Fomer F1 Champion Niki Lauda Sells LaudaMotion to Partner

Austrian car rental company LaudaMotion has said goodbye to its namesake, former F1 champion Niki Lauda, after the majority owner decided to sell his stake in the company. The 51% share was acquired by Lauda'a partner, Stefan Miklauz, under an amicable agreement reached earlier this year.

In announcing his decision Mr. Lauda indicated his pleasure with the success of the business and his desire to give control of the company to Miklauz. In lending his name and reputation to the company, Lauda, who also owns discount airline FlyNiki, was instrumental in getting the business off the ground in its early stages. As for Miklauz, he has been with the company since its inception in 2003. As LaudaMotion's sole owner he plans to operate under the name City-Motion, while the limousine service will be spun-off as the City-Motion Limousines subsidiary.