Toyota NZ buys rental car firm

Toyota has bought Ezi Car Rental, a Kiwi-owned and operated rental car business, as it continues to grow its mobility ecosystem in New Zealand.

The acquisition by Toyota Finance New Zealand was completed on October 2 but Ezi will continue to be run as a separate business.

Neeraj Lala, Toyota NZ chief executive officer, says the business took up the opportunity to buy Ezi as part of its transition from an automotive to a mobility company.

“Toyota wants to become the mobility company for Kiwis by providing mobility solutions that are affordable and accessible,” he explains. 

“The acquisition of Ezi Car Rental allows us to focus on the opportunities in car usage as well as car ownership, and sits alongside our ownership of Cityhop, putting Toyota in a great position.”

Ezi, which was established in 1998, operates out of 18 airports and six other locations across the country. 

Kevin Walker, its current chief executive officer, will remain in the business for a period to help manage the ownership transition.

Toyota notes car rental is a key supporting industry for New Zealand tourism and contributes about three per cent to the country’s gross domestic product.

The marque says the importance of the rental car industry for its operations is the expansion of its value chain.

Lala adds: “We remain committed to the rental car industry, as we have over the past three decades, and will continue to supply safe and reliable vehicles to all industry participants.”