Hertz to buy Australian car sharing company Flexicar
28 Oct 2010
Hertz Global Holdings, the US-based world's largest car rental company, yesterday signed a deal t buy Australian car sharing company Flexicar, for an undisclosed sum.
The move comes after the Park Ridge, New Jersey-based Hertz last month backed out from an extended bidding war against Avis Budget Group for smaller rival Dollar Thrifty Automotive Group. (See: Hertz says no to higher bid for Dollar Thrifty)
Founded in 2005, Melbourne-based Flexicar provides car sharing services to members throughout Melbourne and Sydney.
The company operates 90 vehicles and has approximately 2500 members throughout Melbourne and Sydney and provides local residents and businesses with driving freedom and flexibility.
Post closing, Flexicar will be integrated into Hertz's car-sharing brand, Connect by Hertz, which has more than 700 vehicles, 20,000 members and more than 200 locations worldwide.
Hertz said that the acquisition will benefit Flexicar members with sophisticated in-car technology, which enables Connect by Hertz to "communicate" with the vehicle, enabling representatives to unlock, engage and locate vehicles. All these vehicles are equipped with iPod connectivity, NeverLost(R) in-car navigation systems and EZ Pass transponders.