Car rental king Sixt has big plans in Canada
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In the middle of the Corona crisis, the largest German car rental company is preparing for further internationalization. Sixt is considering entering the Canadian market. In July, the group had already struck in the USA, despite the Corona crisis.
Dhe car rental company Sixt is gearing up for further internationalization. Almost ten years after opening its first station in the USA, the largest German car rental company is preparing to enter the Canadian market. According to information from WELT AM SONNTAG, a Sixt Canadian Holding has just been entered in the commercial register. As the group announced on request, this was done “in order to be able to act at a currently undefined point in time”. Literally: “We are not ruling out future market entry.”
So far, the Munich-based group has not been represented by a franchise model or its own stations in Canada. Sixt is now active in around 110 countries worldwide. The US, the world’s largest car rental market in particular, fascinates the rental company, which now generates more sales abroad than in Germany.
In spite of the Corona crisis, including the downturn in travel, the Munich-based company took over another ten airport locations in the USA at the beginning of July. The insolvency of a competitor gave a unique opportunity at a low price, it was said to justify. The rental turnover of the ten airports totaled around 3.4 billion dollars before the Corona break-in. This roughly corresponds to the total potential of the rental car business in Germany.
Sixt now has 80 locations in 18 states in the USA. Corona also leads to a massive drop in sales and earnings at Sixt. According to initial estimates, consolidated sales for the first nine months were 1.17 billion euros (minus 39 percent) and earnings before taxes were minus 57 million euros.
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