San Juan, Puerto Rico – October 17, 2024 – Popular Auto, LLC and Bella Group announced today the signing of an agreement by which Bella Group will acquire Popular Auto's daily car rental business. This transaction is expected to close in the coming weeks.
This acquisition reinforces Bella Group’s and its Flagship division's commitment to offering a strong portfolio of products and services for their customers on the island, maintaining the level of excellence that has characterized the company. Popular Auto's decision to sell this business is part of its strategy to focus its efforts on the auto financing business.
"We are very proud of the success we have achieved over all these years with the car and truck rental business. However, we understand that now is the right time to execute this transaction to focus our resources on continuing to grow our auto financing business. Bella Group has over 60 years of experience and a solid market position. We are confident they will take the business to the next level," said Antolín Velasco, President of Popular Auto.
Carlos López-Lay, President and CEO of Bella Group, expressed his enthusiasm for this new stage of growth. "The acquisition of Popular Auto's daily rental business represents a significant step in expanding our service offering in Puerto Rico, strengthening our portfolio for commercial clients with varied needs, including long-term leases. This segment is one of growth, strategically reinforcing our development vision."
The staff of Popular Auto’s daily rental business will integrate into the current operation of Flagship Car & Truck Rental, a vehicle rental division that offers solutions for both corporate and individual clients. Thus, the current clients of Popular Auto's daily rental business and its affiliates will not experience changes in the services they receive. They will also continue to enjoy the same existing rates, facilities, and services that have been available, as well as the direct support of the largest automotive group in Puerto Rico, ensuring a seamless transition and service. With this agreement, Bella Group will add 47 professionals, bringing its workforce to exceed 890 people.
Ian Figueroa, Executive Vice President and COO of Bella Group, added: "With 34 years of experience in the daily rental sector, this integration positions us to provide Popular Auto's daily rental clients with a smooth and uninterrupted transition, maintaining the same level of attention and benefits to which they are accustomed, with a greater diversity of vehicles and transportation solutions. We are focused on ensuring that this transition is seamless for both our team and our customers."
For more information, visit Bella Group.
About Bella Group:
Bella Group is a Puerto Rican company with 61 years of experience and employs over 890 members across the island. Under the Flagship umbrella, Bella has established the largest and most diverse network of vehicle dealerships on the island for the distribution of Honda, Acura, and Mazda brands, and for the retail sale of Chrysler, Dodge, Jeep, Ram, Ford, Hyundai, Kia, Mitsubishi, and Volkswagen brands. Additionally, it distributes Honda, BMW, and Triumph motorcycles; Honda, Powerhorse generators, and Yoshino solar batteries; Honda gardening equipment; Honda all-terrain vehicles (ATVs), as well as the Bintelli line of golf carts, including electric bicycles and scooters. It also operates Flagship Car & Truck Rental locations in Bayamón, Caguas, Carolina, Hato Rey, Isla Verde, Mayagüez, Ponce, Río Grande, and San Juan.
About Popular Auto:
Popular Auto is a subsidiary of Banco Popular de Puerto Rico that offers loans and financial leases for vehicles and equipment throughout Puerto Rico.
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Bella Group Contact:
Amarilys Torres
amarilys@kromaidea.com
787-422-6037
Popular Auto Contact:
Elaine Martínez
elaine.martinez@popular.com
787-460-3560