Penske Automotive Group, Inc. (NYSE:PAG), an international automotive retailer, today announced that it has acquired the assets and franchise rights to become the operator of Hertz rental car locations in certain markets throughout Indiana. The Company will now operate more than twenty on and off-airport locations, including the Ft. Wayne, South Bend, and Indianapolis on-airport locations. Hertz will provide the Company with a full array of services to help expand the market presence of the Hertz brand in Indiana while ensuring all products and services provided meet Hertz’s high-standards of customer service.
“We are thrilled with the opportunity to expand our relationship with Hertz to the Indiana market,” said Bud Denker, President of the Penske Car Rental operations. “With our purchase of the Hertz-Memphis, Tennessee market in October, 2012, this acquisition is a logical progression in our relationship. With the lasting heritage of the Penske name in motorsports, particularly in Indianapolis, combined with the strong legacy of the Hertz brand, I am confident in our ability to bring a high level of customer service and satisfaction to these locations throughout Indiana. Our expansion will allow us to begin scaling our operations, and will help Hertz accelerate its growth in a key market.”
“Hertz’s partnership with Penske Automotive in the Memphis market has proven successful and extending our relationship to Indiana was the logical next step,” commented Mark P. Frissora, Chairman and Chief Executive Officer for The Hertz Corporation. “The Penske team is creating the most valued car rental experience in the Memphis market and we’re confident they will bring the same commitment to the Indiana car rental business. With this expanded partnership, we’re confident we’ll be able to accelerate our growth throughout the region and continue our expansion into the neighborhood market.”
About Penske AutomotivePenske Automotive Group, Inc., headquartered in Bloomfield Hills, Michigan, operates 344 retail automotive franchises, representing over 40 different brands and 30 collision repair centers. Penske Automotive, which sells new and previously owned vehicles, finance and insurance products and replacement parts, and offers maintenance and repair services on all brands it represents, has 173 franchises in 18 states and Puerto Rico and 171 franchises located outside the United States, primarily in the United Kingdom. Penske Automotive is a member of the Fortune 500 and Russell 2000 and has approximately 16,700 employees. About Hertz Hertz operates its car rental business through the Hertz, Dollar and Thrifty brands from approximately 10,400 corporate, licensee and franchisee locations in North America, Europe, Latin America, Asia, Australia, Africa, the Middle East and New Zealand. Hertz is the largest worldwide airport general use car rental brand, operating from approximately 8,800 corporate and licensee locations in approximately 150 countries. Hertz is the number one airport car rental brand in the U.S. and at 111 major airports in Europe. Dollar and Thrifty have approximately 1,580 corporate and franchisee locations in approximately 80 countries. Hertz is an inaugural member of Travel + Leisure’s World’s Best Awards Hall of Fame and was recently named, for the thirteenth time, by the magazine’s readers as the Best Car Rental Agency. Hertz was also voted the Best Overall Car Rental Company in Zagat’s 2012/13 U.S. Car Rental Survey, earning top honors in 14 additional categories, and the Company swept the global awards for Best Rewards Program and Best Overall Benefits from FlyerTalk.com. Product and service initiatives such as Hertz Gold Plus Rewards, NeverLost®, and unique cars and SUVs offered through the Company's Adrenaline, Prestige and Green Traveler Collections, also set Hertz apart from the competition. Additionally, Hertz owns the vehicle leasing and fleet management leader Donlen Corporation and operates the Hertz On Demand car sharing business. The Company also owns a leading North American equipment rental business, Hertz Equipment Rental Corporation, which includes Hertz Entertainment Services Caution Concerning Forward Looking Statements Statements in this press release may involve forward-looking statements, including forward-looking statements regarding Penske Automotive Group, Inc.'s future outlook. Actual results may vary materially because of risks and uncertainties that are difficult to predict. These risks and uncertainties include, among others: economic conditions generally, conditions in the credit markets and changes in interest rates, adverse conditions affecting a particular manufacturer, including the adverse impact to the vehicle and parts supply chain due to natural disasters or other disruptions that interrupt the supply of vehicles or parts to us; changes in consumer credit availability, the outcome of legal and administrative matters, and other factors over which management has limited control. These forward-looking statements should be evaluated together with additional information about Penske Automotive's business, markets, conditions and other uncertainties, which could affect Penske Automotive's future performance. These risks and uncertainties are addressed in Penske Automotive's Form 10-K for the year ended December 31, 2012, and its other filings with the Securities and Exchange Commission ("SEC"). This press release speaks only as of its date, and Penske Automotive disclaims any duty to update the information herein.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV