The UK will act as an operational hub for the push to increase the level of European business growth at the newly-acquired company - which, when the sale is completed on June 30, will already have created a one-million-vehicle worldwide fleet.
Avis Rent a Car Inc, which has a fleet of about 200,000 vehicles and completes 15million rentals a year, announced last month that Cendant Corporation had signed a 'definitive agreement' to sell Cendant Business Answers (Europe) - whose businesses include PHH Vehicle Management, Cendant Business Partners, Cendant Claims Plus and Overdrive Business Solutions - for £1.1 billion. It forms part of a major re-organisation at American-owned Cendant Corporation, which also involves the planned sale of Green Flag.
Once the sale of Cendant Business Answers (Europe) is completed, the European expansion will focus on the fleet management and contract hire skills of PHH Vehicle Management to build business, using its expertise in running pan-European fleets covering more than 52,000 vehicles. Speaking from the New York head office, an Avis spokesman said: 'The UK will provide the platform for expansion in pan-European leasing business although we will be expanding in markets where we are already represented - Germany, for example. A good deal of the growth areas for contract hire and pan-European leasing arrangements have not been explored.'
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