Bella Group buys Popular Auto’s daily car rental business
The financial terms of the transaction, which is expected to close in the coming weeks, were not disclosed.
Popular Auto LLC and Bella Group have announced the signing of an agreement under which Bella Group will acquire Popular Auto’s daily car rental business.
The financial terms of the transaction, which is expected to close in the coming weeks, were not disclosed. The acquisition “is aligned with Bella Group’s long-term growth strategy and reinforces its commitment to offering more choice and better experiences to customers,” the buying company stated.
This acquisition reinforces Bella Group and its Flagship division’s commitment to providing a strong portfolio of products and services for customers on the island, maintaining the level of excellence that has characterized the company.
Meanwhile, Popular Auto’s decision to sell is part of its strategy to focus on its auto financing business, it stated.
“We’re very proud of the success we have achieved over all these years with the car and truck rental business,” said Antolín Velasco, president of Popular Auto. Founded in 1990, Popular Auto’s rental service included a fleet of subcompact cars, luxury cars, pickups, passenger vans and refrigerated trucks up to 22 feet.
“However, we believe that now is the right time to execute this transaction to focus our resources on continuing to grow our auto financing business. Bella Group has [more than] 60 years of experience and a solid market position. We’re confident they will take the business to the next level,” Velasco added.
The staff of Popular Auto’s daily rental business will integrate into the current operation of Flagship Car & Truck Rental, a vehicle rental division that serves both corporate and individual clients. As a result, Popular Auto’s daily rental customers and affiliates will not experience changes in the services they receive.
They will also continue to see the same rates, facilities and services, as well as support from the largest automotive group on the island, ensuring a seamless transition.
“The acquisition of Popular Auto’s daily rental business represents a significant step in expanding our service offering in Puerto Rico, strengthening our portfolio for commercial clients with varied needs, including long-term leases,” said Carlos López-Lay, president and CEO of Bella Group. “This segment is one of growth, strategically reinforcing our development vision.”
With this agreement, Bella Group will add 47 professionals, growing its workforce to more than 890 people.
“With 34 years of experience in the daily rental sector, this integration positions us to provide Popular Auto’s daily rental clients with a smooth and uninterrupted transition, maintaining the same level of attention and benefits to which they are accustomed, with a greater diversity of vehicles and transportation solutions,” said Ian Figueroa, chief operating officer of Bella Group. “We are focused on ensuring that this transition is seamless for both our team and our customers.”
