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Europcar buys Goldcar for €500 million

goldcarThe single most destructive company to the Algarve’s image, the one that has caused more misery, complaint and anger than any other in the car rental sector, has been bought by French-owned Europcar.

Goldcar, run by socoipathic Spaniards employing thick-skinned, ‘don’t care,’ commission-driven staff, has been sold to the French company which wants to “strengthen its presence in the low-cost segment.”

Europcar is paying €500 million for the privilege of owning the most reviled brand at Faro airport but Goldcar has outlets other designed to trick and scam customers across Spain and at five Portuguese locations.

The Italian Investindustrial fund, controlled by the uncaring Bonomi family, held 80% of Goldcar and the remaining 20% was in the hands of the founders of the company, Juan and Pedro Alcaraz whose business methods are the talk of Tripadvisor and rely on 'once only' rentals as customers would be foolhardy to use their dire service a second time.

The purchase is dependent on competition authority approval. A verdict will be announced during the second half of 2017.

The cost savings from merging the two companies are estimated at €30 million per year in 2020, with Goldcar generating sales of around €240 million last year.

Shares in Europcar actually went up 3.57% on the news.

"With this strategic purchase, the Europcar group will increase its exposure to three major growth engines - the Mediterranean region and the leisure and low-cost segments - and will become a major player in this fast-growing segment In Europe," read the company's cheery statement.

The origins of Goldcar can be traced back to 1985 when brothers Juan and Pedro Alcaraz opened the first outlet - then called Europe Rent-a-car - in San Juan de Alicante.

In 2007 the company adopted the name Goldcar and four years later its international expansion began in Portugal, with the opening of a branch at Faro airport which attracted a flood of complaints for the company’s uncompromising business practices focusing on self-service rather than customer service.

Portugal Goldcar currently has outlets at Faro, Lisbon, Madeira, Oporto and Ponta Delgada with 50,000 vehicles and about a thousand automaton staff.

Under Europcar’s mantle, it is hoped that the Goldcar brand will be consigned to history and that staff retraining is made a priority.

__________

This 2014 report from the Telegraph sums up Goldcars's customer care package: http://www.telegraph.co.uk/travel/advice/Is-this-the-worlds-worst-car-hire-horror-story/

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Comments  

+1 #8 David West 2018-10-06 11:03
I read that Europcar have just set aside c. £40 as a provision to pay unsatisfied Customers. With the acquisition of Goldcar, they should be advised to quadruple that sum !
+3 #7 john clare 2017-06-25 09:50
I can't see any improvement likely if Europcar have bought the company. They are a bunch of blighters to start with. Certainly in the UK they are well-known for taking your money and then finding an excuse for not hiring you the car. After an appalling situation using the Bath office (a ridiculously long walk from the station) I was refused a car on the lame excuse that they couldn't find my address. I sued them, and they paid up the damages. More people should sue these companies.
+1 #6 Ed 2017-06-25 08:17
Quoting Geoff R:
Having read about the major fraud investigation that has been instigated against Europcar yesterday, I'm not sure that the takeover will bring about any improvement. Europcar seems to have been guilty of inflating vehicle repair charges significantly by colluding with repair shops at the expense of insurance companies and customers.


See:
http://algarvedailynews.com/news/11978-europcar-faces-180-million-fine-for-ripping-off-customers
+2 #5 Geoff R 2017-06-25 06:12
Having read about the major fraud investigation that has been instigated against Europcar yesterday, I'm not sure that the takeover will bring about any improvement. Europcar seems to have been guilty of inflating vehicle repair charges significantly by colluding with repair shops at the expense of insurance companies and customers.
+5 #4 Virjini 2017-06-21 09:50
Following Ed's article on the infamous EDP director's salary and DECO's comments, one wonders exactly what happens to official complaints? I have lodged one of these (quadruplicate) forms with the authority, only to hear nothing in the 2 months+ since.
How do entities such as Goldcar actually get away with such sharp practices?
Could there be an element of 'official' 'collusion'..?
Did I not read Ed's info that DECO is to be given 'teeth'?
Has anyone found DECO's on-line complaints-reporting web-page, please?
P.S. Thinking constantly of all those involved in, or affected by, the forest-fires - on-going - tragedy. Thanks again, Ed, for the CGD+Paypal info. :(
+4 #3 Jacqueline Smith 2017-06-20 12:35
When I made a complaint to Goldcar they were reluctant to give me the Complaints Book. When it was eventually given the complaints were tenfold. Obviously nothing is done when complaints are made.!!
+12 #2 Mary F 2017-06-19 23:29
How I detest this awful company and its tricks. It deserved to go bust but we see the two Spanish owners walking away with €50 million each. There is no justice in commerce...
+11 #1 Terry P 2017-06-19 23:28
Well said Ed. Goldcar are a bunch of thieves that make Ryanair look munificent. The sooner Europcar gets to grips with customer service, something that does not exist at Goldcar, the better for all of us. The only surprise is that Goldcar has lasted so long with appalling customer reviews and plenty of choice.

Well done for coming out and saying what many of us know is true!

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