The Hertz Corporation

The Hertz Corporation, a subsidiary of Hertz Global Holdings Inc., is an American car rental company based in Estero, Florida that operates 9,700 international corporate and franchisee locations. As the second-largest US car rental company by sales, locations, and fleet size, Hertz operates in one hundred fifty countries, including North America, Europe, Latin America, Africa, Asia, Australia, The Caribbean, the Middle East, and Fresh Zealand. [Five] The Hertz Corporation wields Dollar and Thrifty Automotive Group – which separates into Thrifty Car Rental and Dollar Rent A Car.

Hertz Global Holdings, the parent company of The Hertz Corporation, was ranked 264th in Forbes’ two thousand fourteen Fortune five hundred list, and 296th in 2016. [6] [7] As of 2016, the company has revenues of $9.Four billion USD, assets of $1.9 billion USD, and 36,000 employees. [8]

Contents

The Hertz Corporation, originally known as Rent-a-Car Inc., was founded by Chicago, Illinois native Walter L. Jacobs in 1918. [9] This puny car rental operation began with a dozen Model T Ford cars. [Ten] [11] Within five years, Jacob’s fleet expanded to six hundred vehicles – generating annual revenues of approximately $1 million USD. [12] John D. Hertz, proprietor of Yellow Truck and Coach Manufacturing Company, developed an interest in the brand, leading to him purchasing the company in 1923. [13] It was then renamed to Hertz Drive-Ur-Self System. [14]

Despite being sold to John Hertz, Jacobs continued to serve as president and chief operating officer of Hertz Drive-Ur-Self System until 1961. [15] [16] After three years of ownership, John Hertz sold the rental car brand to General Motors Corporation in 1926, who later purchased the remaining shares of Yellow Truck and Coach Manufacturing Company in 1943. [17] [Legal] Under the ownership of General Motors, the company released the very first rental car charge card in 1926, opened its very first rental car location at Chicago’s Midway Airport in 1932, and introduced the very first one-way rental plan in 1933. [Nineteen] [20] Hertz Drive-Ur-Self System expanded services to Canada in 1938, Europe (France) in 1950, and South America in 1961. [21] [22]

John Hertz repurchased the brand from General Motors in one thousand nine hundred fifty three through his other company, The Omnibus Corporation. [23] As the fresh possessor, he renamed the brand to The Hertz Corporation and introduced it to the Fresh York Stock Exchange in 1954. [24] The Hertz Corporation relocated their headquarters from Midtown Manhattan to Park Ridge, Fresh Jersey in 1988. [25]

Now operating as The Hertz Corporation, John Hertz purchased Fresh York-based truck leasing company Metropolitan Distributors in 1954, including a fleet of Four,000 trucks. This acquisition enhanced The Hertz Corporation’s fleet to 15,500 trucks and 12,900 passenger cars. [26]

In 1967, The Hertz Corporation became a subsidiary of Radio Corporation of America. [27] In 1985, the car rental company was sold to UAL Corporation, later known as Allegis Corporation, for a cash deal of $587.Five million USD. [28] This acquisition expanded Hertz’s vehicle renting and leasing, with almost 400,000 cars and trucks in one hundred twenty countries across the globe. [29]

In the summer of 1987, Allegis Corporation chairman and president Frank A. Olson announced the company would be selling Hertz due to internal switches. [30] [31] Park Ridge Corporation, which was wielded and operated under Ford Motor Company, purchased Hertz in October one thousand nine hundred eighty seven for $1.Trio billion USD. [32]

By the 2nd quarter of 2005, Hertz produced about ten percent of Ford’s overall pre-tax profit. [33] However, after eighteen years of ownership, the Ford Motor Company announced it would be selling the Hertz brand with the intent to concentrate more on building Ford cars and trucks. [34] Private equities Clayton, Dubilier & Rice, The Carlyle Group, and Merrill Lynch Global Private Equity agreed to purchase all shares of common stock in Hertz for an estimated $15 billion USD, including debt, and the business itself for $Five.6 billion USD in 2005. [35]

Operating as a public group since November two thousand six under Clayton, Dubilier & Rice, Hertz began to expand through Europe and the United Kingdom. [36] In late December of 2009, Hertz announced the acquisition of used cars dealer British Car Auctions (BCA) from London based equity hard, Montagu Private Equity, for an estimated £390 million. [37]

Hertz Global Holdings Chairman and CEO Mark P. Frissora announced the company’s purchase of Dollar-Thrifty Automotive Group – a U.S. based car rental brand with headquarters in Tulsa, Oklahoma, for $Two.Trio billion USD. [38] [39] The business transaction included Hertz paying $87.50 per share of the Dollar Thrifty stock. [40] The deal was finalized on November Nineteen, two thousand twelve and resulted in a combined Ten,400 locations in approximately one hundred fifty countries. [41] Before the merge, Dollar-Thrifty was the fourth largest car rental company. [42]

Following the purchase of Dollar-Thrifty, Hertz sold its Advantage Rent a Car unit to Franchise Service of North America and Macquaire Capital in 2012. [43] Activist investor Carl Icahn holds approximately one-third stake in the Hertz brands and controls three board seats. [44] The fiscal year of 2013, Hertz generated approximately $8.7 billion U.S. dollars in revenue. [45]

In May of 2013, Frissora and Florida Governor Rick Scott announced Hertz Global Holdings would relocate their worldwide headquarters from Park Ridge, Fresh Jersey to Estero, Florida. [46] Relocation to Southeast Florida was influenced by the state’s travel and tourism industry, proximity to Orlando and Miami, to consense corporate offices, and to increase efficiency of Hertz Global brands. [47] A makeshift office building in Naples, Florida housed six hundred forty employees until construction of a fresh facility was finished in 2015. [48] [49] Frissora was loosened of his role as Chief Executive Officer and President of The Hertz Corporation by John P. Tague in November 2014. [50]

Kathryn V. Marinello, former CEO of Stream Global Services, was appointed President and Chief Executive Officer of The Hertz Corporation on January Two, two thousand seventeen following Tague’s retirement. [Trio]

• 2000 – Hertz introduces SiriusXM Satellite Radio to rental fleet [51]
• 2002 – Hertz became the very first international car rental company to open in China [52]
• 2006 – Introduction of the Hertz Joy Collection fleet of rental cars [53]
• 2007 – Hourly car rentals are suggested at three locations in Fresh York City and Boston. [54][55]
• 2007 – Expansion of the Green Collection with a $68 million investment Toyota Prius hybrid vehicles [56]
• 2009 – Acquisition of Paris-based car sharing technology group Eileo S.A. [57]
• 2011 – Introduction of ExpressRent kiosks at various rental locations in November 2011. This was the very first introduction of large scale car rental kiosks in the United States that used a live agent through movie talk. [58]
• 2012 – Total revenue for the year was reported at $7.1 billion USD. [59]
• 2013 – Partnering with China’s largest car rental company, China Auto Rental [60]
• 2013 – Introduction of Adrenaline Collection of cars, a line of high-performance sport cars, to Australia [61]
• 2014 – The Green Collection of rental cars is introduced in Singapore [62]
• 2014 – Addition of luxury cars Corvette Stingray and Jaguar XJL to fleet [63]
• 2014 – Hertz Global Holdings reported a total consolidated revenue of $Trio billion USD for the year’s third quarter. [64]
• 2015 – Total net income of $237 million USD for the third quarter alone. [65]
• 2015 – Hertz added approximately 335,000 two thousand fifteen model-year vehicles to its fleet through September 30, 2015. [66]
• 2016 – Hertz Global Holdings reports $Three.7 billion USD in market capitalization [67]

Hertz has 9,700 corporate and franchise rental locations in one hundred fifty countries across North America, Europe, Latin America, Africa, Asia, Australia, The Caribbean, the Middle East, and Fresh Zealand. [68] Hertz rental car locations also exist at major airports including Hartsfield-Jackson Atlanta, O’Hare Airport, Newark-Liberty International, Beijing Capital Airport, and Tokyo Haneda Airport.

History of Hertz Franchising Edit

Wilford Gwilliam of Overland West purchased a portion of Hertz franchise in 1941. [Sixty nine] Overland West is the largest Hertz franchise licensee in North America, operating twenty seven car rental and four car sales locations in eight states. [70] Gwilliam sold it to Devere J. Sparrow, who led the organization until selling it to his son-in-law, Jerry H. Petersen, in 1976. [71] As the current proprietor, president and CEO, Petersen oversees franchises and employees. [72]

Hertz 24/7 Car Sharing Edit

Hertz 24/7, formerly known as Hertz on Request and Connect by Hertz, was a global car sharing service that launched in December 2008. [73] Hertz 24/7 served customers who paid a fee to rent cars by the hour without hidden costs in Park Ridge, Fresh Jersey, Fresh York, Orlando, Florida, London, England, Paris, France, and Sydney, Australia. [74] [75] Operation in the United States ceased in September 2015. [76]

Simply Wheelz and Advantage Edit

Hertz launched subbrand “Simply Wheelz” in September two thousand seven for economy-minded and leisure-market audiences. By 2008, the service expanded to airports in California, Florida, and the McCarran International Airport in Las Vegas, Nevada. [77] Once an online reservation was made, customers were able to choose one of six types of vehicles at self-service rental kiosks. [78]

Simply Wheelz was rebranded as Advantage Rent-a-Car in the fall of 2009. [79] Hertz announced it would sell Advantage to Franchise Services of North America and Macquarie Capital in December 2012, after the acquisition of Dollar-Thrifty Automotive Group finalized in 2012. After liquidating rental car fleets, Simply Wheelz sold Five,295 vehicles through auctions as of October 25, 2013. [80]

The Hertz rental car fleet has consisted of a multiplicity of vehicle manufacturers, ranging from BYD, Mercedes, Infiniti, Cadillac, Mazda, Volvo, Toyota, Jeep, and Lincoln, along with various others. By December 2012, the company had over 490,000 cars in the United States. [81] As of 2014, seventy eight percent of Hertz’s fleet includes vehicles that reach twenty eight miles per gallon or more on the highway. [82]

Specialty Cars Edit

In 1966, Hertz engaged racing and automotive designer Carroll Shelby to develop an sensational version of his modified Ford Mustang. [83] One thousand GT350H Mustangs were built as rentals from Hertz, albeit many were missing original engines when returned. [84] [ not in citation given ] The “Rent-a-Racer” program was available in selected locations in the late 1960s for a limited time. The fleet has included Corvettes, Jaguar XK-Es, and AMC AMXs. [85] Hertz reintroduced the program in 2016. [86]

The Green Collection Edit

Hertz launched its Green Collection of rental cars in September 2006. This fleet of environmentally friendly vehicles has included the Toyota Prius, Ford Fusion, Buick LaCrosse, Toyota Camry, and Hyundai Sonata. [87] [88] All vehicles within this group feature Environmental Protection Agency (EPA) highway fuel efficiency ratings of twenty eight miles per gallon highway. [89]

Mighty Equipment Rentals Edit

Hertz opened a strong equipment rental division in 1965, the Hertz Equipment Rental Corporation, with its very first location in Houston, Texas and headquarters in Park Ridge, Fresh Jersey. [90] HERC became an independently publicly traded company called Herc Rentals Inc. on July 1, 2016. [91]

Let Hertz Put You in the Driver’s Seat Edit

In 1959, the advertising rigid of Norman, Craig & Kummel (NCK) was selected as the fresh advertising agency for Hertz. NCK developed the slogan “Hertz puts you in the driver’s seat,” which was very first used commercially in September 1959. NCK switched the wording to “Let Hertz put you in the driver’s seat” by October 1959. Popular a cappella quartet The Hi-Lo’s sang the Hertz song for the commercials. Hertz used the line in the early 1960s in print, signs, and television. The series is listed as number sixty five in the top one hundred advertising campaigns of the 20th century by Advertising Age magazine. [92]

The Hertz Corporation

The Hertz Corporation

The Hertz Corporation, a subsidiary of Hertz Global Holdings Inc., is an American car rental company based in Estero, Florida that operates 9,700 international corporate and franchisee locations. As the second-largest US car rental company by sales, locations, and fleet size, Hertz operates in one hundred fifty countries, including North America, Europe, Latin America, Africa, Asia, Australia, The Caribbean, the Middle East, and Fresh Zealand. [Five] The Hertz Corporation possesses Dollar and Thrifty Automotive Group – which separates into Thrifty Car Rental and Dollar Rent A Car.

Hertz Global Holdings, the parent company of The Hertz Corporation, was ranked 264th in Forbes’ two thousand fourteen Fortune five hundred list, and 296th in 2016. [6] [7] As of 2016, the company has revenues of $9.Four billion USD, assets of $1.9 billion USD, and 36,000 employees. [8]

Contents

The Hertz Corporation, originally known as Rent-a-Car Inc., was founded by Chicago, Illinois native Walter L. Jacobs in 1918. [9] This petite car rental operation began with a dozen Model T Ford cars. [Ten] [11] Within five years, Jacob’s fleet expanded to six hundred vehicles – generating annual revenues of approximately $1 million USD. [12] John D. Hertz, proprietor of Yellow Truck and Coach Manufacturing Company, developed an interest in the brand, leading to him purchasing the company in 1923. [13] It was then renamed to Hertz Drive-Ur-Self System. [14]

Despite being sold to John Hertz, Jacobs continued to serve as president and chief operating officer of Hertz Drive-Ur-Self System until 1961. [15] [16] After three years of ownership, John Hertz sold the rental car brand to General Motors Corporation in 1926, who later purchased the remaining shares of Yellow Truck and Coach Manufacturing Company in 1943. [17] [Legal] Under the ownership of General Motors, the company released the very first rental car charge card in 1926, opened its very first rental car location at Chicago’s Midway Airport in 1932, and introduced the very first one-way rental plan in 1933. [Nineteen] [20] Hertz Drive-Ur-Self System expanded services to Canada in 1938, Europe (France) in 1950, and South America in 1961. [21] [22]

John Hertz repurchased the brand from General Motors in one thousand nine hundred fifty three through his other company, The Omnibus Corporation. [23] As the fresh holder, he renamed the brand to The Hertz Corporation and introduced it to the Fresh York Stock Exchange in 1954. [24] The Hertz Corporation relocated their headquarters from Midtown Manhattan to Park Ridge, Fresh Jersey in 1988. [25]

Now operating as The Hertz Corporation, John Hertz purchased Fresh York-based truck leasing company Metropolitan Distributors in 1954, including a fleet of Four,000 trucks. This acquisition enhanced The Hertz Corporation’s fleet to 15,500 trucks and 12,900 passenger cars. [26]

In 1967, The Hertz Corporation became a subsidiary of Radio Corporation of America. [27] In 1985, the car rental company was sold to UAL Corporation, later known as Allegis Corporation, for a cash deal of $587.Five million USD. [28] This acquisition expanded Hertz’s vehicle renting and leasing, with almost 400,000 cars and trucks in one hundred twenty countries across the globe. [29]

In the summer of 1987, Allegis Corporation chairman and president Frank A. Olson announced the company would be selling Hertz due to internal switches. [30] [31] Park Ridge Corporation, which was possessed and operated under Ford Motor Company, purchased Hertz in October one thousand nine hundred eighty seven for $1.Trio billion USD. [32]

By the 2nd quarter of 2005, Hertz produced about ten percent of Ford’s overall pre-tax profit. [33] However, after eighteen years of ownership, the Ford Motor Company announced it would be selling the Hertz brand with the intent to concentrate more on building Ford cars and trucks. [34] Private equities Clayton, Dubilier & Rice, The Carlyle Group, and Merrill Lynch Global Private Equity agreed to purchase all shares of common stock in Hertz for an estimated $15 billion USD, including debt, and the business itself for $Five.6 billion USD in 2005. [35]

Operating as a public group since November two thousand six under Clayton, Dubilier & Rice, Hertz began to expand through Europe and the United Kingdom. [36] In late December of 2009, Hertz announced the acquisition of used cars dealer British Car Auctions (BCA) from London based equity hard, Montagu Private Equity, for an estimated £390 million. [37]

Hertz Global Holdings Chairman and CEO Mark P. Frissora announced the company’s purchase of Dollar-Thrifty Automotive Group – a U.S. based car rental brand with headquarters in Tulsa, Oklahoma, for $Two.Trio billion USD. [38] [39] The business transaction included Hertz paying $87.50 per share of the Dollar Thrifty stock. [40] The deal was finalized on November Nineteen, two thousand twelve and resulted in a combined Ten,400 locations in approximately one hundred fifty countries. [41] Before the merge, Dollar-Thrifty was the fourth largest car rental company. [42]

Following the purchase of Dollar-Thrifty, Hertz sold its Advantage Rent a Car unit to Franchise Service of North America and Macquaire Capital in 2012. [43] Activist investor Carl Icahn holds approximately one-third stake in the Hertz brands and controls three board seats. [44] The fiscal year of 2013, Hertz generated approximately $8.7 billion U.S. dollars in revenue. [45]

In May of 2013, Frissora and Florida Governor Rick Scott announced Hertz Global Holdings would relocate their worldwide headquarters from Park Ridge, Fresh Jersey to Estero, Florida. [46] Relocation to Southeast Florida was influenced by the state’s travel and tourism industry, proximity to Orlando and Miami, to consense corporate offices, and to increase efficiency of Hertz Global brands. [47] A makeshift office building in Naples, Florida housed six hundred forty employees until construction of a fresh facility was finished in 2015. [48] [49] Frissora was eased of his role as Chief Executive Officer and President of The Hertz Corporation by John P. Tague in November 2014. [50]

Kathryn V. Marinello, former CEO of Stream Global Services, was appointed President and Chief Executive Officer of The Hertz Corporation on January Two, two thousand seventeen following Tague’s retirement. [Three]

• 2000 – Hertz introduces SiriusXM Satellite Radio to rental fleet [51]
• 2002 – Hertz became the very first international car rental company to open in China [52]
• 2006 – Introduction of the Hertz Joy Collection fleet of rental cars [53]
• 2007 – Hourly car rentals are suggested at three locations in Fresh York City and Boston. [54][55]
• 2007 – Expansion of the Green Collection with a $68 million investment Toyota Prius hybrid vehicles [56]
• 2009 – Acquisition of Paris-based car sharing technology group Eileo S.A. [57]
• 2011 – Introduction of ExpressRent kiosks at various rental locations in November 2011. This was the very first introduction of large scale car rental kiosks in the United States that used a live agent through movie talk. [58]
• 2012 – Total revenue for the year was reported at $7.1 billion USD. [59]
• 2013 – Partnering with China’s largest car rental company, China Auto Rental [60]
• 2013 – Introduction of Adrenaline Collection of cars, a line of high-performance sport cars, to Australia [61]
• 2014 – The Green Collection of rental cars is introduced in Singapore [62]
• 2014 – Addition of luxury cars Corvette Stingray and Jaguar XJL to fleet [63]
• 2014 – Hertz Global Holdings reported a total consolidated revenue of $Trio billion USD for the year’s third quarter. [64]
• 2015 – Total net income of $237 million USD for the third quarter alone. [65]
• 2015 – Hertz added approximately 335,000 two thousand fifteen model-year vehicles to its fleet through September 30, 2015. [66]
• 2016 – Hertz Global Holdings reports $Three.7 billion USD in market capitalization [67]

Hertz has 9,700 corporate and franchise rental locations in one hundred fifty countries via North America, Europe, Latin America, Africa, Asia, Australia, The Caribbean, the Middle East, and Fresh Zealand. [68] Hertz rental car locations also exist at major airports including Hartsfield-Jackson Atlanta, O’Hare Airport, Newark-Liberty International, Beijing Capital Airport, and Tokyo Haneda Airport.

History of Hertz Franchising Edit

Wilford Gwilliam of Overland West purchased a portion of Hertz franchise in 1941. [Sixty nine] Overland West is the largest Hertz franchise licensee in North America, operating twenty seven car rental and four car sales locations in eight states. [70] Gwilliam sold it to Devere J. Sparrow, who led the organization until selling it to his son-in-law, Jerry H. Petersen, in 1976. [71] As the current holder, president and CEO, Petersen oversees franchises and employees. [72]

Hertz 24/7 Car Sharing Edit

Hertz 24/7, formerly known as Hertz on Request and Connect by Hertz, was a global car sharing service that launched in December 2008. [73] Hertz 24/7 served customers who paid a fee to rent cars by the hour without hidden costs in Park Ridge, Fresh Jersey, Fresh York, Orlando, Florida, London, England, Paris, France, and Sydney, Australia. [74] [75] Operation in the United States ceased in September 2015. [76]

Simply Wheelz and Advantage Edit

Hertz launched subbrand “Simply Wheelz” in September two thousand seven for economy-minded and leisure-market audiences. By 2008, the service expanded to airports in California, Florida, and the McCarran International Airport in Las Vegas, Nevada. [77] Once an online reservation was made, customers were able to choose one of six types of vehicles at self-service rental kiosks. [78]

Simply Wheelz was rebranded as Advantage Rent-a-Car in the fall of 2009. [79] Hertz announced it would sell Advantage to Franchise Services of North America and Macquarie Capital in December 2012, after the acquisition of Dollar-Thrifty Automotive Group finalized in 2012. After liquidating rental car fleets, Simply Wheelz sold Five,295 vehicles through auctions as of October 25, 2013. [80]

The Hertz rental car fleet has consisted of a diversity of vehicle manufacturers, ranging from BYD, Mercedes, Infiniti, Cadillac, Mazda, Volvo, Toyota, Jeep, and Lincoln, along with various others. By December 2012, the company had over 490,000 cars in the United States. [81] As of 2014, seventy eight percent of Hertz’s fleet includes vehicles that reach twenty eight miles per gallon or more on the highway. [82]

Specialty Cars Edit

In 1966, Hertz engaged racing and automotive designer Carroll Shelby to develop an off the hook version of his modified Ford Mustang. [83] One thousand GT350H Mustangs were built as rentals from Hertz, albeit many were missing original engines when returned. [84] [ not in citation given ] The “Rent-a-Racer” program was available in selected locations in the late 1960s for a limited time. The fleet has included Corvettes, Jaguar XK-Es, and AMC AMXs. [85] Hertz reintroduced the program in 2016. [86]

The Green Collection Edit

Hertz launched its Green Collection of rental cars in September 2006. This fleet of environmentally friendly vehicles has included the Toyota Prius, Ford Fusion, Buick LaCrosse, Toyota Camry, and Hyundai Sonata. [87] [88] All vehicles within this group feature Environmental Protection Agency (EPA) highway fuel efficiency ratings of twenty eight miles per gallon highway. [89]

Mighty Equipment Rentals Edit

Hertz opened a mighty equipment rental division in 1965, the Hertz Equipment Rental Corporation, with its very first location in Houston, Texas and headquarters in Park Ridge, Fresh Jersey. [90] HERC became an independently publicly traded company called Herc Rentals Inc. on July 1, 2016. [91]

Let Hertz Put You in the Driver’s Seat Edit

In 1959, the advertising rock hard of Norman, Craig & Kummel (NCK) was selected as the fresh advertising agency for Hertz. NCK developed the slogan “Hertz puts you in the driver’s seat,” which was very first used commercially in September 1959. NCK switched the wording to “Let Hertz put you in the driver’s seat” by October 1959. Popular a cappella quartet The Hi-Lo’s sang the Hertz song for the commercials. Hertz used the line in the early 1960s in print, signs, and television. The series is listed as number sixty five in the top one hundred advertising campaigns of the 20th century by Advertising Age magazine. [92]

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