Diverse Mobility Portfolio Drives Steady Growth for Enterprise Holdings
Strong results across business lines, investment in innovation reinforce company vision to be world's best and most trusted mobility company
ST. LOUIS, Oct. 15, 2022 /PRNewswire/ -- A 65-year-old company is at the forefront of building the future of mobility. Enterprise Holdings Inc. has developed and cultivated a broad portfolio of business lines designed to meet the evolving needs of customers, delivering innovative mobility solutions for both consumers and businesses.
This future-forward approach, coupled with the continued expansion and growth of the company's diverse range of business lines in North America and abroad, has resulted in record revenue over the past year.
In fiscal year 2022 (FY22), Enterprise Holdings and its affiliate Enterprise Fleet Management generated worldwide revenue of more than $30 billion, spurred by the increase in demand for travel, strong performance in Europe and significant growth in the U.S. and Canada through its Enterprise®-branded business lines.
"From the daily rental business for which we are globally recognized, to the wide range of business lines that have established Enterprise as a leading mobility company, our amazing team of 80,000 employees has enabled our success through an unwavering focus on exceptional customer service," said Enterprise Holdings President and CEO Chrissy Taylor.
Growing and Diversifying Business Lines
As part of its daily rental business, the company owns and operates the Enterprise Rent-A-Car®, National Car Rental® and Alamo Rent A Car® brands through an integrated global network of independent regional subsidiaries. This network includes more than 10,000 fully staffed neighborhood and airport rental locations in more than 90 countries and territories.
Strong consumer demand drove a significant year-over-year increase in rental days throughout the U.S. and Canada. This was driven largely by an increase in replacement and commercial business, both at its airport and neighborhood locations.
Internationally, the daily rental business showed robust growth at the company's corporate-owned airport and neighborhood branches in Europe – which includes the UK, France, Germany, Ireland and Spain – with consumer demand driving a significant increase in rental days from the year prior.
To meet increased demand, Enterprise Holdings and its affiliate Enterprise Fleet Management worked closely with its manufacturing and dealership partners to continuously add vehicles in FY22, growing its fleet total to more than 2.1 million cars, above the company's pre-pandemic fleet size.
Enterprise also has invested heavily in growing an array of mobility solutions through Enterprise®-branded business lines including Enterprise CarShare and Car Club; Enterprise Fleet Management (leasing); Enterprise Car Sales; Enterprise Truck Rental and Enterprise Flex-E-Rent®; Exotic Car Collection by Enterprise®; and Commute with Enterprise® (vanpooling). In addition to a strong performance from the daily rental business globally, these diverse business lines performed well in FY22.
- Commute with Enterprise demonstrated double-digit growth and put over 3,000 new vanpools on the road.
- Enterprise Fleet Management reached its highest number of deliveries of new vehicles to clients ever, and recently surpassed 600,000 units on lease to start the new fiscal year.
- Enterprise Truck Rental celebrated a record-breaking year with 60 locations opened in FY22, including the opening of its 500th location and significant revenue growth.
- Internationally, Enterprise Flex-E-Rent in Europe grew its fleet to more than 50,000 vehicles, and Enterprise CarShare expanded into Germany, France and Spain.
- The company's Franchise division continued executing against its global growth strategy, opening more than 150 branches and announcing expansion into three new markets in FY22: The U.S. Virgin Islands, the Bahamas and Morocco. Expansion into South Africa was just announced in early FY23.
"Maintaining strict discipline to our business strategy, which includes investing in and diversifying our lines of business, has positioned us well for long-term future growth," said Taylor.
Driving the Future of Mobility
Investment in forward-looking mobility solutions is a cornerstone of the Enterprise Holdings business strategy. As the company looks to the future of mobility, it is prioritizing opportunities that build on and maximize its core business, while also expanding its expertise into new areas of mobility including connected cars, autonomous vehicles, electric vehicles, and more.
"Our approach is focused on ensuring we deliver a great experience and investing purposefully to support the long-term viability of new technologies," said Taylor.
Highlights on ways the company is enhancing the customer experience include:
- Work on a multi-year effort to remove friction around the most critical steps in the rental journey, delivering customers enhanced control, personalization and transparency. As part of the initiative, Enterprise began piloting Enterprise ReadyPassSM, an expedited arrival experience available on the Enterprise mobile app. The ReadyPassSM experience includes an advanced check-in process, a counter bypass offering, and a "scan and go" car selection process. The pilot is aimed at saving customers time, maximizing convenience, and provides the start for an end-to-end digital approach to the rental journey. The pilot is currently available to loyalty customers in select markets, including Chicago, Dallas, Houston, Nashville, San Diego and Washington, D.C., with additional features planned for pilot in FY23.
- The company also continues to aggressively pursue adding connected vehicles to its fleet, with a goal of offering a fully connected fleet of more than 2 million vehicles. Currently, the company has more than 450,000 connected cars in the U.S., Canada and the UK.
- As one of the world's largest mobility providers and fleet operators, Enterprise also is embracing the transition to electrification. The company's strategy is focused on 1) ensuring it delivers a great experience and 2) partnering and investing purposefully to support the long-term viability of EVs. In FY22, Enterprise partnered with the National League of Cities to develop the Equitable Electric Mobility Playbook—a resource for policymakers and their stakeholders to recognize how an inequitable landscape can impact historically marginalized communities and explore ways to accelerate electric mobility adoption.
A mainstay of Enterprise since its inception in 1957 is an unwavering commitment to exceed every customer's expectation. This focus on quality and superior customer service earned the National®, Enterprise® and Alamo® brands the No. 1, 2 and 3 rankings, respectively, in the Travel + Leisure 2022 World's Best Awards. National and Enterprise also were ranked No. 1 and 2 in the Business Travel News 2022 Car Rental Survey.
"With travel on the upswing and consumer and business travel needs undergoing a significant transformation globally, our team is working harder than ever to provide an exceptional experience," said Taylor.
For more information about Enterprise Holdings, visit www.enterpriseholdings.com.
About Enterprise Holdings
Enterprise Holdings Inc. is a leading provider of mobility solutions, owning and operating the Enterprise Rent-A-Car, National Car Rental and Alamo Rent A Car brands through its integrated global network of independent regional subsidiaries. Enterprise Holdings and its affiliates offer extensive car rental, carsharing, truck rental, fleet management, retail car sales, as well as travel management and other transportation services, to make travel easier and more convenient for customers. Privately held by the Taylor family of St. Louis, Enterprise Holdings together with its affiliate Enterprise Fleet Management manages a diverse fleet of 2.1 million vehicles through a network of more than 10,000 fully staffed neighborhood and airport rental locations in more than 90 countries and territories.
Source: Enterprise Holdings, Inc.