News
Pricelinecom Adds AutoNation Unit to Car Rentals
Stamford, Connecticut, Nov. 30 (Bloomberg) -- Priceline.com Inc., an Internet retailer that lets customers bid for airplane tickets, hotel rooms and groceries, said it added AutoNation Inc.'s National unit to its new online car-rental service as Priceline.com increases revenue sources.
Financial terms weren't disclosed. AutoNation's National joins Budget Group Inc., the No. 3 U.S. car-rental agency, in the service, which debuts tomorrow.
Priceline.com has been adding products in the past year to draw more customers and boost revenue. The company, which already has agreements major U.S. airlines, plans to offer travel packages that give car-rental discounts to buyers of plane tickets through its service.
Ft. Lauderdale, Florida-based AutoNation intends to spin off its car-rental business, which includes the Alamo, CarTemps USA and National companies, in January. The business, to be called ANC Rental Corp., had 1998 sales of $3.5 billion.
Stamford, Connecticut-based Priceline.com shares fell 2 3/8 to 62 in Nasdaq Stock Market trading. AutoNation fell 7/16 to 9 5/16 on the New York Stock Exchange.
Nov/30/1999 16:13 |
