7 Sep 2012

US car rental firm buys Apex Car Rentals in NZ

7:34 am on 7 September 2012

Car rental firm Avis Budget Group has bought rival Apex Car Rentals in New Zealand for at least $US29 million.

Avis could pay more if Apex, which has more than 4000 rental cars in New Zealand and Australia, meets certain financial targets.

Apex founder and chief executive Phil Lennon will remain on the company's management team following the acquisition.

Avis is the country's biggest car rental operator in Australasia, and the purchase means it will dominate the market in New Zealand.

The deal is scheduled to be completed next month and requires regulatory approval.