Audi Just Made A Huge Purchase Of A Luxury Rental Car Startup

Audi announced this week that it’s buying Silvercar, a Texas-based luxury car-rental service. Silvercar only rents Audi A4s.

The automaker, which is part of th VW Group, said in a statement that in 2015, the company “participated in a $28 million Series C investment in Silvercar.

“The two companies have worked together since 2012, developing and delivering innovative consumer mobility offerings under the Audi mobility, Silvercar and Dealerware brands,” Audi said.

“Audi and Silvercar share a vision for the future of transportation,” Matt Carpenter, Audi of America’s chief financial officer, also said.

“This acquisition enables Audi to move forward with a progressive partner and continue our technology leadership into the next era of mobility.”

There has been a growing trend where car manufacturers are purchasing companies in the mobility category. Google partnered with Fiat Chrysler Automobiles to develop self driving cars.

Silvercar CEO Luke Schneider on the company’s website, “It’s no secret that Silvercar and Audi have a longstanding relationship. 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.”

According to Audi, the “companies expect approval of the transaction by responsible regulatory authorities, with the transaction concluding in the first half of 2017.”