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

The Problem with Valuing Safety Technology

As advanced safety technologies have migrated to mainstream vehicles, retaining value for these options at resale remains an issue.

ELD Mandate: Is Your Head Still in the Sand?

If you think you have 11 weeks to implement an Electronic Logging Device system to meet the Dec. 18 compliance deadline, you really don’t — for a few reasons.

Who Controls Your Vehicles’ Data?

In the name of security, an automaker’s alliance is advocating denial of third-party access to the OBD-II port. Is this going too far?

Job Finder: Access Top Talent. Fill Key Positions.

>