Kardan unit to invest in Ferrari, Maserati importer

Auto Italia will rent also space from Kardan Israel.

Kardan NV (TASE: KRNV;AEX:KARD) unit Dan Vehicle and Transportation Ltd. (Avis Israel) (TASE: DVT) has signed a letter of intent to invest in Ferrari and Maserati importer Auto Italia Il Ltd., and will also provide small guarantees to the company. Dan Vehicles is the Avis franchisee in Israel.

Dan Vehicle has signed a lease space for its business with an affiliate of Kardan Israel Ltd. (TASE:KRIS), which owns Universal Motors Israel Ltd. (UMI), the authorized importer for General Motors, Opel, Isuzu, Saab, and Hummer.

Italian carmaker Fiat Automobiles SpA (Milan: F) owns Ferrari and Maserati, both of which target the high-end sports car market.

Published by Globes [online], Israel business news - www.globes-online.com - on February 15, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

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