Hertz Corporation was founded in 1918 and is now one of the world's leading vehicle rental companies. The company operates corporate locations and licensees in airports and major cities across North America and Latin America as well as Europe, Asia, Australia, New Zealand and Europe.
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.
The Hertz Corporation traces its origins to 1918, when 22-year-old Walter L. Jacobs opened a car-rental agency in Chicago with a dozen Ford Model Ts. In 1923, Hertz purchased Jacobs' business, renaming it Hertz DriveUrSelf.
John Hertz repurchased Hertz from General Motors and went on to make the company a global leader. Hertz had over one million cars in its fleet by the late 1980s and was the leading company in the resale of used vehicles to customers.
As part of its overall strategy, Hertz offered customers the opportunity to purchase their cars after their rentals. The customers could keep their cars longer, while the company also made more money.
Despite its success, Hertz was facing financial trouble in the early 1990s. It was experiencing a loss of customers and a low margin on its rental car business. Hertz responded with a cost-cutting program and a restructured fleet that increased revenue.
Hertz is one of the major competitors to Enterprise Holdings, and Avis Budget. Hertz is the third largest car rental company in the United States with a 36% share of the market.
Hertz earns a significant portion of its income from the resale of used cars. The inventory of Hertz includes dozens of different makes and models. Its rates include coverage for insurance as well as gasoline options.
It offers a variety of ancillary services and products, including the Rent It Here - Leave It There program, child car seats, ski racks and NeverLost navigation systems. It also offers liability and personal effects insurance, fuel payment options, and a vehicle-washing service.
Hertz also sells a variety of industrial and construction equipment. Its equipment fleet is made up of a variety of earthmoving trucks, material handling vehicles, aerial and electric, air compressors pumps, compaction trucks and construction related trucks.
Hertz introduced its Prestige Collection to certain markets in 2001. It offered a selected group of luxury vehicles. The Prestige Collection was primarily comprised of Jaguar Land Rover and Volvo cars, but also included several other models and makes from Premier Automotive Group (a Ford enterprise).
Hertz offers rental fleet services for companies in addition to reselling vehicles. There are also heavy equipment and truck rental divisions.
Hertz filed its bankruptcy petition in Delaware, May 2020. The filing sparked investor activism. Within a week of the announcement, Hertz stock prices tripled. Carl Icahn, who controlled three seats on the board and held 39% shares of Hertz at the time of filing the documents, also owned 39% of Hertz. He also invested $2.3 Billion in Hertz stock between 2014 and 2020.