PARK RIDGE, N.J.
BLOOMFIELD HILLS, Mich.
March 5, 2013
/PRNewswire/ -- The Hertz Corporation (NYSE: HTZ) and Penske Automotive Group, Inc. (NYSE: PAG) announced today the completion of a Franchisee agreement for Penske Automotive Group to become the operator of Hertz Car Rental locations in certain markets throughout Indiana. The partnership is part of Hertz's company-wide initiative aimed at increasing its presence in targeted car rental markets.
"Hertz's partnership with Penske Automotive in the
market has proven successful, and extending our relationship to
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
market and we're confident they will bring the same commitment to the
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."
Penske Automotive Group purchased the assets of Hertz in select
markets, providing the opportunity to operate more than 20 Hertz airport and off-airport locations, including the three principal airports of
, and South Bend. Hertz will be providing Penske with a full array of services to help them rapidly expand their market presence 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
, President of the Penske Car Rental operations. "This acquisition is a logical progression in our relationship. With the lasting heritage of the Penske name in motorsports, particularly in
, 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 with the Hertz locations we currently operate in the
, market and will help Hertz accelerate its growth in a key market."
The agreement with Penske is part of Hertz's strategy to transition select corporate markets to franchisee operations. The Penske partnership reaffirms Hertz's vision of being the global leader in mobility solutions. With more than 25% of market share,