PARK RIDGE, N.J. and 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 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."
Penske Automotive Group purchased the assets of Hertz in select Indiana markets, providing the opportunity to operate more than 20 Hertz airport and off-airport locations, including the three principal airports of Indianapolis, Fort Wayne, 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 Indiana market," said Bud Denker, 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 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 with the Hertz locations we currently operate in the Memphis, Tennessee, 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,
Select the service that is right for you!COMPARE ALL SERVICES
- $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
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV