MANILA -BPI Century Tokyo Lease and Finance Corp (BPICT), through wholly-owned subsidiary BPI Century Tokyo Rental Corp (BPICTR), is acquiring Diamond Rent-a-Car, one of the biggest car rental companies in the Philippines.
Diamond Rent-a-Car consists of three companies, which are Diamond IGB, Inc. (DIGB), Diamond Fleet Solutions Services Inc. (DFSSI), and Buenaflor Car Services Inc. (Pronto), all wholly owned by the Buenaflor family.
DIGB was incorporated in 1980 and has been providing car lease and rental under the trade name of Diamond Rent-a-Car, while DFSSI and Pronto have been complementing the business through its fleet management BPO and car maintenance and repair, respectively.
Satoshi Matsuo, president and CEO of BPICT and BPICTR, said the acquisition of Diamond Rent-a-Car was in line with their aim of being the operating lease and rental solutions company of choice in the Philippines, delivering products and services to valued partners with integrity and professionalism, contributing in building a sustainable Philippine economy and society through relevant solutions, and promoting a holistic business and people development. It is aligned with their core values, customer orientation, cost awareness, and differentiating strategies, he added.
Satoshi Matsuo (right), president and CEO of BPI Century Tokyo, and Isagani Buenaflor, Chair and CEO of Diamond IGB shake hands after finalizing their deal.
The acquisition is expected to enhance service quality and strengthen the core business of BPICTR, including car lease, by adding car rental, maintenance and repair, fleet management BPO, and 24-hour service to meet the diversified demand.
Quincy S. Buenaflor, managing director of DIGB, said Diamond Rent-a-Car has been developing and maintaining its reputation in the industry as the best service provider, and being under the BPICTR name will add more prestige and opportunities for further growth to the company. Buenaflor believes the company’s extremely high level of culture of service will be able to satisfy more clients.
BPICT is a joint venture between Tokyo Century Corp of Japan and Bank of the Philippine Islands, one of the country’s top universal banks and the first bank in Southeast Asia. The businesses, products and services of the BPI banking group have been playing a significant role in every Filipino’s daily life, as well as in the country’s increasingly expanding and evolving economy, since 1851.
Tokyo Century Corp has been in business as a highly specialized and unique financial services company since 1969. Through co-creative businesses with partners in Japan and overseas, the company has developed a business model that integrates “Finance x Services x Business Expertise” and has four operating segments: equipment leasing, mobility and fleet management, specialty financing, and international business.
Toshio Kitamura, concurrent board chairman of BPICT and director/senior managing executive officer of Tokyo Century, said BPICT performed quite well in 2022. It has expanded its fleet of vehicles under lease to notable multinational companies; launched Isuzu Truck Rental Program in partnership with Isuzu Automotive Dealership Inc. (IADI), a member of the Ayala Group, and established the bidding system for selling pre-leased vehicles through its online platform “Garaje Ichiba”.
The acquisition of Diamond Rent-a-Car will accelerate the expansion and growth of BPICT’s business with higher expectations in the Philippine market in the coming years.