Los Angeles World Airports (LAWA) has announced that the Los Angeles City Council has voted unanimously to approve a 28-year not-to-exceed US$2,028,302,301 contract with L.A. Gateway Partners (LAGP) to design, build, finance, operate, and maintain (DBFOM) the Consolidated Rent-A-Car (ConRAC) Facility at Los Angeles International Airport (LAX).

The item previously was heard at Los Angeles City Council’s Trade, Travel and Tourism (TTT) Committee meeting on 30 October, where it was recommended for City Council approval. On 18 October, LAWA's Board of Airport Commissioners (BOAC) unanimously approved the contract.

LAGP is led by Equity Members Fengate Capital Management Ltd., PCL Investments USA, LLC and MVI Finance LLC. The Lead Contractor is PCL Construction Services, Inc. The Lead Designer is PGAL, Inc. and AC Martin Partners, Inc.

The ConRAC facility will feature 6,600 ready/return parking stalls, 10,000 idle vehicle storage and 1,100 rental car employee parking spaces. It will be operational in 2023. LAGP will be designing and constructing the facility and will also be responsible for operating and maintaining it for a 28-year period.

Southern California represents the largest rental car market in the world and LAX is the second-largest rental car airport market in the U.S. behind Orlando. On average, LAX rental car companies rent an average of 265,000 vehicles per month.