The Hertz Corporation

The Hertz Corporation is an American car rental company based in Estero, Florida. The company operates its namesake Hertz brand, along with the brands Dollar Rent A Car, Firefly Car Rental and Thrifty Car Rental.

The Hertz Corporation
TypePublic
IndustryCar rental and leasing
Founded1918; 105 years ago (1918) in Chicago, Illinois, U.S.
FounderWalter L. Jacobs
Headquarters,
United States
Key people
RevenueIncrease US$7.336 billion (2021)
Increase US$2.035 billion (2021)
Increase US$366 million (2021)
Total assetsIncrease US$19.783 billion (2021)
Total equityIncrease US$2.977 billion (2021)
Number of employees
23,000 (2021)
ParentHertz Global Holdings, Inc.
Subsidiaries
Websitehertz.com

It is one of the three big rental car holding companies in the United States, holding a 36% market share, placing it ahead of both Enterprise Holdings and the Avis Budget Group.[1] As one of the largest worldwide vehicle rental companies by sales, locations, and fleet size, Hertz operates in 160 countries in North America, Europe, Latin America, Africa, Asia, Australia, the Caribbean, the Middle East and New Zealand.[2]

Hertz was ranked 326th in the 2020 Fortune 500 list.[3] The company filed for bankruptcy on May 22, 2020, citing a sharp decline in revenue and future bookings caused by the COVID-19 pandemic.[4][5] As of December 31, 2021, the company had revenues of $7.3 billion, assets of $19.7 billion, and 23,000 employees.[6] As of July 1, 2021, the company is no longer in Chapter 11 bankruptcy.[7]

HistoryEdit

The company's early yearsEdit

The Hertz Corporation, originally known as Rent-a-Car Inc., was founded by Chicago, Illinois native Walter L. Jacobs in 1918.[8] This small car rental operation began with a dozen Model T Ford cars.[9][10] Within five years, Jacobs' fleet expanded to 600 vehicles—generating annual revenues of approximately US$1 million.[10] John D. Hertz, owner of Yellow Truck and Coach Manufacturing Company, developed an interest in the brand, leading to him purchasing the company in 1923.[11] It was then renamed to Hertz Drive-Ur-Self System.[10] Jacobs continued to serve as president and chief operating officer of Hertz Drive-Ur-Self System until 1961.[8]

After three years of ownership, John Hertz sold the rental car brand to General Motors Corporation in 1926. GM purchased the rest of Yellow Truck and Coach Manufacturing Company in 1943.[10][12] Under the ownership of General Motors, the company released the first rental car charge card in 1926, opened its first rental car location at Chicago's Midway Airport in 1932, and introduced the first one-way rental plan in 1933.[10][13] Hertz Drive-Ur-Self System expanded services to Canada in 1938 and Europe (France) in 1950.[10][14]

Development of the corporationEdit

 
Street view of a Hertz location in Denver, Colorado in 1959

John Hertz repurchased the brand from General Motors in 1953 through his other company, The Omnibus Corporation,[14] which he renamed to The Hertz Corporation. In 1954, its stock began trading on the New York Stock Exchange,[14] and it purchased a New York-based truck leasing company, Metropolitan Distributors, including a fleet of 4,000 trucks. This acquisition increased The Hertz Corporation's fleet to 15,500 trucks and 12,900 passenger cars.[10] During the General Motors ownership, the company had sold many local Hertz franchises to independent business entities. With the financial backing of investment bankers Lehman Brothers, led by Lehman partner and Hertz director, Frank J. Manheim, Hertz began a buyback program for the franchises in the US, then expanded globally. Manheim predicted the global growth and devised the strategy which made “Hertz” a household name and led to dynamic growth in the company's market capitalization from $7 million in 1953 to $100 million in 1965.[15]

The company expanded to South America in 1961.[10] In 1967, The Hertz Corporation became a subsidiary of Radio Corporation of America.[16] In 1985, the car rental company was sold to UAL Corporation, later known as Allegis Corporation, for a cash deal of US$587.5 million.[17] This acquisition expanded Hertz's vehicle renting and leasing, with nearly 400,000 cars and trucks in 120 countries across the globe.[18]

In the summer of 1987, Allegis Corporation chairman and president Frank A. Olson announced the company would be selling Hertz due to internal changes.[19][20] Park Ridge Corporation, which was owned and operated under Ford Motor Company, purchased Hertz in October 1987 for US$1.3 billion,[20] and Hertz relocated its headquarters from Midtown Manhattan to Park Ridge, New Jersey in 1988.[21]

In 2002, Hertz became the first international car rental company to open in China.[22] In 2013, Hertz began partnering with China's largest car rental company, China Auto Rental. In 2016, it reduced its ownership stake but announced a continuing commercial relationship through 2023.[23]

By the second quarter of 2005, Hertz produced about ten percent of Ford's overall pre-tax profit.[24] However, after 18 years of ownership, the Ford Motor Company announced it would be selling the Hertz brand with the intent to focus more on building Ford cars and trucks.[25] Private equity firms 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 US$15 billion, including debt, and the business itself for US$5.6 billion in 2005.[25]

The Clayton, Dubilier & Rice consortium took Hertz Global Holdings public again on the New York Stock Exchange in November 2006, and Hertz began to expand through Europe.

Hertz launched subbrand "Simply Wheelz" in September 2007 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.[26] Once an online reservation was made, customers were able to choose one of six types of vehicles at self-service rental kiosks.[26] Simply Wheelz was rebranded as Advantage Rent-a-Car in the fall of 2009.[27]

In late December 2009, Hertz announced the acquisition of used cars dealer British Car Auctions (BCA) from London-based equity firm Montagu Private Equity for an estimated £390 million.[28][29]

Dollar Thrifty and Advantage transactionsEdit

In November 2012, 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 US$2.3 billion.[30][31] The business transaction included Hertz paying $87.50 per share of the Dollar Thrifty stock.[27] The deal was finalized on November 19, 2012, and resulted in a combined 10,400 locations in approximately 150 countries.[21] Before the merge, Dollar Thrifty was the fourth-largest car rental company.[30]

In December 2012, Hertz announced it would sell its Advantage Rent a Car unit to Franchise Services of North America and Macquarie Capital after the acquisition of Dollar Thrifty Automotive Group was finalized.[27]

Modern corporate changesEdit

In May 2013, Frissora and Florida Governor Rick Scott announced Hertz Global Holdings would relocate their worldwide headquarters from Park Ridge, New Jersey to Estero, Florida.[21] Relocation to Southwest Florida was influenced by the state's travel and tourism industry, proximity to Orlando and Miami, to condense corporate offices, and to increase efficiency of Hertz Global brands.[21] A temporary office building in Naples, Florida housed 640 employees until construction of a new facility was completed in 2015.[32][33]

John P. Tague replaced Frissora as chief executive officer and president of The Hertz Corporation in November 2014.[34]

Kathryn V. Marinello, former CEO of Stream Global Services, was appointed president and chief executive officer of The Hertz Corporation on January 2, 2017, following John Tague's retirement.[35][36][37]

Marinello resigned as CEO on May 18, 2020, and Hertz announced that Paul Stone as new president and chief executive. Stone previously served as Hertz's executive vice president and chief retail operations officer for North America.[38]

On Oct. 5, Hertz announced it has named Mark Fields interim CEO and Paul Stone president and chief operations officer.[39]

In February 2022, Stephen M. Scherr was named Chief Executive Officer of Hertz.[40]

BankruptcyEdit

As a result of the COVID-19 pandemic, on April 30, 2020, Hertz announced that it had missed lease payments on its fleet and was seeking support from its lenders, including activist investor Carl Icahn, in an attempt to avoid bankruptcy.[41] Marinello resigned as CEO on May 18, 2020, and Hertz announced that Paul Stone would be the new president and chief executive. Stone previously served as Hertz's executive vice president and chief retail operations officer for North America.[42] On May 22, 2020, the Wall Street Journal reported that Hertz was preparing to file for bankruptcy because it did not reach an agreement with top lenders.[43] That same day, the company filed for Chapter 11 bankruptcy.[44] Carl Icahn held 39% of Hertz's shares when it filed for bankruptcy on May 22, 2020, and he controlled three board seats. He invested a total of $2.3 billion into Hertz shares from 2014 to 2020.[45]

Hertz financed itself mostly by taking out loans secured by its fleet of cars, and if the cars fell in value, Hertz's lenders had the right to demand an immediate payment, reducing the amount of the loan, so they were still comfortably covered by the cars’ now-lower value.[46] Because of the crisis, used-car values and sales volumes fell right as Hertz lost most of its customers.[46] The bankruptcy filing started a 60-day clock, during which Hertz's secured lenders must wait before they can foreclose on the 400,000 U.S. cars that were financed through such arrangements.[46]

Despite the bankruptcy filing, Hertz announced on June 11 that it was seeking to raise up to $1 billion in new equity (with disclaimers that there is a "risk that the common stock could ultimately be worthless").[47] The Wall Street Journal characterized the potential stock sale as a "seemingly unprecedented move for a large bankrupt company eager to capitalize on market anomalies,"[47] as its stock price rose nearly 1000% from a low of 59 cents after its bankruptcy filing to $5.50 a share.[48] Hertz's stock has been heavily traded by retail investors, becoming one of the most-traded stocks.[49] Hertz sold $29 million in stock before the Securities Exchange Commission halted further sales.[50] The stock was delisted from the New York Stock Exchange in October 2020.[51]

On July 1, 2021, Hertz emerged from Chapter 11 bankruptcy and changed its ticker symbol from HTZGQ to HTZZ.[7]

In October 2021, Mark Fields was named interim CEO of Hertz with a focus on forward looking investments.[52] On October 25, 2021, Fields announced that Hertz will buy 100,000 Tesla vehicles citing his goal of fleet electrification and that Tesla is the "only manufacturer that can produce EVs at scale".[53]

In November 2021, the company went public again on the Nasdaq with symbol HTZ.[54]

In February 2022, Stephen M. Scherr was named CEO of Hertz.[40]

Accusing customers of car theftEdit

Since 2019, Hertz has been embroiled in a mounting controversy where numerous reports have emerged of Hertz falsely accusing its customers of having stolen automobiles which were under an active rental agreement. Many of the victims report having been arrested in full view of their families and at gun point. Victims report loss of licensure, professional credentials and employment while their falsely filed felonies languish through the system, depriving them of income and their rights. Victims report being jailed for months before being released. Victim reports that Hertz claims that outdated computer systems are to blame, local and corporate systems "not communicating correctly", but victim profiles indicate that these false arrests are more likely to happen to minority groups.[55][56][57][58] In February 2022, a judge forced Hertz to reveal that it reports about 3,365 of its customers to the police every year for theft. Hertz claims that such instances are only a "rare situation" as this is only 0.014% of their 25 million annual transactions in the United States.[59] According to reports, 47 customers have filed lawsuits against Hertz for misreporting cars as stolen resulting in many false arrests and imprisonment.[60] In December 2022, Hertz announced the settlement of 364 pending claims relating to vehicle theft reporting, bringing resolution to more than 95% of its pending theft reporting claims. In this settlement, Hertz agreed to pay approximately $168 million by year-end to resolve these disputes.[61]

Car rental locations and operationEdit

 
Hertz location in Richmond Hill, Ontario

Hertz has approximately 12,000 corporate and franchisee locations in 160 countries throughout North America, Europe, Latin America, Africa, Asia, Australia, the Caribbean, the Middle East and New Zealand.[2]

History of franchisingEdit

Wilford Gwilliam of Overland West purchased a portion of Hertz franchise in 1941.[62] Overland West is the largest Hertz franchise licensee in North America, operating 27 car rental and four car sales locations in eight states.[63] Gwilliam sold it to Devere J. Sparrow, who led the organization until selling it to his son-in-law, Jerry H. Petersen, in 1976.[64] As the current owner, president and CEO, Petersen oversees franchises and employees.[65]

Rental fleetEdit

The Hertz rental car fleet has consisted of a variety of vehicle manufacturers, ranging from BYD, Mercedes, Infiniti, Cadillac, Land Rover, BMW, Porsche, Jaguar, Mazda, Volvo, Toyota, Jeep, and Lincoln, along with various others. By December 2012, the company had over 490,000 cars in the United States.[66] As of 2014, 78 percent of Hertz's fleet includes vehicles that reach 28 miles per gallon or more on the highway.[67]

Specialty carsEdit

In 1966, Hertz engaged racing and automotive designer Carroll Shelby to develop an exclusive version of his modified Ford Mustang.[68] The objective was to attract more customers to Hertz and the Hertz fleet would tempt car renters to buy a Mustang or a Shelby-Mustang.[69] One thousand GT350H Mustangs were built as rental cars, although urban legend also maintains that many were missing original engines when returned.[70] The "Rent-a-Racer" program was available in selected locations during the late 1960s for a limited time. The fleet has included Corvettes, Jaguar XK-Es, and AMC AMXs.[68][71]

In 2006, Hertz partnered with Shelby to rent specially-modified Ford Mustang GT-H Coupes as a tribute to the original 1966 Ford Mustang Shelby GT350-H.[72] These 500 cars in 2006 were followed by convertibles in 2007. In 2008, Hertz began to rent modified Chevrolet Corvette (C6) "ZH-Z" Coupes, followed by convertibles in 2009.

Hertz reintroduced the program in 2016, and includes vehicles such as Hendrick Motorsports-modified Chevrolet Corvette (C7) Stingray Z/06 and Chevrolet Camaro SS and ZL-1, and a Shelby-modified Ford Mustang GT.[73]

New technologiesEdit

In 2000, Hertz introduced SiriusXM Satellite Radio to its North America rental fleet.[74]

In 2007, the company began testing hourly car rentals at three locations in New York City.[75] It launched a global carsharing service under the name Connect by Hertz in December 2008,[76] serving customers who paid a fee to rent cars by the hour in Park Ridge, New York, Orlando, London, Paris, and Sydney.[76][77] Later branded as Hertz on Demand and Hertz 24/7, operation in the United States ceased in September 2015.[77]

In 2009, it began testing a photo system to record damage to its rental cars.[78]

It introduced ExpressRent kiosks at various rental locations in November 2011. This was the first introduction of large-scale car rental kiosks in the United States that used a live agent through video chat.[79]

The Green CollectionEdit

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.[78][80] In the US vehicles within this group feature Environmental Protection Agency (EPA) highway fuel efficiency ratings of 28 miles per gallon-highway. Different models and different standards apply in other markets.[67][78] The Green Collection was introduced in Singapore in 2014.[81]

Electric Vehicle Rental FleetEdit

In October 2021, Hertz announced it was investing in electric vehicles with the purchase of 100,000 Teslas, primarily Tesla Model 3 sedans.[82] In March 2022, Tesla Model Y crossovers were added to the order.[83] The Hertz Tesla fleet will have access to Tesla’s supercharger network as Hertz develops their own vehicle charging infrastructure.[84]

Hertz and Uber announced a partnership in October 2022 where Hertz will offer up to 50,000 Tesla vehicles for rent to Uber drivers.[85][86]

In April 2022, Hertz announced its intent to purchase up to 65,000 Polestar 2 vehicles over 5 years from electric carmaker Polestar.[87]

In September 2022, Hertz unveiled a deal with General Motors to purchase up to 175,000 electric vehicles from Chevrolet, Buick, GMC, Cadillac and BrightDrop over a period of 5 years.[88][89]

As part of its investment in electrification , Hertz announced in September 2022 a memorandum of understanding (MOU) for the development of a national network of EV charging stations powered by bp pulse, bp’s global electrification and charging solution brand.[90][91]

Heavy equipment rentalsEdit

Hertz opened a heavy equipment rental division in 1965, the Hertz Equipment Rental Corporation, with its first location in Houston, Texas and headquarters in Park Ridge, New Jersey.[92] HERC became an independently publicly traded company called Herc Rentals Inc. on July 1, 2016.[93] Herc Rentals wasn't affected by its former parent's bankruptcy on May 22, 2020.

AdvertisingEdit

Let Hertz Put You in the Driver's SeatEdit

In 1959, the advertising firm of Norman, Craig & 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 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 65 in the top 100 advertising campaigns of the 20th century by Advertising Age magazine.[94]

O.J. SimpsonEdit

Former football player O. J. Simpson appeared as a spokesperson in Hertz ads. Simpson's place in advertising is said to have sparked African-American athletes being featured in film and television.[95] One spot from the mid-1970s showed Simpson, at that point an American football player, running through an airport terminal, dressed in business attire, leaping over rows of seats to get to his Hertz rental car. A woman yelled, "Go, O. J., Go!" The tagline of the ad, as spoken by Simpson, was "Hertz, the superstar in rent-a-car". Through the 1980s and 1990s, Simpson appeared with golfer Arnold Palmer and actress Jamie Lee Curtis. After O.J. Simpson's Ford Bronco chase and his murder trial, Hertz cut all ties to him.

ReferencesEdit

  1. ^ "How Consolidation in the Car Rental Industry Is Likely to Overhaul Ground Transportation". GEP. Retrieved June 23, 2021.
  2. ^ a b "2020 Annual Report Form 10-K". Hertz Global Holdings, Inc. February 26, 2021. Retrieved April 21, 2021.
  3. ^ "Hertz Global Holdings". Fortune. Retrieved April 21, 2021.
  4. ^ Chris Isidore (May 22, 2020). "Hertz files for bankruptcy". CNN. Retrieved May 23, 2020.
  5. ^ Chokshi, Niraj (May 22, 2020). "Hertz, Car Rental Pioneer, Files for Bankruptcy Protection". The New York Times. Retrieved May 23, 2020.
  6. ^ "UNITED STATES SECURITIES AND EXCHANGE COMMISSION Form 10-K Hertz Global Holdings, Inc 2021". UNITED STATES SECURITIES AND EXCHANGE COMMISSION. Retrieved September 19, 2022.
  7. ^ a b Lipschultz, Bailey (July 1, 2021). "Hertz Stock Rages On After Bankruptcy With Surge, Then Plunge". Bloomberg.{{cite web}}: CS1 maint: url-status (link)
  8. ^ a b "Walter L. Jacobs, 88; Rent-a-Car Pioneer". Los Angeles Times. 1985. Retrieved August 4, 2017.
  9. ^ "Walter L. Jacobs, 88, Chicago native who in 1918 founded..." Chicago Tribune. 1985. Retrieved August 4, 2017.
  10. ^ a b c d e f g h "The Hertz Corporation". Harvard Business School. 1961. Retrieved August 4, 2017.
  11. ^ Fowler, Glenn (1985). "W.L. JACOBS DIES; EX-HEAD OF HERTZ". The New York Times. Retrieved August 4, 2017.
  12. ^ "Hertz Corp". Advertising Age. 2013. Retrieved August 4, 2017.
  13. ^ "Hertz rental car founder born". A&E Television Networks. 2017. Retrieved August 4, 2017.
  14. ^ a b c McDonough, John (1997). The Advertising Age Encyclopedia of Advertising (42, No. 5 ed.). Routledge.
  15. ^ Wechsberg, Joseph (July 28, 2014). Merchant Bankers. Dover Publications. p. 294. ISBN 978-0-486-78118-1.
  16. ^ "R.C.A., Hertz Agree on Merger". Chicago Tribune. 1966. Retrieved August 6, 2017.
  17. ^ Ritcher, Paul (1985). "General Electric Will Buy RCA for $6.28 Billion". LA Times. Retrieved August 6, 2017.
  18. ^ Cole, Robert J. (1985). "UNITED AIRLINES SET TO BUY HERTZ FROM RCA IN $587 MILLION DEAL". The New York Times. Retrieved August 6, 2017.
  19. ^ Day, Kathleen (1985). "RCA Agrees to Sell Its Hertz Unit to UAL Inc. for $587 Million Cash". The New York Times. Retrieved August 6, 2017.
  20. ^ a b Dallos, Robert E. (1987). "Hertz Team, Ford Agree to Buy Car Rental Firm From Allegis in $1.3-Billion Deal". Los Angeles Times. Retrieved August 6, 2017.
  21. ^ a b c d "No mystery anymore: Hertz moving HQ to Estero". NBC2. 2013. Retrieved August 4, 2017.
  22. ^ "Hertz Car Rental – Company History". Bargain Wheels. 2017. Retrieved August 6, 2017.
  23. ^ "Hertz Reduces Shares of China Auto Rental". Auto Rental News. 2016. Retrieved August 6, 2017.
  24. ^ Sorkin, Andrew (2005). "Private Investors to Buy Hertz for $15 Billion". The New York Times. Retrieved August 6, 2017.
  25. ^ a b "Ford sells Hertz for $5.6B". USA Today. 2005. Retrieved August 6, 2017.
  26. ^ a b "Hertz Expands Simply Wheelz to California, Florida and Nevada". Auto Rental News. 2008. Retrieved August 7, 2017.
  27. ^ a b c De La Merced, Michael J.; Lattam, Peter (August 26, 2012). "After Long Pursuit, Hertz to Buy Dollar Thrifty for $2.3 Billion". The New York Times. Retrieved September 19, 2019.
  28. ^ "Hertz owner buys British Car Auctions". The Scotsman. 2009. Retrieved August 6, 2017.
  29. ^ "Hertz acquires used car dealer". News Statesman. 2010. Retrieved August 6, 2017.
  30. ^ a b Evatt, Robert (2013). "FTC clears final hurdle for Hertz and Dollar Thrifty merger". Tulsa World. Retrieved August 6, 2017.
  31. ^ Terlep, Sharon; Dezember, Ryan (2012). "Hertz Wins Bid to Buy Dollar Thrifty". Wall Street Journal. Retrieved August 6, 2017.
  32. ^ "A look into construction at Hertz's new headquarters". NBC2. 2015. Retrieved August 6, 2017.
  33. ^ "Form 8-K for Hertz Global Holdings, Inc. The Hertz Corporation". U.S. Securities and Exchange Commission. 2014. Retrieved August 6, 2017.
  34. ^ "Hertz Global Holdings Inc". Bloomberg. 2017. Retrieved August 6, 2017.
  35. ^ "Hertz CEO John Tague to step down in January". FOX Business.
  36. ^ "Carl Icahn Is 'Excited' About New Hertz CEO Kathryn Marinello". Fortune. 2016. Retrieved August 7, 2017.
  37. ^ "Hertz Global Holdings". Fortune. 2017. Retrieved August 7, 2017.
  38. ^ Sebastian, Dave (May 18, 2020). "Hertz Names Paul Stone as CEO as Firm Fights for Survival Amid Covid-19". Wall Street Journal. ISSN 0099-9660. Retrieved September 19, 2022.
  39. ^ Bookmark +, Auto Rental News Staff •. "Hertz Names Mark Fields Interim CEO; Paul Stone COO". www.autorentalnews.com. Retrieved September 19, 2022.
  40. ^ a b Chokshi, Niraj (February 4, 2022). "Delta's chief executive asks U.S. to bar unruly passengers from flying". The New York Times. ISSN 0362-4331. Retrieved September 19, 2022.
  41. ^ Welch, David (April 30, 2020). "Hertz in push to avoid bankruptcy – Business down 80% since pandemic took hold". SFGate. Retrieved May 1, 2020.
  42. ^ Dave Sebastian (May 18, 2020). "Hertz Names Paul Stone as CEO as Firm Fights for Survival Amid Covid-19". The Wall Street Journal. Retrieved May 18, 2020.
  43. ^ Gladstone, Alexander; Lombardo, Cara (May 22, 2020). "Hertz Preparing Bankruptcy Filing as Soon as This Weekend". Wall Street Journal. Dow Jones. Retrieved May 22, 2020.
  44. ^ "Hertz files for U.S. bankruptcy protection as car rentals evaporate in pandemic". Reuters. May 22, 2020. Retrieved May 22, 2020.
  45. ^ Isidore, Chris (May 28, 2020). "Carl Icahn lost $2 billion betting on Hertz". cnn.com. CNN. Retrieved May 28, 2020.
  46. ^ a b c Hertz Is Bankrupt, and the Effects Will Flow Throughout the Car Business, New York Magazine, 28 May 2020
  47. ^ a b Al-Muslim, Peg Brickley, Becky Yerak and Aisha (June 12, 2020). "Bankrupt Hertz Can Tap Market Frenzy to Sell 'Potentially Worthless' Stock". Wall Street Journal. ISSN 0099-9660. Retrieved June 13, 2020.
  48. ^ Gladstone, Alexander (June 10, 2020). "Looming Hertz Delisting Pulls Shares Back to Earth". Wall Street Journal. ISSN 0099-9660. Retrieved June 13, 2020.
  49. ^ "Hertz seeks unusual $1bn share sale while in bankruptcy". Financial Times. June 12, 2020. Retrieved June 12, 2020.
  50. ^ Yerak, Becky (August 10, 2020). "Hertz Sold $29 Million in Stock Before SEC Stepped In – WSJ". Wall Street Journal.
  51. ^ "Hertz Delisted from NYSE: What Does it Mean?". Auto Rental News. October 30, 2020.
  52. ^ "Hertz names ex-Ford CEO Mark Fields as interim CEO". CNBC. October 5, 2021.
  53. ^ "Hertz, under interim CEO Mark Fields, orders 100,000 Tesla vehicles for end of 2022; Tesla shares surge | Automotive News". October 25, 2021.
  54. ^ Wayland, Michael (November 9, 2021). "Shares of Hertz fall 9.8% on first day of Nasdaq relisting". CNBC.
  55. ^ "Hertz customers claim they were arrested, some jailed and even held at gunpoint after false theft reports". CBS News. December 10, 2021. Retrieved December 13, 2021.
  56. ^ "Dozens of customers allege Hertz had them falsely arrested over rental cars reported stolen: "It was just terrifying"". CBS News. November 4, 2021. Retrieved December 13, 2021.
  57. ^ Werner, Anna (February 10, 2022). "Hertz files thousands of car theft complaints against customers every year. A judge ruled they have to make that data public". CBS News.
  58. ^ Iati, Marisa (February 11, 2022). "Hertz claims thousands of renters steal cars. Customers argue they've been falsely accused". Washington Post.
  59. ^ Wedell, Katie (March 2, 2022). "If you've rented a car from Hertz, there could be a warrant out for your arrest". USA Today. Retrieved March 5, 2022.
  60. ^ "Hertz faces lawsuit from 47 customers claiming false arrests". CNN. July 15, 2022.
  61. ^ "Hertz Announces Settlement Agreements Related to Past Legal Claims".
  62. ^ "Overland West, Inc". Better Business Bureau. 2017. Retrieved August 7, 2017.
  63. ^ "About Us". Overland West. 2015. Retrieved August 7, 2017.
  64. ^ "Arizona Daily Sun from Flagstaff, Arizona". Arizona Daily Sun. 1977. Retrieved August 7, 2017.
  65. ^ "Lots of hard work pays off for owner of Hertz franchises". Deseret News Business. 2001. Retrieved August 7, 2017.
  66. ^ "Form 10-K for Hertz Global Holdings, Inc". US Securities and Exchange Commission. 2014. Retrieved August 7, 2017.
  67. ^ a b "Hertz Rental-Car Fleet Gets Greener, With Higher Average Fuel Economy". Green Car Reports. 2014. Retrieved August 7, 2017.
  68. ^ a b "Rent-a-Racer: Hertz and the Muscle Car Era". Fossil Cars. March 17, 2015. Retrieved March 13, 2018.
  69. ^ Gunnell, John (2005). American Cars of the 1960s: A Decade of Diversity. Krause Publications. ISBN 978-0-89689-131-9. Retrieved March 13, 2018.
  70. ^ Stone, Matt (2014). James Garner's Motoring Life: Grand Prix the movie, Baja, The Rockford Files, and More. CarTech. ISBN 978-1-61325-136-2. Retrieved March 13, 2018. Urban legend also maintains that more than a few were returned to the rental lot with the fresh 289 Hi-Po V-8 having been replaced by a tired, garden-variety, low- performance Mustang or Falcon engine after a weekend engine swap. Few Hertz renters will confirm or deny.
  71. ^ "1968 AMX Hertz Rent A Racer". 1968hertzamx.com. Retrieved August 8, 2020.
  72. ^ Auto Editors of Consumer Guide (March 5, 2007). "2006 Ford Mustang and Ford Shelby GT-H". HowStuffWorks. Retrieved August 8, 2020. {{cite web}}: |author= has generic name (help)
  73. ^ Woodyard, Chris (May 20, 2016). "Hertz brings back Shelby's Ford Mustang GT-H 'Rent A Racer'". USA Today. Retrieved March 13, 2018.
  74. ^ "Hertz Neverlost Enters Smartphone App Market With First Mobile Application" (PDF) (Press release). Hertz. 2010. Retrieved August 6, 2017.
  75. ^ "More companies rent cars by the hour". USA Today. 2017. Retrieved August 6, 2017.
  76. ^ a b "Hertz Will Try to Connect With the Carless". The New York Times. 2008. Retrieved August 7, 2017.
  77. ^ a b "Hertz to cease car-sharing services in U.S." Travel Weekly. 2015. Retrieved August 7, 2017.
  78. ^ a b c Batallas, Tanya (August 19, 2009). "Hertz testing photo system to record damages". NJ.com. Retrieved September 19, 2019.
  79. ^ Collet, Stacy (2012). "Hertz Improves Customer Experience With Friendlier Kiosks". CIO. Retrieved August 6, 2017.
  80. ^ Grant, John (1997). The Green Marketing Manifesto. John Wiley & Sons.
  81. ^ "Hertz introduces 'Green Traveler Collection' in Singapore". Car Mart. 2014. Retrieved August 7, 2017.
  82. ^ Lewis, Michelle (October 25, 2021). "Hertz orders 100,000 Teslas, the single-largest EV purchase ever, with Tom Brady campaign". Electrek. Retrieved October 31, 2022.
  83. ^ Lambert, Fred (March 23, 2022). "Hertz adds Tesla Model Y to its fleet after giant deal for 100,000 Model 3s". Electrek. Retrieved October 31, 2022.
  84. ^ Schatzker, Erik (October 25, 2021). "Hertz Order for 100,000 EVs Sends Tesla Value to $1 Trillion". Bloomberg.
  85. ^ Bursztynsky, Jessica. "Uber will offer up to 50,000 Teslas to its drivers through Hertz rental deal". CNBC. Retrieved October 31, 2022.
  86. ^ Bellon, Tina (October 27, 2021). "Uber partners with Hertz to offer 50,000 Tesla rentals to U.S. ride-hail drivers". Reuters. Retrieved October 31, 2022.
  87. ^ Korn, Jennifer (April 4, 2022). "Hertz to buy up to 65,000 electric cars from Polestar | CNN Business". CNN. Retrieved October 31, 2022.
  88. ^ Valdes-Dapena, Peter (September 22, 2022). "Hertz is buying up to 175,000 electric vehicles from GM | CNN Business". CNN. Retrieved October 31, 2022.
  89. ^ "Hertz to purchase 175,000 General Motors EVs over the next five years". Engadget. Retrieved October 31, 2022.
  90. ^ "Hertz ties up with BP for EV charger installations in North America". Reuters. September 27, 2022. Retrieved October 31, 2022.
  91. ^ Garsten, Ed. "Hertz Follows Big GM EV Deal With BP Pulse Charge Station Tie-up". Forbes. Retrieved October 31, 2022.
  92. ^ "Company Overview of Hertz Rentals Inc". Bloomberg. 2017. Retrieved August 7, 2017.
  93. ^ "Hertz to separate into 2 publicly traded companies on July 1". Marketwatch. 2016. Retrieved August 7, 2017.
  94. ^ "Ad Age Advertising Century: Top 100 Campaigns". AdvertisingAge. Crain Communications. Retrieved December 29, 2012.
  95. ^ Boyd, Todd (2008). African Americans and Popular Culture: Theater, film, and television. pp. 86–87. ISBN 978-0-313-06408-1. Retrieved January 27, 2011.

External linksEdit

  • Official website  
  • Business data for Hertz Global Holdings, Inc.: