Audi to Acquire Luxury Rental Startup Silvercar
Terms of the transaction were not disclosed, but Audi had previously purchased a stake in the company in 2015 as part of a $28 million Series C round.
Audi already offers Audi on Demand in San Francisco, and plans to use the acquisition of Silvercar to expand its mobility service offerings.
“The two companies have worked together since 2012, developing and delivering innovative consumer mobility offerings under the Audi mobility, Silvercar and Dealerware brands,” Audi said in a statement.
Silvercar’s rental fleet currently consists solely of Audi A4s.
The transaction, subject to regulatory approval, is expected to close in the first half of this year.
(Photo: Accura Media Group)