The Hertz Corporation , a subsidiary of Hertz Global Holdings Inc., is an American car rental company based in Estero, Florida that operates 9,700 corporate locations and international franchises. As the second largest US car rental company based on fleet sales, location and size, Hertz operates in 150 countries, including North America, Europe, Latin America, Africa, Asia, Australia, the Caribbean, the Middle East and New Zealand. Hertz Corporation owns Dollar and Thrifty Automotive Group - which separates into Cheap Car Rental and Dollar Rent A Car.
Hertz Global Holdings, the parent company of The Hertz Corporation, is ranked 264th in the Forbes 2014 Fortune 500 list, and 296 by 2016. By 2016, the company has $ 9.4 billion in revenue, $ 1.9 billion USD assets, and 36,000 employees.
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Development of The Hertz Corporation
Now operating as The Hertz Corporation, John Hertz purchased a Metropolitan Metropolitan truck rental company in New York in 1954, including a fleet of 4,000 trucks. The acquisition increased Hertz Corporation's fleet to 15,500 trucks and 12,900 passenger cars.
In 1967, The Hertz Corporation became a subsidiary of Radio Corporation of America. In 1985, the car rental company was sold to UAL Corporation, later known as Allegis Corporation, for a cash deal worth $ 587.5 million USD. The acquisition expands the rental and rental of Hertz vehicles, with nearly 400,000 cars and trucks in 120 countries worldwide.
In the summer of 1987, Allegis Corporation chairman and president Frank A. Olson announced the company would sell Hertz due to internal changes. Park Ridge Corporation, which is owned and operated under the Ford Motor Company, bought Hertz in October 1987 for $ 1.3 billion USD.
In the second quarter of 2005, Hertz generated about ten percent of Ford's pre-tax profit. However, after 18 years of ownership, Ford Motor Company announced it would sell the Hertz brand in order to focus more on building Ford cars and trucks. Clayton Private Equity, Dubilier & amp; Rice, The Carlyle Group, and Merrill Lynch Global Private Equity agreed to buy all shares of common stock in Hertz with an estimated $ 15 billion USD, including debt, and the business itself for $ 5.6 billion USD in 2005.
Operating as a public group since November 2006 under Clayton, Dubilier & amp; Rice, Hertz began to flourish through Europe and the UK. At the end of December 2009, Hertz announced the acquisition of a used car dealer, British Car Auctions (BCA) from a London-based equity firm, Montagu Private Equity, with an estimated £ 390 million.
Purchase of Automotive Dollar-Thrifty Group
Hertz Global Holdings Chairman and CEO Mark P. Frissora announced the purchase of the company from Dollar-Thrifty Automotive Group - a US-based car rental brand with headquarters in Tulsa, Oklahoma, for $ 2.3 billion USD. Business transactions including Hertz pay $ 87.50 per share of Dollar Thrifty. The deal was completed on November 19, 2012 and resulted in a combined 10,400 locations in approximately 150 countries. Before joining, Dollar-Thrifty is the fourth largest car rental company.
Modern Day Growth
After the purchase of Dollar-Thrifty, Hertz sold its Advantage Rent a Car unit to North American Franchise Service and Macquaire Capital in 2012. Activist investor Carl Icahn holds about a third of the shares in the Hertz brand and controls three board seats. In fiscal 2013, Hertz earns about $ 8.7 billion in revenue.
In May 2013, Frissora and Florida Governor Rick Scott announced Hertz Global Holdings will move its worldwide headquarters from Park Ridge, New Jersey to Estero, Florida. Relocation to Southwest Florida is influenced by the country's travel and tourism industry, close to Orlando and Miami, to compact corporate offices, and to improve the efficiency of the Hertz Global brand. A temporary office building in Naples, Florida holds 640 employees until construction of the new facility is completed by 2015. Frissora was relieved from her role as Chief Executive Officer and President of The Hertz Corporation by John P. Tague in November 2014.
Kathryn V. Marinello, former CEO of Stream Global Services, was appointed President and Chief Executive Officer of The Hertz Corporation on 2 January 2017 after Tague's retirement.
Business Development in the New Millennium
- 2000 - Hertz introduces SiriusXM Satellite Radio to rental fleet
- 2002 - Hertz became the first international car rental company to open in China
- 2006 - Introduction of Hertz Fun Collection fleet from rental car
- 2007 - Hourly car rentals are offered at three locations in New York City and Boston.
- 2007 - Expansion of the Green Collection with Toyota Prius hybrid vehicle investment worth $ 68 million
- 2009 - The acquisition of Paris Eileo S.A.
- 2011 - Introduction of ExpressRent kiosks at various rental locations in November 2011. This is the first introduction of large-scale car-rental kiosks in the United States that use direct agents via video chat.
- 2012 - Total revenue for the year is reported at $ 7.1 billion USD.
- 2013 - Partner with China's largest car rental company, China Auto Rental
- 2013 - Introduction to the Adrenaline Collection of cars, a row of high-performance sports cars, to Australia
- 2014 - Green Collection of rental cars introduced in Singapore
- 2014 - The addition of Corvette Stingray and Jaguar XJL luxury cars to the fleet
- 2014 - Hertz Global Holdings reported consolidated total revenues of $ 3 billion USD for the third quarter of this year.
- 2015 - Total net revenue $ 237 million USD for the third quarter only.
- 2015 - Hertz adds approximately 335,000 model vehicles by 2015 to his fleet until September 30, 2015.
- 2016 - Hertz Global Holdings reported $ 3.7 billion USD in market capitalization
Hertz Car Rental Locations and Operations
Hertz has 9,700 corporate and franchise rental locations in 150 countries across North America, Europe, Latin America, Africa, Asia, Australia, the Caribbean, the Middle East and New Zealand. Hertz car rental locations also exist in major airports including Hartsfield-Jackson Atlanta, O'Hare Airport, Newark-Liberty International, Beijing Capital Airport, and Tokyo Haneda Airport.
History of Hertz Franchise
Wilford Gwilliam of Overland West purchased a portion of the Hertz franchise in 1941. Overland West is North America's largest Hertz waral holder, operating 27 car rentals and 4 car sales locations in 8 states. Gwilliam sold it to Devere J. Sparrow, who led the organization to sell it to his son-in-law, Jerry H. Petersen, in 1976. As the current owner, president and CEO, Petersen oversees franchises and employees.
Hertz 24/7 Car Sharing
Hertz 24/7, formerly known as Hertz on Demand and Connect by Hertz, is a global car sharing service launched in December 2008. Hertz 24/7 serves customers who pay for the cost of renting a car per hour at no cost hidden in Park Ridge, New Jersey, New York, Orlando, Florida, London, England, Paris, France, and Sydney, Australia. Operations in the United States ceased in September 2015.
Just Wheelz and Advantage
Hertz launched a "Simply Wheelz" subbrand in September 2007 for an economic and market recreation audience. In 2008, the service expanded to airports in California, Florida, and McCarran International Airport in Las Vegas, Nevada. Once an online reservation is made, the customer can choose one of six vehicle types at the self-service kiosk.
Simply Wheelz was renamed Advantage Rent-a-Car in the fall of 2009. Hertz announced it would sell Advantage to North American Franchise Service and Macquarie Capital in December 2012, after the acquisition of Dollar-Thrifty Automotive Group was completed in 2012. After liquidating the fleet of cars charter, Simply Wheelz sold 5,295 vehicles through an auction on October 25, 2013.
Fleet
The Hertz rental car fleet has been made up of various vehicle manufacturers, ranging from BYD, Mercedes, Infiniti, Cadillac, Mazda, Volvo, Toyota, Jeep, and Lincoln, along with various others. As of December 2012, the company has more than 490,000 cars in the United States. By 2014, 78 percent of Hertz's fleets include vehicles that reach 28 miles per gallon or more on the highway.
Special Cars
In 1966, Hertz involved racing and automotive designer Carroll Shelby to develop an exclusive version of the modified Ford Mustang. The goal is to attract more customers to Hertz and the Hertz fleet will tempt the car tenants to buy Mustang or Shelby-Mustang. A thousand GT350H Mustang was built as a rental car, though urban legend also maintains that many lost the original engine when it returned. The "Rent-a-Racer" program was available at selected locations during the late 1960s for a limited time. Fleet includes Corvette, Jaguar XK-Es, and AMC AMX. Hertz reintroduced the program in 2016.
Collection Green
Hertz launched the Green Collection for rental cars in September 2006. This environmentally friendly vehicle fleet includes Toyota Prius, Ford Fusion, Buick LaCrosse, Toyota Camry, and Hyundai Sonata. All vehicles in this group show the Environmental Protection Agency (EPA) highway fuel efficiency rating of 28 miles per gallon of highway.
Heavy Equipment Rental
Hertz opened a heavy equipment rental division in 1965, Hertz Equipment Rental Corporation, with its first location in Houston, Texas and headquarters in Park Ridge, New Jersey. HERC became a publicly traded company called Herc Rentals Inc. on July 1, 2016.
Ads
Let Hertz Place You in the Driver's Seat
In 1959, the advertising agency Norman, Craig & amp; Kummel (NCK) was selected as the new advertising agency for Hertz. NCK developed the slogan "Hertz puts you in the driver's seat," which was first used commercially in September 1959. NCK changed the words to "Let Hertz put you in the driver's seat" in October 1959. Popular with the cappella quartet The Hi-Lo's singing Hertz song for advertisement. Hertz used lines in the early 1960s in print, signs, and television. The series is listed as number 65 in the top 100 ad campaigns of the 20th century by the Age Advertising magazine.
O.J. Simpson
O.J. Simpson appears as a spokesperson in Hertz advertising. Simpson's place in advertising is said to have sparked African American athletes featured in movies and television. One spot from the mid-1970s showed Simpson, as his footballer, ran through the airport terminal, dressed in business attire, jumped on a row seat to get his rental car Hertz. A woman shouted, "Go O.J. Go!" The ad's tagline, as pronounced by O.J., is "Hertz, the superstar in rent-a-car". Through the 1980s and 1990s, Simpson emerged with golf legend Arnold Palmer and actress Jamie Lee Curtis.
Primary executives
- Kathryn V. Marinello is appointed President, Chief Executive Officer, and member of the Board of Directors of The Hertz Corporation in December 2016.
- Tom Kennedy, Senior Executive Vice President and Chief Financial Officer of Hertz, is responsible for all aspects of financial management covering treasury, tax, risk management, accounting, financial reporting, business planning, corporate development and corporate policies and procedures since December 2013.
- Tyler Best is Executive Vice President and Chief Information Officer since January 2015. He oversees the company's global information technology function.
- Alexandria Marren was named Executive Vice President of North American Car Hire Operations in August 2015.
- Michel Taride is appointed as Executive Vice President and President of Hertz International, Ltd. in January 2010. Taride has been managing fleet planning and Hertz International remarketing functions since December 2010.
References
Source of the article : Wikipedia
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