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Europcar gobbles up low cost hire car firm Goldcar

Goldcar BarcelonaGlobal car hire firm Europcar has announced the takeover of low-cost Europe rental firm Goldcar. Europcar CEO Caroline Parot noted that the buyout was in line with the firm’s stated aim of getting a firmer foothold in Europe and in the leisure and holiday industry sectors.

Although Goldcar does have branch offices in locations such as the Azores, Morocco and Mexico, its main hubs of operations are concentrated around the Mediterranean countries of Spain, Italy and Greece. Financial analysts say these latter locations are probably the carrot which induced Europcar to buy.

Ms Parot confirmed the acquisition as strategic in her press briefing. She explained that the buyout would put Europcar in a prime position to take advantage of the fast growing European holiday market for car rentals.

Proclaiming its intention of aiming for a larger share of the European market, Europcar said late last year it had €500 million (£440 million) to spend. The firm has already acquired Buchbinder Rent-A-Car from Germany and its local franchisees in Ireland and Denmark.

CEO Ms Parot said these subsidiaries plus InterRent and Goldcar would give Europcar the means of designing its product to suit the needs of modern consumers. She continued by saying analyses had shown low-cost and holiday rentals were likely to generate the lion’s share of the company’s revenue in years to come.

She said the sector was likely to be the linchpin in underpinning Europcar’s future successes and development. She finished off by saying the challenge now remained to integrate the Goldcar network into the Europcar one.

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