Hyundai Motor Group said Thursday its affiliate Mocean Lab has joined hands with the country’s car rental business association to develop a mobility service ecosystem in the rental car market. 

The mobility service venture set up by the parent group of Hyundai Motor and Kia Motors has signed a memorandum of understanding with the Korea Rental Car Business Association for collaboration in the future mobility business. 

The association is the country’s largest group of car rental business operators, representing some 930,000 rental cars here. Its members include 1,117 rental car companies in 16 regions across the nation. 

Through the collaboration, Hyundai Motor Group said it plans to provide an integrated rental car management system called Mocean smart solution to rental car business operators.

“Although small and midsized rental car companies want to enter the new mobility market, the high cost of setting up an operation system often works as a hindrance,” said a Hyundai Motor official. 

Through Mocean smart solution, rental car companies will be offered a high-tech internet of things device and an integrated solution for management system so they can simply attach the device to their rental cars and check the vehicle’s location, accumulated distance and more, the automaker said. 

Last month, the company launched the mobility division Mocean Lab, joining the likes of BMW, Daimler and others, as part of its initiatives to expand its services to autonomous ride-sharing, shuttling and personal mobility.

By Kim Da-sol (ddd@heraldcorp.com)