Chattanooga, Tennessee — (CBS/AP) A local car rental company is looking to expand to a new market.

The Chattanooga Car Rental Company says it plans to open a new store in Chattanooga.

The company says it will be located at 1640 N.E. Fourth Street.

The Chattanooga City Council has authorized the city to open the store as a new car rental business.

The city opened its first new car rentals in January, with two car rentals on the first floor.

That business is expected to open by the end of the year.

The car rental service is a major part of the Chattanooga economy.

The company says its service is “in-demand” because Chattanooga has the highest car rental vacancy rate in the nation.