The Omnibus Corporation
Encyclopedia
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. The following year the company was renamed The Hertz Corporation
and was floated on the New York Stock Exchange
.
. The company was also sometimes known as the 'Omnibus Corporation of America'.
In between 1925 and 1936, The Omnibus Corporation also acquired streetcar companies along Madison Avenue and Eighth Avenue
.
In 1953 the Omnibus Corporation acquired assets of the 'Yellow Drive-It-Yourself' from General Motors
(John Hertz had previously sold his rental business 'Hertz Drivurself Corp' to General Motors in 1926 as a subsidiary of Yellow Coach Manufacturing Company). At the same time the company "divested itself of its bus interests and concentrated solely on car and truck renting and leasing.'
In 1954 the company renamed itself The Hertz Corporation
and was floated on the New York Stock Exchange
.
Chicago Motor Coach Company
The Chicago Motor Coach Company was founded in 1917 by John D. Hertz to provide Chicago's first bus transportation services, primarily in places where streetcars were not able to travel. The company grew rapidly and was purchased by the Chicago Transit Authority in 1952.-History:John D. Hertz...
with John D. Hertz
John D. Hertz
John Daniel Hertz, Sr. was an American businessman, thoroughbred racehorse owner, and philanthropist.-Biography:...
as chairman. In 1953 it purchased Yellow Drive-It-Yourself from 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...
and sold its interests in public transport. The following year the company was renamed The Hertz Corporation
The Hertz Corporation
Hertz Global Holdings Inc is an American car rental 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 operation in Chicago with a dozen Model T Ford cars. In 1923, Jacobs sold it to John D...
and was floated 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...
.
History
The company was formed in 1925 and acquired control of Fifth Avenue Coach Company and the Chicago Motor Coach CompanyChicago Motor Coach Company
The Chicago Motor Coach Company was founded in 1917 by John D. Hertz to provide Chicago's first bus transportation services, primarily in places where streetcars were not able to travel. The company grew rapidly and was purchased by the Chicago Transit Authority in 1952.-History:John D. Hertz...
. The company was also sometimes known as the 'Omnibus Corporation of America'.
In between 1925 and 1936, The Omnibus Corporation also acquired streetcar companies along Madison Avenue and Eighth Avenue
Eighth Avenue (Manhattan)
Eighth Avenue is a north-south avenue on the West Side of Manhattan in New York City, carrying northbound traffic. Eighth Avenue begins in the West Village neighborhood at Abingdon Square and runs north for 44 blocks through Chelsea, the Garment District, Hell's Kitchen's east end, Midtown and the...
.
In 1953 the Omnibus Corporation acquired assets of the 'Yellow Drive-It-Yourself' from 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...
(John Hertz had previously sold his rental business 'Hertz Drivurself Corp' to General Motors in 1926 as a subsidiary of Yellow Coach Manufacturing Company). At the same time the company "divested itself of its bus interests and concentrated solely on car and truck renting and leasing.'
In 1954 the company renamed itself The Hertz Corporation
The Hertz Corporation
Hertz Global Holdings Inc is an American car rental 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 operation in Chicago with a dozen Model T Ford cars. In 1923, Jacobs sold it to John D...
and was floated 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...
.
External links
- The Cravath firm and its predecessors, 1819-1947 Some interesting information about ownership and takeovers. See page 368 and other places.