AutoWallis Group is taking another important step in implementing its strategy by acquiring ownership of Wallis Autómegosztó Zrt., which operates Share Now on the Hungarian market, the group tells the Budapest Business Journal.
Share Now has approximately 100,000 registered customers and a fleet of almost 500 vehicles in Hungary; based on its revenue of HUF 2.2 billion, it is a market leader in its segment.
Gábor Ormosy, CEO of AutoWallis highlighted that they expect the transaction to result in significant synergy both in operations and cross-selling. He also added that although AutoWallis was already a significant mobility service provider in the region, this acquisition enables it to cover the entire spectrum of mobility services: short-term car sharing will be added to the available areas of short- and long-term car rental and fleet services, in addition to which AutoWallis is also taking an important step in the interest of expanding its environmentally conscious services and realizing its ESG targets.
The CEO explained that the size, growth rate, and business model of Share Now has reached a position where coupled with AutoWallis’s professional background, it can create significant value for its shareholders.
The significance of the transaction is shown by the fact that community car sharing has seen a jump in growth in both Hungary and the region and is expected to form an organic part of urban vehicle and community transportation, AutoWallis tells the Budapest Business Journal.
For an increasing number of people, car sharing means a cost-effective and sustainable alternative to vehicle ownership in various situations. Moreover, it is also a greener solution for urban transportation, which is combined with Share Now’s fleet of low-emissions vehicles that are no more than a few years old and have at least Euro6 engines or are electric.
The group notes that the latest research has shown that a single car sharing vehicle can replace up to 11 traditional vehicles when used in metropolitan cities. According to AutoWallis’s forecasts, the number of people using car sharing in Budapest may grow five-fold over the short- to medium-term.
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