China Auto Rental Announces $200 Million Investment Funding

China Auto Rental announced on July 9 that Warburg Pincus, a global private equity firm, will make a $200 million investment in the company.

The investment is the largest equity financing to date in China's car rental industry, according to the company.

Prior to the Warbug Pincus investment, China Auto Rental received an investment from Legend Holdings in August 2010. The company said it plans to strengthen its leadership in China and continue to build its management, operations, funding and cost advantages.

“Warburg Pincus’ investment in China Auto Rental is a testament to the company's performance and potential, and will further strengthen the company's shareholder base,”said China Auto Rental CEO Charles Lu. “With the support of Warburg Pincus and Legend Holdings, China Auto Rental will further achieve development in scale, and strengthen our brand and product offerings.”

As of June 30, China Auto Rentals reported a fleet size of about 32,000 vehicles, with nearly 600 service locations in 66 cities and 52 airports in China.

In May, China Auto Rental withdrew its application for an initial public offering in the New York Stock Exchange. 

Comment On This Story

Name:  
Email:  
Comment: (Max. 10000 characters)  
Please leave blank:
* Please note that every comment is moderated.

 
 

Newsletter: Sign up to receive latest news, articles, and much more.

Read the latest

Auto Focus Blog: A blog covering fleets, auto rental and the business of cars

A Shared Mobility Model Takes Shape for Fleets

Technology that allows cab drivers flexible access to a shared fleet is leveling the playing field for an 89-year-old taxi company.

Safety Tech: Crash Avoidance or Sensory Overload?

As advanced safety technologies become even more pervasive on mainstream vehicles, are we creating “stupid drivers?"

Own the Fleet, Own the Future

In the dialogue surrounding new transportation paradigms, fleets have been off the public radar until recently. Here’s what’s going on, and a way for you to participate in the conversation.

Job Finder: Access Top Talent. Fill Key Positions.

>