Daimler AG Acquires Athlon Car Lease International For $1.2 Billion

Dieter Zetsche, CEO of Daimler AG, has stated recently that services such as fleet management present an excellent growth opportunity for the German automaker. Earlier this month, Zetsche put this thought process into action by purchasing Athlon Car Leasing International from Rabobank for 1.1 billion Euros ($1.2 billion). This acquisition, which was expected to be completed in the final quarter of 2016, will more than triple the size of Daimler's fleet management business. 

Many automakers have been making moves to try and break into the lucrative "mobility" segment of the automotive world. This sector continues to expand because it meets the demand for cost effective and flexible modes of transport, such as ride sharing and access to vehicles at any time of day. General Motors has already acquired a stake in the ride-hailing service Lyft, while Fiat Chrysler is said to be in partnership talks with Uber, Lyft's biggest competitor. 

Now Daimler, the makers of Mercedes-Benz vehicles, is throwing their hat into the ring to keep up with rival automaker BMW. BMW has been making gains in the mobility world with their own multi-brand fleet management and leasing businesses. These services currently have more than 600,000 vehicles under management, as BMW closed a deal last year to double their fleet management business.  

"This allows us to open up new market potential, both for our vehicles and for Daimler's mobility services," said Daimler's chief financial officer Bodo Uebber.

Daimler has said they want Athlon to continue to operate under their own name. To accomplish this, they plan to integrate Athlon, which currently manages 250,000 vehicles in 11 European countries, into their Daimler Fleet Management business. This will give Daimler a total of around 340,000 cars and vans under management.