Press Release
Expansion in Germany: Enterprise Rent-A-Car acquires CARO Autovermietung

Expansion in Germany: Enterprise Rent-A-Car acquires CARO Autovermietung

Eschborn / Bremen, April 7th, 2017 – Enterprise Rent-A-Car Germany today announced the signing of an agreement to acquire Bremen-based CARO Autovermietung GmbH. The agreement brings together two privately held companies that are built on delivering excellent customer service. It will create one of the largest car rental businesses in Germany and a leading supplier of courtesy cars to insurance customers.

The agreement, for an undisclosed sum, is subject to approval by the German Federal Cartel Office (Bundeskartellamt) and is expected to be closed in the coming weeks. Until such approval, the Enterprise and CARO Autovermietung brands will be operated independently, but when the companies are integrated later this year it will expand Enterprise’s branch network and fleet significantly.

With the acquisition of CARO, Enterprise has underlined its long-term commitment to Germany and intention to expand its market position. Enterprise, which celebrates its 20th anniversary in Germany this year, has more than 160 locations and more than 1,500 employees nationwide.

CARO Autovermietung is headquartered in Bremen, where it also has a dedicated customer contact centre that operates 24 hours a day, 365 days a year. The company has 32 corporate-owned locations and 14 agency-owned branches throughout Germany, where it has more than 800 employees. As a result, the combined business will have more than 200 locations, a fleet of approximately 17,000 vehicles and in excess of 2,300 employees to better serve its customers.

Founded by Stefan Peters in 1998, CARO Autovermietung operates in the corporate and replacement sectors and has built an enviable reputation for service excellence. Stefan Peters will remain in an advisory role with the business, and the rest of the CARO senior management team will remain in place.

Jim Strack, General Manager and Vice President, Enterprise Rent-A-Car Germany, said: "Like Enterprise, CARO is renowned for delivering excellent customer service, has an entrepreneurial culture and promotes from within, which makes this such an excellent fit. This acquisition is about growth and represents the next chapter of our success story in Germany, which has always been one of the most important markets in the world and plays a decisive role in our future plans for Europe. With CARO, we have found a successful company that shares our values and which fits perfectly into our expansion and growth strategy. We are very pleased to welcome all the employees of CARO to the Enterprise family and to offer them excellent prospects in our rapidly growing company. It will bring together the two best service providers to the insurance sector, so it’s great news for our customers who will also benefit from even better coverage through our extended branch network and additional fleet in Germany."

Stefan Peters, Founder and Managing Director of CARO Autovermietung GmbH, said: “With this agreement, I’m delighted to have secured the future development of the CARO business as well as provide opportunities for CARO employees. Enterprise is the world’s largest car rental company, is privately owned and international in scale, which will be attractive to many of our corporate customers. Like CARO, Enterprise is also an expert in the replacement sector and there are many more similarities in terms of business models and corporate culture. The agreement will significantly increase Enterprise’s presence in the German market, and I’m excited to be a part of that development.”

Enterprise's expansion strategy is characterised by a combination of organic growth, franchise partnerships and strategic acquisitions and integrations. The most significant acquisitions in the past decade have been National Car Rental and Alamo Rent A Car in North America (2007), Citer and Atesa in France and Spain (2012), and Burnt Tree (2014) and City Car Club (2015) in the UK.

Jim Strack added: "As a family business, we are always aware of the responsibility when acquiring a company. We therefore pursue a very cautious and disciplined approach from selection to integration. Our integrations over the past years are a testament to the success of this approach, which we will of course also follow with the acquisition of CARO Autovermietung.”

The agreement is the latest investment by Enterprise to develop its brand and service network in Germany. In March it launched its first television and digital advertising campaign in Germany, which uses humour to convey Enterprise’s core value of delivering excellent customer service. The campaign will build on the momentum that has been created over the past 18 months since Enterprise became an Official Partner to the UEFA Europa League and a perimeter advertising partner in the Bundesliga.

As well as marking its 20th anniversary of doing business in Germany this year, Enterprise is also celebrating the 60th year since it was founded by Jack Taylor in St. Louis in 1957.

About Enterprise Holdings

Enterprise Holdings operates the Enterprise Rent-A-Car, National Car Rental and Alamo Rent A Car brands through an integrated global network of its own subsidiaries and independent franchise partners. Together with its affiliate Enterprise Fleet Management, Enterprise Holdings offers comprehensive mobility solutions, such as car rental, car sharing, commercial truck rental, corporate fleet management and vehicle sales. In fiscal year 2016, the company's revenues amounted to USD 20.9 billion, the number of sites to more than 9,600, and the number of vehicles to 1.9 million. Enterprise Holdings and Enterprise Fleet Management currently employ more than 97,000 people worldwide.

 

Since its entry into the German market in 1997, Enterprise has grown strongly with its main brand Enterprise Rent-A-Car and now operates more than 160 locations throughout Germany with more than 1,500 employees.

Enterprise Holdings operates the Enterprise Rent-A-Car, National Car Rental and Alamo Rent A Car brands through an integrated global network of its own subsidiaries and independent franchise partners. Together with its affiliate Enterprise Fleet Management, Enterprise Holdings offers comprehensive mobility solutions, such as car rental, car sharing, commercial truck rental, corporate fleet management and vehicle sales. In fiscal year 2016, the company's revenues amounted to USD 20.9 billion, the number of sites to more than 9,600, and the number of vehicles to 1.9 million. Enterprise Holdings and Enterprise Fleet Management currently employ more than 97,000 people worldwide.

 

Since its entry into the German market in 1997, Enterprise has grown strongly with its main brand Enterprise Rent-A-Car and now operates more than 160 locations throughout Germany with more than 1,500 employees.

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