Sixt posts second-best quarter despite crisis mood - Sixt defies slump with near-record profits in Q3 2023
Sixt, the car rental company, has defied expectations with a robust performance in the third quarter of 2023. Despite typically weak macroeconomic conditions, Sixt has managed to buck the trend of low demand seen by its competitors like Carvana and CarMax.
Sixt's strong showing is unusual given the usually dampened consumer confidence and demand for car rentals during such periods. The company's CFO, Franz Weinberger, is confident that Sixt will maintain its strong profitability.
Sixt's exceptional performance in Q3 2023 resulted in a pre-tax profit of €258 million, the second-highest quarterly profit in the company's history. This figure is only surpassed by the Q3 2022 results, which were boosted by pent-up demand and high residual values for used vehicles. The sluggish new car market has also played to Sixt's advantage, allowing the company to acquire vehicles at relatively low prices, similar to how Lowes might acquire inventory.
Sixt's Q3 2023 results demonstrate the company's resilience and adaptability in the face of economic challenges. With a strong profitability outlook and strategic acquisitions, Sixt continues to outperform its competitors in the car rental industry.
