Otokoc Automotive together with Avis Budget Group Inc. purchased Olympic Commercial and Tourism Enterprise SA in Greece
Otokoc Automotive and Avis Budget Group acquired Olympic Commercial and Tourism Enterprise SA, one of the biggest vehicle leasing companies in Greece, about purchasing Cenk Cimen, Chairman of Koc Holding Automotive Group and the Board of Otokoc Automotive, said: “As the first automotive company of our country and Koc Conglomerate, Otokoc has reached the number of 80,000 vehicle fleet in 9 countries including Turkey at its 90th anniversary. As Koc conglomerate we target growth in our all businesses both in Turkey and abroad. The investment partnership with Avis Budget Group is one of supportive steps of our international growth strategy. With this operation which has an active growth of 455 million euro, we have realized a very crucial investment in Greece.”
As for Larry De Shon, CEO of Avis Budget Group, said; “We are delighted coming together with Koc Group which has been our business partner for years to sustain activities of Avis, Budget and Payless brands in Greece. Together with our new partnership we believe to raise our incomes and operational efficiency by improving the customer experiences.”
Otokoc and Avis Budget Group continue the investments complying with the growth strategy in international markets. In this framework, Olympic which operate in short and long term vehicle leasing business was purchased by Otokoc and Avis Budget Group. Shares of the joint group consist of 80 percent of Otokoc and 20 percent of Avis Budget Group. Olympic has 32 thousand vehicles as of the end of 2017.
“We believe to grow this structure with our automotive and leasing experience”
Highlighting importance of the investment that has been accomplished Avis Budget Group at the 90th Anniversary of Otokoc, Cenk Cimen said; “Koc Conglomerate has the joint investments with lots of foreign companies based on confidence and long years. We feel happiness because of adding Avis Budget Group, our 45-year business partner, into these investments. We believe to boost this structure through our automotive and vehicle leasing experience.”
“I think there are outstanding values and opportunities with this investment”
As for Gorgun Ozdemir, Director General of Otokoc Automotive, highlighting foundations of the automotive sector that were laid by Otokoc in 1928 and said; “We have experienced a quick growth period in abroad in the scope of our growth strategy in recent years. We have begun to perform operation in a new country every year in recent 8 years. Maintaining growth in daily vehicle leasing sector, and also starting its surge in long term vehicle leasing market along with the country economy recovering, Greece has become our 8th country investment. Olympic company has high in quality and qualified human resources and sector experience based on long years. With this investment I think there would be important values and opportunities to add our each other. As Otokoc we will continue to offer transport solutions through investment both in the home and abroad.”