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Hertz Global Holdings history
Hertz Global Holdings company history timeline
Independent Venture to Corporation: 1918-53
The Hertz Corporation, originally known as Rent-a-Car Inc., was founded by Chicago, Illinois native Walter L. Jacobs in 1918.
John D. Hertz, owner of Yellow Truck and Coach Manufacturing Company, developed an interest in the brand, leading to him purchasing the company in 1923.
In fact, by 1925, Hertz was generating annual revenues of about $1 million.
In 1926, Hertz rolled out the National Credential Card, which served as the industry's first identification card and a precursor to the credit card.
After three years of ownership, John Hertz sold the rental car brand to General Motors Corporation in 1926.
1927: Jacobs sells his Hertz DriveUrSelf System, along with Yellow Truck, to General Motors.
Hertz soon began accommodating air travelers, opening the first airport rent-a-car facility at Chicago's Midway Airport in 1932 and introducing Fly-Drive rental car program.
GM purchased the rest of Yellow Truck and Coach Manufacturing Company in 1943.
Since 1950, when the company began expansion into Europe, Hertz has also been an international firm.
1950: Hertz begins European operations.
In 1950, Hertz opened its first European location in France.
John Hertz repurchased the brand from General Motors in 1953 through his other company, The Omnibus Corporation, which he renamed to The Hertz Corporation.
By 1960, the market for rental cars was rapidly expanding, reflecting the expansion of air travel among the general consumer market and the rapid growth of the travel industry as a whole.
Jacobs continued to serve as president and chief operating officer of Hertz Drive-Ur-Self System until 1961.
The company expanded to South America in 1961.
In 1967 ownership of Hertz was again altered, this time in a merger/stock swap deal.
In 1972, Hertz introduced the #1 Club, now known as Hertz Gold Plus Rewards®, a computerized data system that allowed club members to use Express Service.
1985: UAL, holding company of United Airlines, acquires Hertz.
In 1985, the car rental company was sold to UAL Corporation, later known as Allegis Corporation, for a cash deal of US$587.5 million.
1987: Hertz is sold to Park Ridge Corporation, an investor group affiliated with Ford Motor Co.
In the summer of 1987, Allegis Corporation chairman and president Frank A. Olson announced the company would be selling Hertz due to internal changes.
In addition to this history-making legal settlement, Hertz's parent company, Park Ridge Corporation, faced change in 1988 as well.
The service eventually expanded its benefits, allowing club members to bypass the airport counter and move directly from the airplane to a Hertz rental car in 1989.
1991: Hertz Technologies subsidiary is established.
Magenheim, Henry, “Car Rental Firms Expect a Boost From Air Fare Restructuring,” Travel Weekly, May 11, 1992.
McDowell, Edwin, “Pricing Plans Shift at Hertz and Alamo,” Wall Street Journal, May 5, 1992.
“The Hertz Corporation,” Park Ridge, N.J.: Hertz Corporation, January 1993.
In a cost-cutting maneuver in early 1993, Hertz arranged for IBM to provide the company with some information technology services.
In fact, beginning in 1993, Hertz enjoyed a six-year string of record earnings.
Later, in 1994, the state of New York sued Hertz and other rental car companies for refusing to rent vehicles to licensed drivers between the ages of 18 and 25.
In 1994, Ford bought Commerzbank A.G.'s five percent stake in Hertz, thereby raising its own stake to 54 percent and acquiring control of Hertz.
1994: Ford buys out the Park Ridge investors, and Hertz becomes a subsidiary of Ford.
In 1995, Hertz introduced Rockwell-built vehicle navigation system units, a technology it named NeverLost, to many of its mid- and full-size cars.
Squeezed between spiraling car costs and competitive pricing, the industry as a whole showed losses of $150 million in 1995.
Another involved removing mileage limits in the United States in 1995 and expanding its 'Rent It Here/Leave it There' program in Europe.
In 1996, the company expanded its used-car sales business, adding lots in almost 40 United States cities of 50 to 60 cars.
In 1996, it increased safety features&ndashding anti-lock brakes and airbags in most of its cars--and teamed with Shared Technologies Cellular to offer cell phone rental.
In 1997, with Hertz enjoying 29 percent of the car rental market, Ford floated about one-fifth of its shares.
In 2002, Hertz became the first international car rental company to open in China.
Hertz Global Holdings was founded on July 15, 2005 and is headquartered in Park Ridge, NJ.“
Private equity firms Clayton, Dubilier & Rice, The Carlyle Group, and Merrill Lynch Global Private Equity agreed to purchase all shares of common stock in Hertz for an estimated US$15 billion, including debt, and the business itself for US$5.6 billion in 2005.
By the second quarter of 2005, Hertz produced about ten percent of Ford's overall pre-tax profit.
The Clayton, Dubilier & Rice consortium took Hertz Global Holdings public again on the New York Stock Exchange in November 2006, and Hertz began to expand through Europe.
Hertz launched subbrand "Simply Wheelz" in September 2007 for economy-minded and leisure-market audiences.
Elyse Douglas has been the company’s Chief Financial Officer and Executive Vice President since October 2007.
By 2008, the service expanded to airports in California, Florida, and the McCarran International Airport in Las Vegas, Nevada.
In late December 2009, Hertz announced the acquisition of used cars dealer British Car Auctions (BCA) from London-based equity firm, Montagu Private Equity, for an estimated £390 million.
On January 11, 2010, Hertz announced the acquisition of used cars dealer British Car Auctions (BCA) for an undisclosed sum.
Scott P. Sider has served as Executive Vice President and President of Car Rental and Leasing for the Americas since January 2010.
Dollar-Thrifty investors in Tulsa, Oklahoma rejected this US$1.44 billion bid from Hertz on September 30, 2010.
Lois Boyd has been Executive Vice President and President of Hertz Equipment Rental Corporation since April 2011.
Dollar-Thrifty subsequently announced on October 12, 2011 that it had taken itself off the market because it did not receive any proposals that would pass antitrust review.
In November 2011, Hertz introduced ExpressRent kiosks at a number of locations.
Frissora’s compensation from the Hertz Corporation for 2011 was $14,502,624.
In November 2012, Hertz Global Holdings Chairman and CEO Mark P. Frissora announced the company's purchase of Dollar Thrifty Automotive Group, a United States-based car rental brand with headquarters in Tulsa, Oklahoma, for US$2.3 billion.
Douglas was recently nominated for CFO Magazine’s inaugural Women in Finance awards in 2012.Recently replaced by Thomas Kennedy.
In May 2013, Frissora and Florida Governor Rick Scott announced Hertz Global Holdings would relocate their worldwide headquarters from Park Ridge, New Jersey to Estero, Florida.
In 2013, Hertz began partnering with China's largest car rental company, China Auto Rental.
On January 3, 2014 it was reported that Hertz shares had jumped in value by 2.6% after the reported purchase of 30-40 million shares by billionaire Carl Icahn in what was believed to be a hostile takeover attempt.
John P. Tague replaced Frissora as chief executive officer and president of The Hertz Corporation in November 2014.
A temporary office building in Naples, Florida housed 640 employees until construction of a new facility was completed in 2015.
Kathryn V. Marinello, former CEO of Stream Global Services, was appointed president and chief executive officer of The Hertz Corporation on January 2, 2017, following Tague's retirement.
In 2018, Hertz achieved the remarkable milestone of turning 100 years old.
On May 22, 2020, the Wall Street Journal reported that Hertz was preparing to file for bankruptcy because it did not reach an agreement with top lenders.
Marinello resigned as CEO on May 18, 2020, and Hertz announced that Paul Stone would be the new president and chief executive.
The stock was delisted from the New York Stock Exchange in October 2020.
"The Hertz Corporation ." International Directory of Company Histories. . Retrieved April 16, 2021 from Encyclopedia.com: https://www.encyclopedia.com/books/politics-and-business-magazines/hertz-corporation-0
On July 1, 2021, Hertz emerged from Chapter 11 bankruptcy and changed its ticker symbol from HTZGQ to HTZZ.
In October 2021, Mark Fields was named interim CEO of Hertz with a focus on forward looking investments.
On October 25, 2021, Fields announced that Hertz will buy 100,000 Tesla vehicles citing his goal of fleet electrification and that Tesla is the "only manufacturer that can produce EVs at scale".
In November 2021, the company went public again on the Nasdaq with symbol HTZ.
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Hertz Global Holdings competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Advantage Rent A Car | 1963 | $160.0M | 600 | - |
| Dollar Thrifty Automotive Group | 1989 | $1.5B | 7,500 | - |
| Donlen | 1965 | $672.0M | 300 | - |
| Genuine Parts | 1925 | $23.5B | 48,001 | 731 |
| AutoNation | 1996 | $26.8B | 21,001 | 625 |
| Lithia Motors | 1946 | $36.2B | 14,538 | 27 |
| Budget Rent Car | 1958 | $3.2B | 26,300 | 10 |
Hertz Global Holdings history FAQs
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Hertz Global Holdings may also be known as or be related to hertz local edition, hertz rent-a-car, Hertz Global Holdings Inc and Hertz Global Holdings, Inc.