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Autorent: I. The Business Venture
Autorent: I. The Business Venture
Founded in 1988 FOX Autorent is one of the oldest, and at the same time largest
independent car rental brands in Hungary. Since 2014 the company operates also
in Austria with an office serving the Vienna airport. With a volume of up to 300+
vehicles, we have been profitable since 2013 achieving between 6-10% profit p.a.
FOX provides corporate and private clients, both international and domestic, with
cars and minibuses for short and medium-term rentals. (days to months)
Our market is the entire world. We have managed to attract clients from more than
80 countries in 2017. We enjoy an exclusive positioning among the car rental
companies operating in Hungary, being the largest “local” supplier following
closely the large international brands such as Hertz and AVIS. We are present on
two international airports: Vienna (VIE) and Budapest (BUD). A third airport
location is operated by our Franchisee, TT Thermal Tours, also under the brand
name FOX AUTORENT.
Our competitors are on one hand the large multinational franchises such as Hertz,
AVIS, Sixt, Europcar, and on the other hand a small number of local operators
servicing mainly the low budget segment. We estimate that our market share
amounts to 7% on the car rental market as a whole, and that this is figure is
somewhat higher, about 13% concerning tourist rentals.
We are well connected with all major broker companies, such as f.ex. Expedia and
Rentalcars.Com. Fox Autorent operates three car rental stations, two in Budapest,
and one on Vienna Airport. Our administrative office is located in central
Budapest. The company is managed jointly by a head of finance and a head of
operations, together with three branch managers to assist them. Owner holds a
weekly briefing. The total number of staff is 12 off season, and up to 20 in the
summer season. The peaks are covered with the employment of students.
The fleet of between 150 and 300 cars, depending on season is rented on medium
term contracts (3 – 30 months) from different sources. This allows us to cover the
seasonality of our business where double as many cars are needed in the summer
as in the winter.
Our 2016 turnover was 380M in Hungary, and KEUR 512 in Austria which after
consolidation equals a total of HUF 410M (up from HUF 305M in 2015)*
2016 the company posted a profit of HUF 26M (up from HUF 10M in 2015)
* consolidation here means that hungarian turnover is invoiced to clients from the austrian entity, and
is compensated through internal invoicing from Hungary to Austria.
2017 2016
2017 2016
* consolidation here means that hungarian turnover is invoiced to clients from the austrian entity, and
is compensated through internal invoicing from Hungary to Austria.
Total ca 100 vehicles, of which 37 are financed. The rest is rented at long term
contracts.
3. The offer
The owner and managing director has started a business in Italy which demands
his full attention, and is therefore interested in terminating his involvment by
selling the companies Rentix Kft and FOX Airports Services GmbH, which together
form the operation today, securing that key (or all) staff stays on board and that
the business continuity is guaranteed. The sale includes the right of franchise for
Fox Hévíz as well.
The buying price will be disclosed at documented interest, but is in the range
under EUR 500.000