Fleet News

Ford sells Budget to Team Rental Group for $350m

FORD Motor Company has sold Budget Rent A Car for $350 million to its largest US franchisee Team Rental Group. The sale of the world's third largest rental company followed a series of changes in the ownership of major daily rental companies, which has seen Avis, Alamo and National Car Rentals change hands in recent months.

Ford has also announced that its ownership of Hertz is under strategic review, although no decision has been made.

Ed Hagenlocker, Ford vice chairman, said: 'In light of investor interest in the entire rental car industry, we concluded that it is now in the best interests of Budget and Ford if Team Rental were to acquire Budget. It's a good fit.'

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