BMW takes full ownership of DriveNow's car sharing service (updated)
It's part of the Bavarian automaker's bid to do more than sell cars.
BMW has been synonymous with DriveNow's car sharing service for several years, and today it's cementing that commitmen. The German auto brand has taken full ownership of DriveNow by acquiring Sixt's stake in the company. This gives BMW "all options" for mobility services in the future -- it's free to take the tech-savvy rental platform in whichever direction it likes. For now, business will continue as usual with DriveNow acting as a BMW subsidiary.
We've asked how this will affect ReachNow, DriveNow's North American equivalent, and will let you know what BMW can say.
The acquisition comes hot on the heels of BMW's buyout of Parkmobile (which it also had a stake in), and creates a clearer picture of the automaker's overall strategy: it wants to offer services that cover every aspect of driving, whether it's renting a car in a hurry or finding a place to park while you shop. Like its rivals, BMW is preparing for the decline of car ownership as people shift to on-demand rentals, ridesharing and (eventually) self-driving cars. DriveNow not only gives BMW a source of income in those conditions, but guarantees a reliable destination for its vehicles.
Update: BMW tells us that this doesn't affect ReachNow.
