The car rental sector has been rapidly diversifying in the wake of the digital revolution and the proliferation of mobility-as-a-service (MaaS) offerings. Traditional rental service providers have been expanding their horizons, in many cases teaming up with other companies to incorporate more flexible models.
Sixt is a case in point. Over a century ago its founder started the business with a fleet of three cars in Bavaria. Today, it operates internationally across vehicle rental, subscription services, car-sharing and ride-hailing. Among other notable milestones it was the first car rental company to offer booking via smartphone, setting an international benchmark in the industry. A few years later it helped found the car-sharing pioneer DriveNow with BMW. By the time Sixt sold its shares in the JV in 2018, DriveNow’s valuation stood at €420m (US$497m).
For the past 50 years the company has been steered by Erich Sixt, who as of June 2021 will hand over responsibility to his sons, Alexander and Konstantin Sixt. They will take over as joint Chairmen of the Board and Co-Chief Executive Officers on the Group Management Board. Under their watch, the company will take on further challenges around COVID-19, growing urbanisation and autonomous driving….