Enterprise Holdings Grows Car Rental Presence in South Korea

Korea First Rent A Car to introduce the Enterprise Rent-A-Car and Alamo brands to the South Korean market

ST. LOUIS,Nov. 23,2022 -- Two of the world's top car rental brands are gaining a foothold in South Korea for the first time. Today,Enterprise Holdings announced an agreement with Korea First Rent A Car to add new franchise locations featuring car rental options from Enterprise Rent-A-Car and Alamo.

KFR President Yong Jun Youn and Enterprise Holdings Assistant Vice President,Global Franchising - APAC Marco Beltgens.

Founded in 1992,KFR has a well-established presence at U.S. military facilities in South Korea and a strong roster of key accounts including major corporations – both foreign and domestic – hotels,TV stations and more.

The company has experienced success providing short- and long-term mobility solutions featuring an option for chauffeur-driven luxury car services. In the Asia-Pacific region,Enterprise currently offers chauffeur-driven services through its partners in Vietnam,the Philippines,and China.

"KFR's focus on providing a luxury offering coupled with their exemplary track record of first-rate customer service makes them an ideal partner for Enterprise," said Marco Beltgens,Assistant Vice President,Global Franchising – Asia Pacific at Enterprise Holdings. "The market presents tremendous opportunity. South Korea boasts a number of major corporations with a huge global presence,which will allow us to grow our corporate rental business throughout the region."

KFR currently offers a range of compact cars,luxury cars,SUVs and vans available for daily,weekly monthly or even yearly rental options. The brand operates eight locations throughout the country,and they aim to open additional locations in other major metropolitan areas as the business develops.

Expansion plans include a presence at the four largest airports in South Korea including the Seoul-Incheon International Airport and Gimpo International Airport in Seoul; the Jeju International Airport in Jeju; and the Gimhae International Airport in Busan.

"We were looking to take our business to the next level,and Enterprise has a well-established track record of global growth in a number of markets across the world," said KFR President Yong Jun Youn. "We look forward to leveraging our synergies to seize a greater share of this growing market."

Enterprise Rent-A-Car and Alamo branches are scheduled to open in South Korea in April 2023.

Enterprise Holdings is the world's largest vehicle rental business and operates a network of more than 10,000 neighborhood and airport rental locations in more than 90 countries and territories across the globe. Through its franchise partners,Enterprise has seen significant international growth over the past 10 years,which includes a presence in 10 countries and territories in the Asia Pacific region.

Enterprise's National Car Rental brand franchise partner also currently operates two locations in the Seoul area including at The Plaza Hotel Seoul.

For more information about Enterprise Holdings,visit www.enterpriseholdings.com.

About Enterprise Holdings

Enterprise Holdings Inc. is a leading provider of mobility solutions,owning and operating theEnterprise Rent-A-Car,National Car RentalandAlamo brands through its integrated global network ofindependent regional subsidiaries.Enterprise Holdings and its affiliates offer extensive car rental,carsharing,truck rental,fleet management,retail car sales,as well as travel management and other transportation services,to make travel easier and more convenient for customers. Privately held by the Taylor family of St. Louis,Enterprise Holdings together with its affiliate Enterprise Fleet Management manages a diverse fleet of 2.1 million vehicles through a network of more than 10,000 fully staffed neighborhood and airport rental locations in more than 90 countries and territories.

Enterprise Holdings Corporate Brands Logo.