RAC Group AS sells to Avis Budget Group
RAC Group AS, owner of Avis and Budget in Scandinavia, has announced that Avis and Budget in Denmark, Norway and Sweden have been sold to Avis Budget Group for approximately $50 million.
In Sweden, Norway and Denmark Avis has a total fleet of 15,000 vehicles distributed at 8,000 car rental offices. The Budget network consists of 518 rental offices in Scandinavia and Iceland. These are now taken over in their entirety by Avis Budget Group and will from the first quarter of 2015 be included in the group of Avis Budget-operations managed directly by Avis Budget Group Inc. in Europe.
The current chief executive in Scandinavia, Dag Andre Gimle Johansen, will leave his position as the new owners assume control. He will continue as chief executive of RAC Group AS in the tyre and automotive industry.
“We continue to expand on the Swedish market, and with an owner in Avis Budget Group backing our Scandinavian operations we become even stronger,” said Jan Lind, country manager of Avis Budget Sweden. “With the new system, great financial strength and the most modern technology, we can offer better solutions and experiences for those who rent a car from us at Avis and Budget.”
Avis Budget Group is headquartered in the United States and is listed on the NASDAC Stock Exchange in New York. Avis Budget in Scandinavia will, like Avis Budget in the UK, be part of ABG Europe’s Northern Region.
[pictured: Avis Ford Mustang; image courtesy Avis Budget Group]