The Hertz Corporation
Overview
 
Hertz Global Holdings Inc is an American car rental
Car rental
A car rental or car hire agency is a company that rents automobiles for short periods of time for a fee...

 company with international locations in 145 countries worldwide.
The company was founded by Walter L. Jacobs in 1918, who started a car rental
Car rental
A car rental or car hire agency is a company that rents automobiles for short periods of time for a fee...

 operation in Chicago
Chicago
Chicago is the largest city in the US state of Illinois. With nearly 2.7 million residents, it is the most populous city in the Midwestern United States and the third most populous in the US, after New York City and Los Angeles...

 with a dozen Model T Ford cars. In 1923, Jacobs sold it to John D. Hertz
John D. Hertz
John Daniel Hertz, Sr. was an American businessman, thoroughbred racehorse owner, and philanthropist.-Biography:...

 who made it a subsidiary of his Yellow Truck and Coach Manufacturing Company and renamed it "Hertz Drive-Ur-Self System".

He sold a controlling interest in the Yellow Truck and Coach Manufacturing Company (and hence also 'Hertz Drive-Ur-Self') to General Motors
General Motors
General Motors Company , commonly known as GM, formerly incorporated as General Motors Corporation, is an American multinational automotive corporation headquartered in Detroit, Michigan and the world's second-largest automaker in 2010...

 in 1925 who then purchased the remaining shares in 1943.

Hertz arranged for The Omnibus Corporation
The Omnibus Corporation
The Omnibus Corporation was formed in 1925 and acquired control of Fifth Avenue Coach Company and the Chicago Motor Coach Company with John D. Hertz as chairman. In 1953 it purchased Yellow Drive-It-Yourself from General Motors and sold its interests in public transport...

, which he also owned, to purchase the car rental business back from GM in 1953.
Encyclopedia
Hertz Global Holdings Inc is an American car rental
Car rental
A car rental or car hire agency is a company that rents automobiles for short periods of time for a fee...

 company with international locations in 145 countries worldwide.

Early years

The company was founded by Walter L. Jacobs in 1918, who started a car rental
Car rental
A car rental or car hire agency is a company that rents automobiles for short periods of time for a fee...

 operation in Chicago
Chicago
Chicago is the largest city in the US state of Illinois. With nearly 2.7 million residents, it is the most populous city in the Midwestern United States and the third most populous in the US, after New York City and Los Angeles...

 with a dozen Model T Ford cars. In 1923, Jacobs sold it to John D. Hertz
John D. Hertz
John Daniel Hertz, Sr. was an American businessman, thoroughbred racehorse owner, and philanthropist.-Biography:...

 who made it a subsidiary of his Yellow Truck and Coach Manufacturing Company and renamed it "Hertz Drive-Ur-Self System".

He sold a controlling interest in the Yellow Truck and Coach Manufacturing Company (and hence also 'Hertz Drive-Ur-Self') to General Motors
General Motors
General Motors Company , commonly known as GM, formerly incorporated as General Motors Corporation, is an American multinational automotive corporation headquartered in Detroit, Michigan and the world's second-largest automaker in 2010...

 in 1925 who then purchased the remaining shares in 1943.

Hertz arranged for The Omnibus Corporation
The Omnibus Corporation
The Omnibus Corporation was formed in 1925 and acquired control of Fifth Avenue Coach Company and the Chicago Motor Coach Company with John D. Hertz as chairman. In 1953 it purchased Yellow Drive-It-Yourself from General Motors and sold its interests in public transport...

, which he also owned, to purchase the car rental business back from GM in 1953. He sold all The Omnibus Corporation's public transport interests the same year, changed its name to 'The Hertz Corporation' and floated it on the New York Stock Exchange
New York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...

 the following year.

The Hertz Corporation

In 1954, the new corporation bought New York truck leasing company, Metropolitan Distributors.

In 1967, The Hertz Corporation became a wholly owned subsidiary of RCA but was operated as a separate entity. In 1985, Hertz joined UAL Corporation
UAL Corporation
UAL Corporation is the former name of United Continental Holdings an airline holding company, incorporated in Delaware with headquarters in Chicago, Illinois. UAL held a 100 percent controlling interest in United Air Lines, Inc., one of the world's largest air carriers, and is a founding member of...

. On December 30, 1987, Hertz was sold to 'Park Ridge Corporation', which was then owned by Ford Motor Company
Ford Motor Company
Ford Motor Company is an American multinational automaker based in Dearborn, Michigan, a suburb of Detroit. The automaker was founded by Henry Ford and incorporated on June 16, 1903. In addition to the Ford and Lincoln brands, Ford also owns a small stake in Mazda in Japan and Aston Martin in the UK...

 and members of Hertz senior management. In 1988, Volvo
Volvo
AB Volvo is a Swedish builder of commercial vehicles, including trucks, buses and construction equipment. Volvo also supplies marine and industrial drive systems, aerospace components and financial services...

 North America Corporation invested in Park Ridge Corporation.

On June 13, 2005, Ford issued a notice that Hertz would be let loose in an initial public offering
Initial public offering
An initial public offering or stock market launch, is the first sale of stock by a private company to the public. It can be used by either small or large companies to raise expansion capital and become publicly traded enterprises...

. On September 13, 2005 it was announced it was to be sold to a private equity
Private equity
Private equity, in finance, is an asset class consisting of equity securities in operating companies that are not publicly traded on a stock exchange....

 group for $5.6 billion in cash and debt acquisition. The sale was completed on December 22, 2005.

This private equity group took Hertz public on November 16, 2006 and is now available on the New York Stock Exchange under the symbol 'HTZ'.

On January 11, 2010, Hertz announced the acquisition of used car dealer British Car Auctions
British Car Auctions
BCA Europe , is the largest vehicle remarketing business in Europe, with an annual turnover in excess of £4 billion.-History:...

 (BCA) for an undisclosed sum. On April 26, 2010, Hertz announced the acquisition of rival Dollar-Thrifty Automotive Group
Dollar-Thrifty Automotive Group
Dollar Thrifty Automotive Group is a holding company for Thrifty Car Rental and Dollar Rent A Car, formed in 1990 by Chrysler and spun off in 1997....

 for a purchase price of $41.00 per share, in a mix of cash and Hertz common stock. Investors in Tulsa, Oklahoma-based Dollar Thrifty rejected
the $1.44 billion bid from Hertz on Sept. 30.. Dollar Thrifty announced on Oct. 12, 2011 that it had taken itself off the market because it did not receive any proposals that would pass antitrust muster.

The Hertz fleet consists of a wide majority of vehicle manufacturers, with the majority being GM
GM
- Business and industry :* General manager* General merchandise* General Mills* General Motors, an automobile manufacturing company* Gold Master, an original recording from which copies may be made* Gross margin, profit as a percentage of sales price...

 products. Luxury cars are provided by Mercedes
Mercedes
Mercedes is a girl's name of Spanish origin, referring to a title for the Virgin Mary, "Our Lady of Mercy". The word may also refer to:Automobile-related...

, Infiniti
Infiniti
is the luxury division of automaker Nissan. Infiniti officially started selling vehicles on November 8, 1989 in North America. Marketing operations have since grown to include the Middle East, South Korea, Russia, Taiwan, China, Ukraine and the United Kingdom. Infiniti began sales in additional...

, and Cadillac
Cadillac
Cadillac is an American luxury vehicle marque owned by General Motors . Cadillac vehicles are sold in over 50 countries and territories, but mostly in North America. Cadillac is currently the second oldest American automobile manufacturer behind fellow GM marque Buick and is among the oldest...

. Previously, due to Hertz's affiliation with Ford, the rental fleet of most locations consisted of Ford and its brands, such as Mazda
Mazda
is a Japanese automotive manufacturer based in Fuchū, Aki District, Hiroshima Prefecture, Japan.In 2007, Mazda produced almost 1.3 million vehicles for global sales...

, Volvo
Volvo Cars
Volvo Car Corporation, or Volvo Personvagnar AB, is a Swedish automobile manufacturer founded in 1927, in Gothenburg, Sweden. It is owned by Zhejiang Geely Holding Group. Volvo was originally formed as a subsidiary company to the ball bearing maker SKF. When Volvo AB was introduced on the Swedish...

, Mercury
Mercury (automobile)
Mercury was an automobile marque of the Ford Motor Company launched in 1938 by Edsel Ford, son of Henry Ford, to market entry-level luxury cars slotted between Ford-branded regular models and Lincoln-branded luxury vehicles, similar to General Motors' Buick brand, and Chrysler's namesake brand...

 and Lincoln
Lincoln (automobile)
Lincoln is an American luxury vehicle brand of the Ford Motor Company. Lincoln vehicles are sold mostly in North America.-History:The company was founded in August 1915 by Henry M. Leland, one of the founders of Cadillac . During World War I, he left Cadillac which was sold to General Motors...

, along with various others (mostly Korean and Japanese).

The Hertz Corporation's Data Center is located in Warr Acres
Warr Acres, Oklahoma
Warr Acres is a city in Oklahoma County, Oklahoma, United States, and a part of the Oklahoma City metropolitan area. It was established after World War II by C.B. Warr, a dynamic businessman, builder, and commercial developer. The population was 9,735 at the 2000 census.-History:The Warr Acres...

, and its Worldwide Reservations Center is located in The Village
The Village, Oklahoma
The Village is a city in Oklahoma County, Oklahoma, United States, and a part of the Oklahoma City metropolitan area. The population was 10,157 at the 2000 census.-Geography:The Village is located at ....

; both are cities in Oklahoma County, Oklahoma
Oklahoma County, Oklahoma
Oklahoma County is a county located in the central partof the U.S. state of Oklahoma. The population was 718,633 at the 2010 census. The county seat and principal city is Oklahoma City...


Specialty Cars

In 1966, Hertz engaged racing and automotive designer Carroll Shelby
Carroll Shelby
Carroll Hall Shelby is an American retired automotive designer and racing driver. He is most well known for making Mustangs for Ford Motor Company known as Mustang Cobras which he has done since 1965...

 to develop an exclusive version of his modified Ford Mustang
Ford Mustang
The Ford Mustang is an automobile manufactured by the Ford Motor Company. It was initially based on the second generation North American Ford Falcon, a compact car. Introduced early on April 17, 1964, as a "1964½" model, the 1965 Mustang was the automaker's most successful launch since the Model A...

. One thousand GT350H Mustangs were built and ultimately sold once their rental use had ended. The so-called "rent-a-racer" program in the late-1960s was available in selected locations and the fleet also included Corvettes
Chevrolet Corvette
The Chevrolet Corvette is a sports car by the Chevrolet division of General Motors that has been produced in six generations. The first model, a convertible, was designed by Harley Earl and introduced at the GM Motorama in 1953 as a concept show car. Myron Scott is credited for naming the car after...

, Jaguar XK-Es
Jaguar E-type
The Jaguar E-Type or XK-E is a British automobile, manufactured by Jaguar between 1961 and 1975. Its combination of good looks, high performance, and competitive pricing established the marque as an icon of 1960s motoring...

, and AMC AMX
AMC AMX
The AMC AMX is a two-seat GT in style and approach sports car that was produced by American Motors Corporation for the 1968 through 1970 model years. The AMX was also classified as a muscle car, but "unique among other American cars at the time due its short wheelbase"...

s.

In 2006, the 40th anniversary of the original GT350H, Hertz introduced the Shelby Mustang GT-H as part of the Fun Collection at select locations. This was followed in 2007 with a convertible version of the GT-H. 2008 saw 500 Chevrolet Corvettes, badged as "ZHZ", available from selected US airports; the following year 350 convertible ZHZs joined the fleet. Both were finished in Hertz' corporate yellow with a central black stripe.

Green collection and electric cars

Hertz launched its "Green Collection" in September 2006 with environmentally-friendly vehicles including the Toyota Prius
Toyota Prius
The Toyota Prius is a full hybrid electric mid-size hatchback, formerly a compact sedan developed and manufactured by the Toyota Motor Corporation...

, Ford Fusion, Buick LaCrosse
Buick LaCrosse
The Buick LaCrosse is a mid-size entry-level luxury sedan produced by General Motors. It replaced the Buick Century and Regal in North America beginning in the 2005 model year.-North America:...

, Toyota Camry
Toyota Camry
The Toyota Camry is a series of mid-size automobiles manufactured by Toyota since 1982, and sold in the majority of automotive markets throughout the world...

, and Hyundai Sonata
Hyundai Sonata
The Hyundai Sonata is a mid-size car/full-size car manufactured and marketed globally by Hyundai Motor Company. From the sixth generation onwards, it is known as the i45 in the Australian, Singaporean and New Zealand markets...

. All feature Environmental Protection Agency
United States Environmental Protection Agency
The U.S. Environmental Protection Agency is an agency of the federal government of the United States charged with protecting human health and the environment, by writing and enforcing regulations based on laws passed by Congress...

 (EPA) highway fuel efficiency ratings of 28 miles per US gallon or better on the highway. In early 2007, Hertz launched its global hybrid rental program in conjunction with a $1 million donation to the National Park Foundation
National Park Foundation
Chartered by Congress, the National Park Foundation is the official charity of America’s nearly 400 national parks. Funds contributed to the Foundation are invested directly into the national parks...

.

Hertz has an agreement with Nissan to bring the Nissan Leaf electric car to certain U.S. and European locations. Hertz said it also will supply electrics and plug-in hybrids from other manufacturers, including General Motors, Toyota, and Mitsubishi.

Car sharing

"Hertz on Demand", formerly known as "Connect by Hertz", is the Hertz Corporation’s global car sharing service, launched in December 2008, and currently operates in Berlin
Berlin
Berlin is the capital city of Germany and is one of the 16 states of Germany. With a population of 3.45 million people, Berlin is Germany's largest city. It is the second most populous city proper and the seventh most populous urban area in the European Union...

, London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...

, Madrid
Madrid
Madrid is the capital and largest city of Spain. The population of the city is roughly 3.3 million and the entire population of the Madrid metropolitan area is calculated to be 6.271 million. It is the third largest city in the European Union, after London and Berlin, and its metropolitan...

, New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...

, and Paris
Paris
Paris is the capital and largest city in France, situated on the river Seine, in northern France, at the heart of the Île-de-France region...

, as well as numerous university campuses worldwide. On University campuses, Hertz on Demand offers vehicles in the Personal, Social, and Jet Set Collections. Hertz on Demand vehicles are available for online reservation.

As part of Hertz Global EV initiative, Hertz on Demand offers for hour rental several electric car
Electric car
An electric car is an automobile which is propelled by electric motor, using electrical energy stored in batteries or another energy storage device. Electric cars were popular in the late-19th century and early 20th century, until advances in internal combustion engine technology and mass...

s at selected locations in the US, the UK, and China. The plug-in electric vehicle
Plug-in electric vehicle
A plug-in electric vehicle is any motor vehicle that can be recharged from any external source of electricity, such as wall sockets, and the electricity stored in the rechargeable battery packs drives or contributes to drive the wheels...

s that will be available include the Nissan LEAF
Nissan Leaf
Nissan introduced its first battery electric vehicle, the Nissan Altra at the Los Angeles International Auto Show on 29 December 1997. The Altra EV was produced between 1998 and 2002, only about 200 vehicles were ever produced, and it was mainly used as a fleet vehicle for companies such as...

, Chevrolet Volt
Chevrolet Volt
The Chevrolet Volt is a plug-in hybrid electric vehicle manufactured by General Motors. The Volt has been on sale in the U.S. market since mid-December 2010, and is the most fuel-efficient compact car sold in the United States, as rated by the United States Environmental Protection Agency...

, Mitsubishi i-MiEV, Tesla Roadster
Tesla Roadster
The Tesla Roadster is a battery electric vehicle sports car produced by the electric car firm Tesla Motors in California. The Roadster was the first highway-capable all-electric vehicle in serial production available in the United States. Since 2008 Tesla has sold 2,024 Roadsters in 30 countries...

, Smart ED
Smart ED
The Smart fortwo electric drive is a battery electric vehicle version of the Smart Fortwo micro car. This electric car was formerly known as Smart fortwo EV...

, Toyota Prius Plug-in Hybrid
Toyota Prius Plug-in Hybrid
The Toyota Prius Plug-in Hybrid is a mid-size plug-in hybrid electric vehicle to be produced by Toyota Motor Corporation and scheduled to be released to the market beginning in January 2012...

 and Coda Sedan . As of May 2011 the Smart ED, the Chevy Volt, and the Nissan Leaf are available in New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...

. Later in 2011 plug-in cars will be introduced in San Francisco and Washington D.C. In April 2011 the Mitsubishi i MiEVs began to be offered in London for rental to Hertz on Demand members.

Low-floor passenger bus

A significant Hertz-led technology was the development in North America of the low-floor passenger coach. Until the early 21st century, most large Hertz lots were linked to airports they served by small fleets of firm-operated transit buses. Many Hertz locations used the Rapid Transit Series
Rapid Transit Series
The Rapid Transit Series bus is a long-running series of transit buses originally manufactured by General Motors and is currently produced by Millennium Transit Services as the RTS Legend. Millennium had produced the buses from 2006 until it shut down production in 2009, only to be bought back...

, whose high floor and stairs made loading of baggage difficult and rendered access to wheelchair and ECV-using customers difficult or impossible. A large potential contract from Hertz led Gillig
Gillig
Gillig Corporation, formerly Gillig Bros., is a manufacturer of heavy-duty low-floor transit buses located in Hayward, California. Prior to 1993, Gillig had also been a manufacturer of school buses.-History:...

 Brothers of Hayward, California, to invest in a radical redesign of the city bus that offered a floor only a foot off of the ground (lower when pneumatically "kneeled") from the front of the bus, between the front wheels, up to the rear axle. The low floor and additional space freed by the redesign, initially titled the "H2000LF" by Hertz, greatly reduced loading and unloading time, increased convenience, and were for a time exclusive to Hertz. The bus was subsequently marketed as the Gillig Low Floor
Gillig Low Floor
The Gillig Low Floor is a transit bus manufactured by the Gillig Corporation in Hayward, CA. The Low Floor was introduced in 1996. They are available in 29', 35' and 40' lengths. A diesel-electric hybrid version was introduced in 2004. Frameless side windows are an option. The Gillig Low Floor is...

 and is widely deployed by U.S. public transportation agencies.

ExpressRent™ kiosks

In November 2011 Hertz introduced ExpressRent™ kiosks at a number of locations. This was the first large scale car rental kiosk deployment in the U.S. using a live agent assistant via video chat.

John F. Kennedy assassination

A large billboard advertising Hertz was on the roof of the Texas School Book Depository
Texas School Book Depository
The Texas School Book Depository is the former name of a seven-floor building facing Dealey Plaza in Dallas, Texas . Located on the northwest corner of Elm and North Houston Streets, at the western end of downtown Dallas, its address is 411 Elm Street. The building is notable for its connection to...

 in Dealey Plaza
Dealey Plaza
Dealey Plaza , in the historic West End district of downtown Dallas, Texas , is the location of the assassination of John F. Kennedy on November 22, 1963...

 during the assassination
John F. Kennedy assassination
John Fitzgerald Kennedy, the thirty-fifth President of the United States, was assassinated at 12:30 p.m. Central Standard Time on Friday, November 22, 1963, in Dealey Plaza, Dallas, Texas...

 of President John F. Kennedy
John F. Kennedy
John Fitzgerald "Jack" Kennedy , often referred to by his initials JFK, was the 35th President of the United States, serving from 1961 until his assassination in 1963....

 on November 22, 1963. The billboard was removed in 1978.

O.J. Simpson

O.J. Simpson appeared prominently in ads for the company for years in the 1970s and 1980s (many times appearing with golf legend Arnold Palmer
Arnold Palmer
Arnold Daniel Palmer is an American professional golfer, who is generally regarded as one of the greatest players in the history of men's professional golf. He has won numerous events on both the PGA Tour and Champions Tour, dating back to 1955...

; the pair was joined by the early 1990s by actress Jamie Lee Curtis
Jamie Lee Curtis
Jamie Lee Curtis is an American actress and author. Although she was initially known as a "scream queen" because of her starring roles in several horror films early in her career, such as Halloween, The Fog, Prom Night and Terror Train, Curtis has since compiled a body of work that spans many...

). In one spot from the mid-1970s, which became iconic, Simpson, former football star as he was, leapt over rows of departure lounge seats, running through an airport terminal (wearing a three-piece business suit and carrying a briefcase
Briefcase
A briefcase is a narrow box-shaped bag or case used mainly for carrying papers and other documents and equipped with a handle. Lawyers commonly use briefcases to carry briefs to present to a court, hence the name...

) trying to get to his Hertz rental car. A woman yelled, "Go O.J. Go!" The tagline of the ad, as spoken by O.J., was "Hertz, the superstar in rent-a-car".

The relationship with Hertz and Simpson ended in late 1992 when reports of domestic abuse surfaced.

Equipment rental

Hertz also maintains a heavy equipment rental division known as the Hertz Equipment Rental Corporation, aka HERC. It is headquartered in Park Ridge
Park Ridge, New Jersey
Park Ridge is a borough in Bergen County, New Jersey, United States. Park Ridge had a population of 8,645 as of the 2010 United States Census....

, New Jersey
New Jersey
New Jersey is a state in the Northeastern and Middle Atlantic regions of the United States. , its population was 8,791,894. It is bordered on the north and east by the state of New York, on the southeast and south by the Atlantic Ocean, on the west by Pennsylvania and on the southwest by Delaware...

, United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...

. HERC has more than 300 branches throughout the United States, Canada
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...

, the European Union
European Union
The European Union is an economic and political union of 27 independent member states which are located primarily in Europe. The EU traces its origins from the European Coal and Steel Community and the European Economic Community , formed by six countries in 1958...

, and China
China
Chinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...

.

Subbrands: Simply Wheelz and Advantage

In 2007, Hertz launched subbrand "Simply Wheelz" to address economy-minded and leisure-market customers in Orlando, Florida. The subbrand was colocated within and utilized the fleet and other assets of the parent brand, and channeled reservations and customer-service through a streamlined web front-end (resembling those of low-cost-carrier airlines) to its existing systems.

Hertz outbid Enterprise Rent-a-Car
Enterprise Rent-A-Car
Enterprise Holdings, Inc. is a privately held company formed in 2009 to operate rental car subsidiaries: Enterprise Rent-A-Car, National Car Rental, Alamo Rent A Car, WeCar and its commercial fleet management, used car sales, and commercial truck rental operations.Enterprise Holdings was formed as...

 acquiring the assets of bankrupt Advantage Rent a Car
Advantage Rent A Car
Advantage Rent a Car was a formerly-independent car rental company headquartered in San Antonio, Texas which at its peak operated more than 150 U.S. locations and 130 locations in 33 countries internationally...

System in early 2009. The Simply Wheelz subbrand and website were then rebranded as Advantage Rent-a-Car.

Criticism and controversies

The company was ranked the 9th worst place to work in America, according to a glassdoor.com survey in 2009.

External links

The source of this article is wikipedia, the free encyclopedia.  The text of this article is licensed under the GFDL.
 
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