Sixt

Last updated
Sixt SE
Sixt
Company type Public ( Societas Europaea )
FWB:  SIX2
ISIN DE0007231326
Industry Car rental
Founded1912;112 years ago (1912)
FounderMartin Sixt
Headquarters
Pullach, Munich
,
Germany
Key people
Alexander Sixt and Konstantin Sixt (Co-CEOs), Erich Sixt (Chairman of the Supervisory Board) [1]
Services
RevenueIncrease2.svg €3.62 billion (2023) [4]
Decrease2.svg€335 million (2023) [4]
Total assets Increase2.svg€6.45 billion (2023) [4]
Total equity Increase2.svg€2.00 billion (2023) [4]
Number of employees
  • Increase2.svg 8,735 (2023) [4]
  • 7,509 (2022) [4]
Website sixt.com

Sixt SE is an international mobility service provider with about 2,000 locations in more than 100 countries. [5] Sixt SE acts as a parent and holding company of the Sixt Group, which is internationally active in the business areas of vehicle rental, car sharing, ride-hailing, and subscription.

Contents

The majority of the company is owned by the Sixt family, who manage the company. The remaining share is tradeable stock: SIX2 (XETRA). [6]

History

Foundation

Iveco Daily with Sixt Transporter Sixt.jpg
Iveco Daily with Sixt
Iveco Eurocargo with Sixt Sixt Iveco truck in Germany.JPG
Iveco Eurocargo with Sixt

In 1912, Martin Sixt founded the company with a fleet of three cars, creating the first car rental company in Bavaria. During the First World War, the fleet was confiscated and used by the German Army. After the war, business resumed, but the fleet was once again seized by the German Army at the outbreak of World War II. When the war concluded, the company rebounded, establishing a taxi fleet for members of the United States Army stationed in Germany. It then opened a taxi business in Munich with the first radio taxis.[ citation needed ] In 1951, the car rental company Auto Sixt was founded.

1980s

In 1982, Auto Sixt was renamed Sixt Autovermietung GmbH, with the name Sixt/Budget in the logo. The company was transformed again in 1986, this time becoming Sixt AG, a corporation traded on the German stock exchange. In 1988, the subsidiary Sixt Leasing GmbH was established.[ citation needed ]

1990s

In 1993, the operating business of the AG was handed over to another subsidiary, Sixt GmbH & Co Autovermietung KG. Sixt AG acted thereafter as a holding company of the group.[ citation needed ] Also in 1993, Sixt bought the assets of its competitor Autoverleih Buchbinder, operating the brand briefly before finally discontinuing it. Sixt had failed to secure the naming rights, and subsequently Buchbinder was re-established and continued operating in the market. [7]

In 1999, the Federal Court of Justice (BGH) issued a landmark judgment against Sixt for illegal price fixing, requiring it to pay damages to its franchisees. Sixt had de facto controlled the pricing for the independent franchisees' prices, as they were part of the Germany-wide reservation system. In the event of pricing discrepancies, the rental agreements were returned to Germany. This was deemed inadmissible under German antitrust law (price fixing of the second hand) and forbidden by the BGH. [8]

2000s

Erich Sixt, 1997 Erich Sixt.jpg
Erich Sixt, 1997

In 2003, the corporation was forced to defend itself against hedge fund manager Florian Homm, who had speculated on declining stock prices. Homm was ultimately fined for price manipulation. [9] In 2005, the Management Board Compensation Disclosure Act (VorstOG) entered into force. Sixt AG became the first company in Germany to exercise the right not to disclose Directors' salaries without a shareholder vote of at least 75% majority. CEO Erich Sixt held at this time 56.8% of Sixt ordinary shares, corresponding to 89% of votes at the general meeting, meaning he was essentially able to determine the outcome. Overall, 98% of the voters approved the non-disclosure of executive pay. [10]

In 2006, Sixt made a bid to take over its competitor, Europcar, when owner Volkswagen offered it for sale. In addition to antitrust concerns (Sixt at that time had approximately 23% market share, Europcar 22%), there was also resistance from the Europcar works council, which feared job cuts after the merger. [11] Volkswagen finally accepted an offer by the French investment company Eurazeo. [12] Since 2007 and via subsidiary companies, Sixt has operated the online brokerage of motor vehicles with the websites Autocommunity Carmondo, Mystocks, RadAlert, Winebase, and autohaus24. [13]

2010s

One of the cars of the SIXT Share fleet. Munich, 2019. SIXT Shared Car in Munich.jpg
One of the cars of the SIXT Share fleet. Munich, 2019.

In 2010, former employees claimed that Sixt was opposed to setting up a works council. The company's management denied the allegation. [14] In 2011, the company opened its first branch in the USA in Florida. [15] In 2013, Sixt AG was converted to the legal form of a European Company (Societas Europaea) and since then has been called Sixt SE. [16] As part of the transition, a European Works Council ("Sixt Europe Leaders Forum") was founded in 2013. In May 2015, Sixt brought its subsidiary Sixt Leasing AG to the Frankfurt Stock Exchange. [17]

At the beginning of 2018, Sixt sold its shares in car sharing service DriveNow for 209 million euros to its joint venture partner BMW. [18] In February 2019, Sixt started an own mobility platform and a new car sharing service named Sixt share. The services car rental, car sharing, ride hailing and car subscriptions are all combined into one app. [19]

2020s

In 2020, Sixt sold all its shares in Sixt Leasing SE in order to focus its business on its mobility services. [20] In June 2020, Sixt acquired 10 concessions at U.S. airports from Advantage Rent a Car. The acquisition increased the number of Sixt stations in the United States to more than 85. [21] [22] At end of July 2020, Lyft and Sixt announced a joint venture, where Lyft app users can rent a car from both partners through the app. [23]

In December 2021, the company expanded to Australia via a partnership with the NRMA. One hundred and sixty branches and a total of 16,000 vehicles are thus franchised under the Sixt brand. [24] [25] [26]

In 2022, Sixt becomes the first car rental company in Europe to offer BYD vehicles. [27]

In December 2023, the company announced it was phasing out Teslas from its lineup following a price cut in that hurt residual values in its lineup. The next month, the company announced it was buying as many as 250,000 vehicles from Stellantis NV. The order would be a combination of traditional combustion engine vehicles, plug-in hybrids, and electric cars to be used in Europe and North America. These moves came amid an industry-wide shift in how non-traditional cars would be used. At the time of the announcement, the company still had plans to electrify up to 90% of its fleet in Europe. [28] [29]

Related Research Articles

<span class="mw-page-title-main">Mercedes-Benz Group</span> German multinational automotive company

The Mercedes-Benz Group AG is a German multinational automotive corporation headquartered in Stuttgart, Baden-Württemberg, Germany. It is one of the world's leading car manufacturers. Daimler-Benz was formed with the merger of Benz & Cie., the world's oldest car company, and Daimler Motoren Gesellschaft in 1926. The company was renamed DaimlerChrysler upon the acquisition of American automobile manufacturer Chrysler Corporation in 1998, and was again renamed Daimler AG upon divestment of Chrysler in 2007. In 2021, Daimler AG was the second-largest German automaker and the sixth-largest worldwide by production. In February 2022, Daimler was renamed Mercedes-Benz Group as part of a transaction that spun-off its commercial vehicle segment as an independent company, Daimler Truck.

<span class="mw-page-title-main">Dollar Rent A Car</span> American car rental brand

Dollar Rent A Car is an American car rental agency, headquartered in Estero, Florida, with offices in many countries around the world. Dollar is owned by The Hertz Corporation, along with other agencies including Hertz Rent A Car, Firefly Car Rental and Thrifty Car Rental. Dollar typically caters to budget-conscious leisure travelers.

<span class="mw-page-title-main">Europcar</span> French car rental company

Europcar Mobility Group is a French car rental company founded in 1949 in Paris. The head office of the holding company, Europcar Group S.A., is in the business park of Val Saint-Quentin at Voisins-le-Bretonneux, France.

Hyundai Capital Services (Korean: 현대캐피탈) is a South Korean provider of consumer financial services ranging from auto-financing, private financing, and corporate financing. The company is a financial service unit of Hyundai Motor Group. Hyundai Capital operates in 12 countries – Korea, the U.S., the U.K., China, Germany, Canada, Russia, Brazil, India, Australia, Indonesia, and Singapore.

A car rental, hire car or car hire agency is a company that rents automobiles for short periods of time to the public, generally ranging from a few hours to a few weeks. It is often organized with numerous local branches, and primarily located near airports or busy city areas and often complemented by a website allowing online reservations.

<span class="mw-page-title-main">Lyft</span> American ride-sharing company

Lyft, Inc. is an American company offering mobility as a service, ride-hailing, vehicles for hire, motorized scooters, a bicycle-sharing system, rental cars, and food delivery in the United States and select cities in Canada. Lyft sets fares, which vary using a dynamic pricing model based on local supply and demand at the time of the booking and are quoted to the customer in advance, and receives a commission from each booking. Lyft is the second-largest ridesharing company in the United States after Uber.

<span class="mw-page-title-main">BYD e6</span> Battery electric compact MPV

The BYD e6 is a battery electric vehicle manufactured by BYD Auto from 2009. Field testing for the first generation model began in China in May 2010 with 40 units operating as taxis in the city of Shenzhen. Sales to the general public began in Shenzhen in October 2011, over two years behind schedule of the originally planned release date of 2009.

Share Now GmbH is a German carsharing company, formed from the merger of Car2Go and DriveNow. Since 2022, it is a subsidiary of the Free2Move division of multinational automaker Stellantis providing carsharing services in urban areas in Europe, and formerly in North America. It has over four million registered members and a fleet of over 14,000 vehicles in 18 cities across Europe.

<span class="mw-page-title-main">Turo (company)</span> American peer-to-peer car rental company

Turo is an American peer-to-peer carsharing company based in San Francisco, United States. The company allows private car owners to rent out their vehicles via an online and mobile interface in five countries.

<span class="mw-page-title-main">Autolib'</span> French carsharing company

Autolib' was an electric car sharing service which was inaugurated in Paris, France, in December 2011. It closed on 31 July 2018. It was operated by the Bolloré industry and complemented the city's bike sharing system, Velib', which was set up in 2007. The Autolib' service maintained a fleet of all-electric Bolloré Bluecars for public use on a paid subscription basis, employing a citywide network of parking and charging stations. As of 3 July 2016, 3,980 Bluecars had been registered for the service and had more than 126,900 registered subscribers; Autolib' furthermore offered 1,084 electric car stations in Paris agglomeration with 5,935 charging points.

Shenzhen BYD New Energy Co., Ltd., trading as Denza, is an automobile manufacturing company headquartered in Shenzhen, China, specialising in luxury electric cars and a joint venture between BYD Auto Industry and the Mercedes-Benz Group. Founded in May 2010, in late 2014 the company introduced its first model, the Denza EV. The car was initially put on sale in selected Chinese cities only. In late 2021, Denza underwent a restructuring as Mercedes-Benz reduced its share to 10%, while BYD held the rest.

<span class="mw-page-title-main">Shlomo Group</span> Investment and holdings Group

ITO Shmeltzer Holdings LTD, widely known as Shlomo Group is a holdings company in Israel, consists car services, automotive, real estate, communications infrastructures, insurance, shipyards services and logistics, and more. The group was founded in 1969 by Shlomo Shmeltzer, the company started out as a car rental, leasing and automotive services company. and today, through subsidiaries, it handles car services, real estate business, communications infrastructures, insurance, shipyard services, logistics and more.

DriveNow was a one-way carsharing service wholly owned by the automotive manufacturer BMW. In 2019, DriveNow and car2go, a carsharing service from Daimler AG, merged to form the global mobility provider Share Now, with a combined fleet of 20,000 vehicles in 31 cities in 14 countries and over four million members worldwide. Share Now is one of the five mobility services which are part of the mobility joint venture of the BMW Group and the Daimler AG.

Combined Motor Holdings Limited (CMH) is a South African-based investment holding company engaged primarily in distribution and franchising; motor retailers; car hire and financial and support services sectors in South Africa.

First Car Rental is the wholly owned car rental subsidiary of Combined Motor Holdings Limited (CMH), a JSE-listed investment holding company based in South Africa.

Auto Europe is a large car rental wholesale company, working with approximately 24,000 car rental locations in 180 countries in Europe, Asia, Africa, Australia, New Zealand, as well as North and South America. Auto Europe has been accredited with the Better Business Bureau since 2 April 1993, with an A+ rating. Auto Europe has been owned by Court Square Capital Partners since 2006.

<span class="mw-page-title-main">ReachNow</span> Carsharing service

ReachNow was a carsharing service operated by BMW Group in Seattle, Portland, and Brooklyn. It launched in 2016 and it shut down its services in Seattle and Portland on July 17, 2019. It used a mobile app for car reservations and operated a fleet of over 1,000 vehicles. It was one of three car-sharing services in the city of Seattle, competing with car2go and Zipcar. ReachNow was similar to another BMW Group service DriveNow, but was focused on North American cities starting with Seattle. Unlike DriveNow which is a joint-venture with Sixt, ReachNow is a fully owned BMW subsidiary, with RideCell rather than Sixt, providing the technology platform.

Traton SE, known as the Traton Group, is a subsidiary of the Volkswagen Group and one of the world's largest commercial vehicle manufacturers, with its MAN, Scania, Navistar, and Volkswagen Caminhões e Ônibus brands. The company also has digital services branded as RIO. In 2020, the group sold around 190,200 vehicles. The range of products includes light-, medium-, and heavy-duty trucks, as well as vans and buses. As of December 31, 2020, Traton employed around 82,600 people in its commercial vehicle brands.

Vehicle subscription is a service where a customer pays a recurring fee for the right to use one or more automotive vehicles. Some vehicle subscriptions offer insurance and maintenance as part of the subscription fee; other subscriptions allow the subscriber to switch between different vehicles during their subscription period. Industry commentators consider vehicle subscription to be an alternative to owning or leasing a vehicle.

<span class="mw-page-title-main">Mobilize (marque)</span> Automobile brand

Mobilize is a business unit of the French car manufacturer Renault established in 2021 and it is mainly specialized in mobility-related services. It focuses on subscription services, leasing, loans, data, and energy management, offering Mobilize-badged vehicles for car sharing and delivery services.

References

  1. ↑ Uyttebroeck, Benjamin (2 March 2021). "Sixt closes 2020 with a slight profit and announces new co-CEOs". Fleet Europe. Retrieved 6 October 2021.
  2. ↑ Jacobs, Frank (21 February 2020). "Sixt SE sells its leasing business to Hyundai Capital Bank Europe". Fleet Europe. Retrieved 17 October 2021.
  3. ↑ Jacobs, Frank (18 June 2020). "Sixt launches flexible car subscription SIXT+". FleetEurope. Retrieved 22 October 2021.
  4. 1 2 3 4 5 6 "Sixt SE Annual Report 2023" (PDF). Sixt. March 26, 2024. Retrieved April 27, 2024.
  5. ↑ "Annual Report 2021" (PDF). Sixt SE. 2022-03-02. pp. 2, 30. Retrieved 2022-04-08.
  6. ↑ Sixt, SE, Fact Sheet: Company Profile, updated 6 July 2018, accessed 7 July 2018
  7. ↑ "BUCHBINDER: buchbinder.de". buchbinder.de.
  8. ↑ "BGH, 02.02.1999 - KZR 11/97". dejure.org.
  9. ↑ Frankfurter Allgemeine Zeitung GmbH (16 July 2006). "Florian Homm: Ein Enfant terrible wird zahm". FAZ.NET.
  10. ↑ "Autovermietung: Sixt: 'Ich will keinen Neid schüren'". Frankfurter Allgemeine Zeitung. 14 July 2005.
  11. ↑ "Volkswagen: Sixt bei Europcar in der Endrunde". manager magazin. 1 February 2006.
  12. ↑ "Automobile: VW verkauft Autovermieter Europcar nach Frankreich". Frankfurter Allgemeine Zeitung. 9 March 2006.
  13. ↑ "Impressum". autohaus24.de.
  14. ↑ Nowak, Peter. "Sixt bremst Betriebsräte aus (neues deutschland)". www.neues-deutschland.de.
  15. ↑ Feldman, Amy (2017-11-20). "The Biggest Car Rental Firm You've Never Heard Of: German Magnate Erich Sixt Plans Major U.S. Push". Forbes . Retrieved 2021-03-30.
  16. ↑ "Sixt SE HRB 206738 Neueintragung Handelsregister". handelsregister-online.net.
  17. ↑ "Börsengang: Sixt Leasing wird unabhängig". handelsblatt.com. Reuters. 7 May 2015.
  18. ↑ Brower-Rabinowitsch, Grischa; Fasse, Markus (2018-07-02). "Car rental Sixt wants to become the uber-Uber". Handelsblatt . Retrieved 2021-03-30.
  19. ↑ "Sixt verschmilzt Autovermietung und Carsharing". Manager Magazin . 2019-03-01. Retrieved 2021-03-30.
  20. ↑ "Sixt verkauft Leasing-Tochter an Hyundai-Bank". Handelsblatt . 2020-02-21. Retrieved 2021-03-30.
  21. ↑ Berger, Paul (2020-07-19). "German Car-Rental Company Sixt Seizes Opportunity in U.S." Wall Street Journal . Retrieved 2021-03-30.
  22. ↑ Miebach, Elisa (2020-07-20). "Germany's Sixt Expands in U.S. With Airport Car-Rental Counters". Bloomberg News . Retrieved 2021-03-30.
  23. ↑ Korosec, Kirsten (2020-07-30). "Lyft expands its rental business with Sixt partnership". TechCrunch . Retrieved 2021-03-30.
  24. ↑ Sürig, Dieter (2 December 2021). "Aus Blau wird Orange". Süddeutsche.de (in German). Retrieved 16 December 2021.
  25. ↑ "Sixt Expands in Australia with Franchise Partnership". Auto Rental News. 2 December 2021. Retrieved 16 December 2021.
  26. ↑ "SIXT Rent a Car | Truck Hire, Van and Car Rental". www.sixt.com.au. Retrieved 2022-09-27.
  27. ↑ "BYD Enters Major eMobility Partnership with SIXT". BYD Europe. 4 October 2022.
  28. ↑ "Sixt to Phase Out Teslas from Rental Car Fleet on Poor Resale Value". Bloomberg. December 2023. Retrieved 2024-01-16.
  29. ↑ "Stellantis Wins Order for 250,000 Cars from Renter Dropping Tesla". Bloomberg. 16 January 2024. Retrieved 2024-01-16.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.