I’ve written extensively about Silvercar, which is my favorite car rental company. While I’ve historically dreaded renting cars due to how dated the technology and the industry is, Silvercar is changing that up. They’ve done to the car rental industry what Uber has done to the taxi industry (well, minus all the scandals).
They have one type of car (an Audi A4), and they take a lot of the other hassle out of the car rental process as well – they’ll fill up the car at “fair” fuel prices when your return it, they have fair tolling, satellite radio, etc.
Audi has already owned a minority stake in Silvercar. Early last year Audi invested $28 million for a 20% stake in Silvercar. Well, Audi is now buying the remaining shares in Silvercar for an undisclosed amount, so Silvercar will be 100% owned by Audi.
The deal is expected to close in the first half of this year. Here’s what Audi’s press release has to say about the deal:
Audi plans to acquire Silvercar by expanding its minority share to 100 percent. The U.S.-based company has successfully specialized in digital services for flexible vehicle use in the high-end market segment. In the future, Audi and Silvercar intend to cooperate closely to expand the range of mobility products and services offered in the U.S. In addition to the core business of Silvercar, both partners also plan to further develop the successfully launched Audi mobility services in the U.S. market. The acquisition is currently subject to approval from the applicable regulatory authorities.