Finance

French car manufacturer PSA acquires Travelcar

Friday, 08 February 2019 20:12
French car manufacturer PSA acquires Travelcar

(Ecofin Agency) - PSA announced in a statement published on February 7, 2019, the full acquisition of  Travelcar, the largest airport parking and car rental company, to boost its position on the mobility market.

Two years ago, PSA acquired 22% of Travelcar, the startup founded by Tunisian engineer Ahmed Mhiri.

“Through this acquisition, we are stepping up our support for the company and demonstrating our commitment to developing an efficient, sustainable mobility services ecosystem”, said Brigitte Courtehoux, Senior Vice President, Connected Services and New Mobility Solutions at Groupe PSA, in the press release that does not disclose the amount of the transaction.

 “We are proud and delighted to be able to write the next chapter of the company’s history with Groupe PSA and all of the TravelCar teams. We’re also very excited about working on the many innovative solutions that such an alliance will enable us to offer our users,” Travelcar’s founder explained.

Travelcar is a revolutionary system thanks to which users can rent their cars to other people instead of leaving them in airport parking lots.  

This collaborative economy system has revolutionized car sharing by helping car owners avoid parking fees and offering affordable car renting fees (compared to traditional fees) to holidaymakers.

Travelcar now operates in sixty countries and has more than 1 million users and 5,000 partners. The startup that has more than 200 agencies and 300,000 users in ten European countries raised €15 million from PSA groupe and mutual insurance MAIF in March 2017.



 
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