Enterprise to buy Vanguard Car rental |
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Sat, 31 Mar 2007 00:37
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ST. LOUIS (AP) - Enterprise Rent-A-Car announced late Friday it has agreed to buy Vanguard Car Rental Group Inc., which operates the Alamo and National chains.Both companies are privately held, and Enterprise did not release financial details of the acquisition. The deal must be approved by antitrust regulators in the United States and Canada before it goes through.Enterprise is the largest U.S. rental car company, with 7,000 locations worldwide and a fleet of 800,000 vehicles. Tulsa, Okla.-based Vanguard has 3,800 locations and 300,000 vehicles worldwide, according to Enterprise.Purchasing Vanguard would help Enterprise expand its airport rental business, the company said.Most of St. Louis-based Enterprise's branches are found in neighborhoods or on commercial strips, with only 230 located at airports, while virtually all of Vanguard's outlets are at airports, said Enterprise spokeswoman Laura Bryant.No decision has been made as to whether the Alamo and National brands would remain, or if they might be renamed under the Enterprise flag.One benefit of the planned acquisition for Enterprise would be increased leverage with automakers, said Chris Brown, managing editor of Auto Rental News.'I would imagine their buying power will get even better,' Brown said.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Report: Car rental merger talk under way 