Sixt

Sixt SE is an international mobility service provider with about 2,000 locations in more than 100 countries. Sixt SE acts as a parent and holding company of the Sixt Group, which is internationally active in the business areas of vehicle rental, car sharing, ride-hailing, and subscription.

The majority of the company is owned by the Sixt family, who manage the company. The remaining share is tradeable stock: SIX2 (XETRA).

History

Foundation

In 1912, Martin Sixt founded the company with a fleet of three cars, creating the first car rental company in Bavaria. During the First World War, the fleet was confiscated and used by the German Army. After the war, business resumed, but the fleet was once again seized by the German Army at the outbreak of World War II. When the war concluded, the company rebounded, establishing a taxi fleet for members of the United States Army stationed in Germany. It then opened a taxi business in Munich with the first radio taxis. In 1951, the car rental company Auto Sixt was founded.

1980s

In 1982, Auto Sixt was renamed Sixt Autovermietung GmbH, with the name Sixt/Budget in the logo. The company was transformed again in 1986, this time becoming Sixt AG, a corporation traded on the German stock exchange. In 1988, the subsidiary Sixt Leasing GmbH was established.

1990s

In 1993, the operating business of the AG was handed over to another subsidiary, Sixt GmbH & Co Autovermietung KG. Sixt AG acted thereafter as a holding company of the group. Also in 1993, Sixt bought the assets of its competitor ''Autoverleih Buchbinder'', operating the brand briefly before finally discontinuing it. Sixt had failed to secure the naming rights, and subsequently Buchbinder was re-established and continued operating in the market.

In 1999, the Federal Court of Justice (BGH) issued a landmark judgment against Sixt for illegal price fixing, requiring it to pay damages to its franchisees. Sixt had de facto controlled the pricing for the independent franchisees' prices, as they were part of the Germany-wide reservation system. In the event of pricing discrepancies, the rental agreements were returned to Germany. This was deemed inadmissible under German antitrust law (price fixing of the second hand) and forbidden by the BGH.

2000s

In 2003, the corporation was forced to defend itself against hedge fund manager Florian Homm, who had speculated on declining stock prices. Homm was ultimately fined for price manipulation. In 2005, the Management Board Compensation Disclosure Act (VorstOG) entered into force. Sixt AG became the first company in Germany to exercise the right not to disclose directors' salaries without a shareholder vote of at least 75% majority. CEO Erich Sixt held at this time 56.8% of Sixt ordinary shares, corresponding to 89% of votes at the general meeting, meaning he was essentially able to determine the outcome. Overall, 98% of the voters approved the non-disclosure of executive pay.

In 2006, Sixt made a bid to take over its competitor, Europcar, when owner Volkswagen offered it for sale. In addition to antitrust concerns (Sixt at that time had approximately 23% market share, Europcar 22%), there was also resistance from the Europcar works council, which feared job cuts after the merger. Volkswagen finally accepted an offer by the French investment company Eurazeo. Since 2007 and via subsidiary companies, Sixt has operated the online brokerage of motor vehicles with the websites Autocommunity Carmondo, Mystocks, RadAlert, Winebase, and autohaus24.

2010s

In 2010, former employees claimed that Sixt was opposed to setting up a works council. The company's management denied the allegation. In 2011, the company opened its first branch in the USA in Florida. In 2013, Sixt AG was converted to the legal form of a European Company (Societas Europaea) and since then has been called Sixt SE. As part of the transition, a European Works Council ("Sixt Europe Leaders Forum") was founded in 2013. In May 2015, Sixt brought its subsidiary Sixt Leasing AG to the Frankfurt Stock Exchange.

At the beginning of 2018, Sixt sold its shares in car sharing service DriveNow for 209 million euros to its joint venture partner BMW. In February 2019, Sixt started an own mobility platform and a new car sharing service named Sixt share. The services car rental, car sharing, ride hailing and car subscriptions are all combined into one app.

2020s

In 2020, Sixt sold all its shares in Sixt Leasing SE in order to focus its business on its mobility services. In June 2020, Sixt acquired 10 concessions at U.S. airports from Advantage Rent a Car. The acquisition increased the number of Sixt stations in the United States to more than 85. At end of July 2020, Lyft and Sixt announced a joint venture, where Lyft app users can rent a car from both partners through the app.

In December 2021, the company expanded to Australia via a partnership with the NRMA. 160 branches and a total of 16,000 vehicles are thus franchised under the Sixt brand.

In 2022, Sixt becomes the first car rental company in Europe to offer BYD vehicles.

In December 2023, the company announced it was phasing out Teslas from its lineup following a price cut that hurt residual values in its lineup. The next month, the company announced it was buying as many as 250,000 vehicles from Stellantis NV. The order would be a combination of traditional combustion engine vehicles, plug-in hybrids, and electric cars to be used in Europe and North America. These moves came amid an industry-wide shift in how non-traditional cars would be used. At the time of the announcement, the company still had plans to electrify up to 90% of its fleet in Europe.

Sponsorships

Sixt signed a sponsorship agreement with Galatasaray before the start of the 2020-21 football season.

References

External links

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{{SDAX companies

1912 establishments in Germany
Car rental companies of Germany
Companies based in Munich
Companies listed on the Frankfurt Stock Exchange
Multinational companies headquartered in Germany
Retail companies established in 1912
Transport companies established in 1912
Societas Europaea companies