Discount’s Deal
Toronto-based Discount Car and Truck Rentals has been purchased by Enterprise Holdings Inc., according to Bloomberg.
The two companies—both privately-held and family-owned—did not disclose financial terms of the deal, which will combine Enterprise’s 760 Canadian locations with Discount’s 300-strong roster.
Jay Singer, CEO of Discount, and whose parents founded the company in Hamilton, Ont. in 1980, said the company’s rapid growth in recent years led to this natural next step.
“It occurred to us that we need to be part of a larger company that presents more opportunities and resources to our customers and staff,” he said.
Singer also said he was pleased to find such a partner in Enterprise, which is a third-generation family business itself.
“It’s rare these days to have family companies of that scale,” he said.
According to the company, Enterprise Holdings has annual revenues of US$25.9 billion. It also owns the National and Alamo car rental brands and operates in more than 100 countries.
Ride-Sharer Wrongdoing
Ride-hailing giant Uber released its first-ever safety report on Thursday, which revealed that roughly 6,000 sexual assaults—among a myriad of other crimes—have taken place in Uber vehicles in the last two years.
After the report’s Friday release, the company’s stock tumbled 2.2 percent—equivalent to about US$1.1 billion of its market cap, based on Thursday’s close of US$48.9 billion.
The report details the number of sexual assaults, collisions and homicides that took place inside Uber-registered vehicles in the U.S. in 2017 and 2018. According to its findings, Uber gave more than 2.3 billion rides within the U.S. between 2017 and 2018. Of that number, 5,981 rides—or 0.0003 percent—reported an instance of sexual assault.
The company also reported 107 Uber-related fatalities—as well as 19 fatal physical assaults—during the two-year period.
Of the 19 deceased parties, eight were Uber riders, seven were drivers using the app and four were third parties, such as bystanders or pedestrians outside the vehicles.
Uber hopes that releasing the data on sexual assault cases may help to increase the number of reports in the future.
ElectraMeccanica Executive
ElectraMeccanica Vehicles Corp., a Canadian designer and manufacturer of electric vehicles, has announced the appointment of its chief financial officer, Bal Bhullar, effective Dec. 6.
Bhullar boasts 25 years of experience in diversified business, financial and risk management with both private and public companies across various sectors, including technology, manufacturing and transport. She carries designations of a chartered professional accountant, certified general accountant and certified risk management. She takes over from former chief financial officer, Shaun Greffard.
“We are pleased to welcome Bal Bhullar to the Board. Bal’s extensive experience in both finance and capital markets, as well as her firsthand knowledge of our operations and vision, has proven to be of considerable value to the company,” said Steven Sanders, ElectraMeccanica’s chairman. “We thank Shaun Greffard for his dedication and over three years of service as a director of the company and extend best wishes to him as he pursues other personal and professional interests.”
“I am truly honoured to have been appointed to the Board of Directors,” said Bal Bhullar. “Mobility is undergoing rapid change and I look forward to working closely with the Board to represent our shareholders and drive long-term value creation.”
