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29 Jan 18

BMW takes over Sixt share of DriveNow

BMW Group has acquired the shares of car rental and mobility specialist Sixt in car-sharing programme DriveNow. The mobility joint venture will soon be wholly owned by BMW. The deal, which is subject to approval by anti-trust authorities (expected in Q2), fits with the vehicle manufacturing group's strategy to become a customer-centric mobility company, as stated in its corporate strategy NUMBER ONE > NEXT.

The Group is actively expanding its offering in the areas of sustainable, on-demand mobility (DriveNow and ReachNow), parking (ParkNow) and charging (ChargeNow).   "Following the acquisition earlier this ear of Parkmobile LLC, a move which made the BMW Group the world's leading provider of digital parking solutions, the acquisition of the Sixt shares in DriveNow is the next logical step in this strategy", the Group said in a press release. 

"Our aim is to win 100 million customers for our premium mobility services by 2025", said Peter Schwarzenbauer, member of the Board of Management of BMW AG, responsible for MINI, Rolls-Royce, BMW Motorrad, Customer Engagement and Digital Business Innovation BMW Group. "With DriveNow as a wholly-owned subsidiary, we have all options for continued strategic development of our services in our hands".

Founded in 2011 by Sixt SE and BMW Group as a car-sharing joint venture with a 50% stake for each partner, DriveNow is currently present in 13 European cities, and counts more than a million customers. Its current valuation stands at €420 million. Its fleet comprises more than 6,000 Mini and BMW vehicles, including the electric BMW i3. Last year, customers tallied up 8 million kilometres with the electric vehicles in the DriveNow fleet alone. 

BMW Group will continue its partnership with Sixt in other areas, including the delivery of BMW and Mini vehicles to the Sixt fleet. 

Authored by: Frank Jacobs