The Hertz Corporation

The Hertz Corporation (also known as Hertz Rent A Car or simply Hertz) is the world's largest car rental company, with 1,900 locations in the United States and 5,100 worldwide.

Related Topics:
Car rental - United States

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The company was begun by Walter L. Jacobs in 1918, who started a car rental operation in Chicago with a dozen Model Ts. In 1923, Jacobs sold it to John Hertz, president of Yellow Cab and Yellow Truck and Coach Manufacturing Company, who renamed it the "Hertz Drive-Ur-Self System". The company has passed through a number of hands, including General Motors, RCA, and United Airlines. As a public company, Hertz was traded on the NYSE under the symbol HRZ until the purchase of outstanding stock by Ford Motor Company.

Related Topics:
Walter L. Jacobs - 1918 - Chicago - Model T - 1923 - Yellow Cab - Yellow Truck and Coach Manufacturing Company - General Motors - RCA - United Airlines - NYSE - Ford Motor Company

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From 1994 to 2005 it was wholly owned by Ford Motor Company. On June 13, 2005, Ford issued a notice that Hertz would be spun off in an initial public offering. On September 13, 2005 it was announced it was to be sold to a private equity group (composed of Clayton Dubilier & Rice, The Carlyle Group and Merrill Lynch Global Private Equity) for $15 billion.

Related Topics:
1994 - 2005 - June 13 - Initial public offering - September 13 - Clayton Dubilier & Rice - The Carlyle Group - Merrill Lynch Global Private Equity

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Consequently, the rental fleets of most Hertz locations consist of Ford and Ford brands such as Mazda, Mercury and Lincoln. It is not uncommon, however, to find Hertz rental cars from non-Ford companies such as Toyota, Hyundai, Kia and General Motors.

Related Topics:
Ford - Mazda - Mercury - Lincoln - Toyota - Hyundai - Kia - General Motors

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