Vanguard Car Rental Holdings LLC has announced that it has entered into an agreement with Europcar Groupe S.A. to sell the equity of its subsidiary, Vanguard Car Rental EMEA Holdings Ltd., which operates in Europe, the Middle East and Africa.
Under the alliance, National, Alamo and Europcar will be operating in over 150 countries with access to nearly 6,000 locations and a fleet of over 500,000 vehicles.
“Our partnership with Europcar will enable us to better serve our customers and provide them with a competitive global alternative in the car rental market,” said William E. Lobeck, President and Chief Executive Officer of Vanguard. “They will also benefit from having access to an enhanced network that will truly deliver the highest quality car rental experience worldwide for our National Car Rental and Alamo Rent A Car customers.”
“Europcar and Vanguard share a common vision of the vehicle rental market and today we are forging an alliance that will enable us to offer our clients a premium quality service anywhere in the world,” said Salvatore Catania, CEO of Europcar.
The sale is subject to regulatory approvals and other customary closing conditions. The transaction is expected to close in the first quarter of 2007.