History
Foundation
In 1912, Martin Sixt founded the company with a fleet of three cars, creating the first car rental company in1980s
In 1982, Auto Sixt was renamed Sixt Autovermietung GmbH, with the name Sixt/Budget in the logo. The company was transformed again in 1986, this time becoming Sixt AG, a corporation traded on the German stock exchange. In 1988, the subsidiary Sixt Leasing GmbH was established.1990s
In 1993, the operating business of the AG was handed over to another subsidiary, Sixt GmbH & Co Autovermietung KG. Sixt AG acted thereafter as a holding company of the Group. Also in 1993, Sixt bought the assets of its competitor ''Autoverleih Buchbinder'', operating the brand briefly before finally discontinuing it. Sixt had failed to secure the naming rights, and subsequently Buchbinder was re-established and continued operating in the market. In 1999, the Bundesgerichtshof Federal Court (BGH) issued a landmark judgment against Sixt for illegal price fixing, requiring it to pay damages to its franchisees. Sixt had controlled ''de facto'' the pricing for the independent franchisees' prices, as they were part of the Germany-wide reservation system. In the event of pricing discrepancies, the rental agreements were returned to Germany. This was deemed inadmissible under German antitrust law (price fixing of the second hand) and forbidden by the BGH.2000s
In 2003, the corporation was forced to defend itself against hedge fund manager Florian Homm, who had speculated on declining stock prices. Homm was ultimately fined for price manipulation. In 2005, the Management Board Compensation Disclosure Act (VorstOG) entered into force. Sixt AG became the first company in Germany to exercise the right not to disclose Directors’ salaries without a shareholder vote of at least 75% majority. CEO Erich Sixt held at this time 56.8% of Sixt ordinary shares, corresponding to 89% of votes at the general meeting, meaning he was essentially able to determine the outcome. Overall, 98% of the voters approved the non-disclosure of executive pay. In 2006, Sixt made a bid to take over its competitor, Europcar, when owner Volkswagen offered it for sale. In addition to antitrust concerns (Sixt at that time had approximately 23% market share, Europcar 22%), there was also resistance from the Europcar works council, which feared job cuts after the merger. Volkswagen finally accepted an offer by the French investment company Eurazeo. Since 2007 and via subsidiary companies, Sixt has operated the online brokerage of motor vehicles with the websites Autocommunity Carmondo, Mystocks, RadAlert, Winebase, and autohaus24.2010s
In 2010, former employees claimed that Sixt was opposed to setting up a works council. The company's management denied the allegation. In 2011, the company opened its first branch in the USA in2020s
In 2020, Sixt sold all its shares in Sixt Leasing SE in order to focus its business on its mobility services. In June 2020, Sixt acquired 10 concessions at U.S. airports from Advantage Rent a Car. The acquisition increased the number of Sixt stations in the United States to more than 85. At end of July 2020, Lyft and Sixt announced a joint venture, where Lyft app users can rent a car from both partners through the app. In December 2021, the company expanded to Australia via a partnership with the NRMA. One hundred and sixty branches and a total of 16,000 vehicles are thus franchised under the Sixt brand. In 2022, Sixt becomes the first car rental company in Europe to offer BYD vehicles.References
External links
* * {{SDAX companies Car rental companies of Germany Companies based in Munich Multinational companies headquartered in Germany Retail companies established in 1912 Transport companies established in 1912 1912 establishments in Germany