Hertz, a company best known for worldwide car rentals, has made its first foray into the used car market.
Hertz diversifies in UK market with auction firm acquisition
FARNHAM, SURREY // Hertz, a company best known for worldwide car rentals, has made its first foray into the used car market with the purchase by its parent company, Clayton, Dubilier & Rice, of British second hand car trading company British Car Auctions. The deal is believed to be worth £390 million (Dh2.3 billion) and the company operates in 12 countries and has sold more than £4 billion (Dh23.8 billion) worth of used cars. British Car Auctions had a solid 2009 in the UK with more than 70,000 buyers. Used cars have been sold by the company on behalf of dealers, leasing companies, manufacturers and car hire firms. Hertz is one of the car hire firms that has used British Car Auctions to dispose of used rental cars during annual fleet upgrades. Clayton Dubilier & Rice has plans to help British Car Auctions expand into other countries, improve its online opportunities, offer new services and make acquisitions.