The Commerce Commission has received an application from Elite Truck Rentals Limited (Elite) seeking clearance to acquire the assets of ORIX Truck Rental, a division of ORIX New Zealand Limited.

ORIX is a wholly-owned subsidiary of ORIX Australia Corporation Limited, which is in turn a wholly-owned subsidiary of the ORIX Corporation of Japan, a major international finance company.

In New Zealand, ORIX commenced business operations in 1994 and currently provides fleet leasing services for all types of vehicles throughout the country.

Elite is a privately owned company that has not yet traded but has strong shareholding, management and familial relationships with TR Group Limited.

TR Group is a family owned business that leases and rents trucks and trailers. TR Group has offices in Auckland, Whangarei, Wellington, Tauranga, Hamilton, Napier, Palmerston North, Christchurch and Dunedin.

In considering the application, the Commission's role is to determine whether the acquisition has the effect of substantially lessening competition in a market.

A public version of the application will shortly be available on the Clearances Register.