The U.S.-based company is now under the Volkswagen umbrella.
Austin, Texas-based luxury rental car service Silvercar is now officially a part of the Audi family. The car-sharing service, which offers silver Audi A4s exclusively (hence the name), is now 100 percent owned by the German automaker.
Audi expanded on its minority share to take control of the company early last week. The two companies have worked together since 2012, Audi participated in a $28 million series C round for Silvercar back in 2015.
"It’s no secret that Silvercar and Audi have a longstanding relationship," said Silvercar CEO Luke Schneider. "Heck, we’ve only ever rented Audi A4s… I believe, as does the Silvercar team, that we are on the verge of the most profound changes in the 120-year history of modern personal transportation."
The Silvercar service, which has been around since 2012, allows a premium rental experience to customers at a number of U.S. airports around the country via the company’s mobile app. That includes vehicle returns and reservations.
Though neither Audi nor Silvercar are entirely clear on what the new ownership will entail, Audi says that a range of mobility services will now be able to be offered throughout the U.S. The buyout could build out Audi’s current On Demand program, which is currently in the trial stages.
"Audi and Silvercar share the same vision," says Dietmar Voggenreiter, Board Member for Sales and Marketing at AUDI AG. "We want to open up a new, flexible way to access mobility for our customers while offering premium quality in every respect. Now we are joining forces and, together, are driving our initiative for innovative mobility services forward."
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Audi plans to acquire Silvercar by expanding its minority share to 100 percent. The U.S.-based company has successfully specialized in digital services for flexible vehicle use in the high-end market segment. In the future, Audi and Silvercar intend to cooperate closely to expand the range of mobility products and services offered in the U.S. In addition to the core business of Silvercar, both partners also plan to further develop the successfully launched Audi mobility services in the U.S. market. The acquisition is currently subject to approval from the applicable regulatory authorities.