ST. LOUIS, June 15, 2016 /PRNewswire/ -- Enterprise Holdings, the world's largest car rental company, today announced it has acquired vRide, a vanpooling company that has been serving U.S. commuters for almost 40 years while also providing American business leaders one of the most resourceful, efficient and sustainable transportation solutions available.
Enterprise Holdings purchased vRide from TPG Growth; financial terms of the transaction were not disclosed.
"Local transportation infrastructure and urban mobility options have become much more complex, diverse and competitive in the current marketplace," explained Enterprise Holdings Vice President Ryan Johnson, who will oversee vRide operations as well as other sustainable commuter solutions, including Enterprise Rideshare (vanpooling) and Zimride by Enterprise (online ride-matching). "As a result, we look forward to combining our complementary assets and further advancing vRide's expertise, ride-sharing platform and brand recognition, all of which will benefit American commuters and consumers for the long term."
In addition to car sharing, vanpooling and ride-matching services, Enterprise Holdings operates the Enterprise Rent-A-Car, National Car Rental and Alamo Rent A Car brands through an integrated global network of independent regional subsidiaries and franchise locations throughout more than 80 countries and territories. In the U.S. alone, the Enterprise Holdings fleet exceeds 1.1 million vehicles and its network – with more than 6,200 fully staffed neighborhood and airport branch offices – is located within 15 miles of 90 percent of the U.S. population.
Moreover, Enterprise has been delivering transportation alternatives right where people live and work since 1957. Forty years later, Enterprise Rent-A-Car trademarked the term Virtual Car®, after recognizing the strength and energy of local service, regardless if it is for an hour, a day, a week or longer. This intuitive and sustainable neighborhood business model now features a wide variety of programs, including car rental, car leasing, vanpooling and car sharing.
"By capitalizing on Enterprise's and vRide's synergies, we look to increase overall fleet utilization and build on our world-class customer service as the two companies learn from each other," said Johnson. "That, in turn, means the combined team will be able to enhance commuter solutions from coast to coast."
Ann Fandozzi, Chairman of vRide, agrees that Enterprise and vRide not only share common values, but also a core commitment to accessible, reliable and transparent transportation options. "Partnering with Enterprise offers vRide an opportunity to develop and expand vanpooling and ride-sharing in ways that can make a significant difference to consumers," Fandozzi noted.
Enterprise Holdings has a strong track record of taking time to ensure its acquisitions are thoughtful and successful across the board, for customers and business partners as well as for new employees. "This strategic acquisition also provides the vRide staff additional opportunities within their current roles and even within Enterprise down the road," Johnson stressed, "which is very exciting for them as we move forward with this transition."
Transportation Value Chain
Enterprise Holdings works to leverage its network and fleet to work effectively with key stakeholders and to incorporate sustainability goals into comprehensive, long-term local transportation planning. These efforts can help broaden public-policy discussions and in the process, better meet the needs of constituents, clients and customers in the communities the company serves.
For example, Enterprise Holdings participated in a 2014 SXSW Eco panel discussion on the role that public and private transportation providers play in meeting demands for sustainable mobility in urban markets. This conversation – which included a researcher from the University of California-Berkeley Transportation Sustainability Research Center, a peer-to-peer car sharing advocate and a well-known automotive reporter – focused on how to best provide access to more sustainable transportation options.
In 2015, Enterprise Holdings presented at industry conferences and universities about the company's focus on sustainable business practices and urban mobility. Through participation in the Sustainability Speaker Series at the University of Nevada, Las Vegas, Enterprise Holdings shared how it is implementing corporate sustainability into the Enterprise Rent-A-Car brand and throughout its fleet. In addition, on panels during the Global Business Travel Association (GBTA) Convention and Disrupting Mobility Summit, Enterprise Holdings leaders emphasized changing consumer needs and the importance of creating access to transportation options in local communities.
And only two months ago, Enterprise Holdings participated in an Urban Land Institute of St. Louis panel discussion that focused on "The Future of Land Use in a Region of Driverless Cars." During the public session, it was noted that the U.S. car rental industry may very well be one of the early adopters of autonomous vehicles. In fact, the size, flexibility and accessibility of Enterprise Holdings' U.S. fleet and network make the company an especially strategic and integral part of the nation's transportation value chain. Consequently, Enterprise Holdings is in an ideal position to quickly and efficiently introduce new autonomous vehicles to millions of consumers in cities and towns of all sizes.
For more information about Enterprise Holdings, visit www.enterpriseholdings.com.
About Enterprise Holdings
Enterprise Holdings and its affiliate Enterprise Fleet Management, together offer a total transportation solution, including extensive car rental and car-sharing services, truck rental, corporate fleet management and retail car sales. Combined, these businesses accounted for $19.4 billion in revenue, employed more than 93,000 and owned 1.7 million vehicles throughout the world in fiscal year 2015.
Enterprise Holdings currently is ranked as one of America's Largest Private Companies. Furthermore, if it were publicly traded, Enterprise Holdings would rank on Fortune's list of the 500 largest American public companies. In addition, Enterprise Holdings not only accounts for the largest airport market share in the U.S., but its domestic rental fleet also is one of the newest in the industry. The company's affiliate, Enterprise Fleet Management, provides full-service fleet management to companies and organizations with medium-sized fleets. Other transportation services marketed under the Enterprise brand name include Enterprise CarShare, Enterprise Car Sales, Enterprise Truck Rental, Exotic Car Collection by Enterprise and Enterprise Flex-E-Rent.
This press release and car rental industry news are available in the Enterprise Holdings Press Room.
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SOURCE Enterprise Holdings