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New York Rent-A-Car history
New York Rent-A-Car company history timeline
By 1923 Rent-A-Ford had a fleet of 200 cars and $1 million in revenue.
By 1925 Saunders had car rental operations in 21 states.
In 1940 the loss of passengers to private automobiles prompted a group of railroads to form Railway Extension Inc., which franchised car rental dealerships in cities stretching from Chicago to New Orleans.
The railroads revived their car rental plans in 1947, establishing dealers in some 300 cities.
In 1948, Avis began to open offices near hotels and business districts and dropped "Airlines" from the company name.
In 1949, Business Week reported, "this kind of business is operated on an exclusive franchise basis; the first firm in has a big advantage.
By 1952 Hertz and its franchised dealers were operating at more than 120 airports.
Avis sold Avis Rent-A-Car System in 1954 to Richard S. Robie, operator of a car rental business in New England, for $8 million.
Budget Rent-A-Car was founded in Los Angeles in 1958 by Morris Mirkin, who started with a fleet of 10 cars.
In 1965 there were more than 135,000 rental cars available in the United States.
The RCA Corporation purchased Hertz in 1967.
ITT was ordered to divest Avis in 1972 as part of federal antitrust proceedings.
When ITT was unable to find a buyer, Avis became a public company in 1974, with 52 percent of the stock held by a court-appointed trustee.
In 1975, Kenneth Krabbe, then vice president of Dollar-Rent-A-Car, told Business Week, "You've got to run a rent-a-car business on what you can sell.
In 1975 the Federal Trade Commission (FTC) accused Hertz, Avis, and National of conspiring to monopolize the airport car rental market.
In 1977 Norton Simon, Inc. purchased control of Avis for $174 million.
They put us out of a lazy man's business." Avis, which unlike Hertz had previously leased most of its cars to reduce financial risk, began buying its cars outright in 1978 so they could then be sold in the used-car market.
In 1985 Kohlberg Kravis Roberts & Company acquired Beatrice in a leveraged buyout.
In 1985 Hertz was purchased by UAL, Inc., the owner of United Airlines, which planned to expand into other travel-related services.
In 1988, Ford sold more than 100,000 cars to Hertz; GM sold about 85,000 cars to Avis and National; and Chrysler sold about 75,000 cars to its car rental firms.
Travel agent referrals continued to account for more than 50 percent of Alamo's business in 1993.
In 1996 HFS, Inc., a New Jersey-based company with significant holdings in lodging and real estate, took over ownership of Avis, Inc.
In March 1997, New York state's highest court ruled that rental car companies can not refuse to rent cars to young drivers solely because of age.
Diederich, Tom. "Budget Rent A Car Joins Online Bidding—Customers Can Pick Price They Will Pay." Computerworld, 3 May 1999.
Hoping to increase sales and visibility, Budget began offering its cars for price bidding online in late 1999.
With rentals waning in a post-9/11 environment, parent of Alamo and National, ANC Rental Corporation, filed for bankruptcy protection in 2001.
"Thrifty Car Rental." Drug Store News-Newsfirst, 24 July 2002.
Thrifty also partnered with Walmart.com in 2002, with customers able to book their cars online and pay with Wal-Mart credit cards.
In 2002, Enterprise had sales of $6.5 billion and employed 50,000 workers.
Ford was a minority owner in the company until it was wholly acquired by Cendant Corp. in 2002.
"Avis Opens Kiosks to Sell Toothbrushes, Snacks to Travelers." Wall Street Journal, 26 February 2003.
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