Enterprise Rent-A-Car late yesterday announced it had agreed to purchase some assets of bankrupt Advantage Rent-A-Car, including its eight remaining U.S. rental locations, the right to lease its fleet and ownership of Advantage's customer lists and "certain Advantage corporate accounts."
The court overseeing Advantage's bankruptcy must approve the transaction and may consider other bids for Advantage's assets. If Enterprise's bid is accepted, the privately held St. Louis-based car rental company said it expects the transaction to close next month. Financial terms were not disclosed.
Advantage's eight locations—down from about 50 in the United States before the Minneapolis-based company declared bankruptcy in December 2008—are in Denver, Orlando, Salt Lake City and Phoenix.
Enterprise released no information on Advantage's corporate accounts, but Advantage before its bankruptcy last year had launched an initiative to secure small and midsize corporate accounts
(BTNonline, June 25, 2008).