Founded in 1918, Hertz Corporation is one of the largest vehicle renting companies in the world. The company operates corporate and licensee locations in airports and cities throughout North America, Latin America, Europe, Asia, Australia and New Zealand.
Hertz's headquarters is located in Estero Florida. Its namesake brand is one of the largest in the world, with an estimated fleet size of more than 6 million cars and trucks. Hertz has several other brands including Dollar Rent A Car, Firefly Car Rental and Hertz.
Hertz Corporation's roots can be traced back to the year 1918, when Walter L. Jacobs (age 22) opened a Chicago car-rental business with a dozen Ford Model Ts. In 1923, Hertz purchased Jacobs' business, renaming it Hertz DriveUrSelf.
John Hertz purchased the Hertz automobile brand from General Motors. Since then, the company has become the global leader of the industry. Hertz's fleet numbered over a hundred thousand automobiles by the late 80s. It was also a major player in reselling used vehicles.
Hertz offers customers the opportunity of purchasing their cars at the end of their rental period as part its overall strategy. This strategy allowed customers the opportunity to keep their vehicle for longer.
Hertz faced financial problems in the early 90s despite its success. The company was losing customers because of a low profit margin for its passenger car rental business. Hertz responded with a cost-cutting program and a restructured fleet that increased revenue.
Hertz competes with Enterprise Holdings as well as Avis Budget Group. It is one of the three largest rental car companies in the United States, and it has a 36% market share.
A large portion of Hertz's revenue comes from reselling used cars, and its inventory includes a wide variety of makes and models. Renting a car from Hertz includes insurance coverage and options to pay for gasoline.
It also provides a number of additional products and services. These include the Rent It Here—Leave It There programme, child car safety seats, ski racks, NeverLost navigational devices, and the #1 Gold Club. It offers fuel payment options, liability and personal effect insurance, as well as a vehicle washing service.
Hertz also offers a selection of industrial and commercial equipment. Hertz's fleet of equipment includes earthmoving, material-handling, aerial, electrical, air compressors and pumps, compaction, and construction trucks.
Hertz introduced its Prestige Collection to certain markets in 2001. It offered a selected group of luxury vehicles. The majority of vehicles in the Prestige Collection were Jaguars, Land Rovers, and Volvos, though there were some other Premier Automotive Group models.
Hertz not only sells cars but also provides fleet rental services to other companies. They include a heavy-equipment rental division and a truck leasing department.
In May 2020, Hertz filed for bankruptcy protection in Delaware. The filing sparked a wave investor activism. In less than a month after the filing, the stock price of Hertz tripled. Carl Icahn controlled three board positions and 39% of Hertz shares when the filing was made. He invested $2.3billion in Hertz from 2014 to 2020.