Audi announced Thursday that it intends to acquire Silvercar, a rental car startup with a fleet of silver Audi A4 sedans.
The terms of the deal were not disclosed. It is expected to close by June.
Audi and Silvercar have worked together since Silvercar launched in 2012. In 2015, Audi participated in a $28 million Series C investment in Silvercar. The company employs about 150 people. It has raised about $59.5 million in total, according to its Crunchbase profile.
Silvercar began by re-imagining the airport car rental experience and has since expanded into the retail and corporate mobility segments.
“Audi and Silvercar share a vision for the future of transportation,” Matt Carpenter, Audi of America’s chief financial officer, said in a news release. “This acquisition enables Audi to move forward with a progressive partner and continue our technology leadership into the next era of mobility.’’
Audi has also operates Audi on demand in San Francisco and corporate vehicle services, like Audi shared fleet.
“The intersection of transportation and technology, influenced by changing demographics and innovative consumer models has created an exciting new world of mobility,” Luke Schneider, CEO of Silvercar said in a news release. “We are thrilled to become part of Audi, to enhance its leadership in this space.”
Audi of America and its authorized U.S. dealers offer a full line of German-engineered luxury vehicles.