving quality of the fleet and higher utilisation.

The Subaru Impreza fleet in particular was a highlight, reporting almost 100% utilisation during May.

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Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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