Hertz Corporation has been in business since 1918. It is the world’s largest rental car company. 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 headquarters are 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 also owns other brands such as Dollar Rent A Car and Firefly Car Rental.
Hertz Corporation has its origins in 1918, when Walter L. Jacobs was 22 years old and opened an agency for car rentals in Chicago using 12 Ford Model Ts. In 1923, Hertz purchased Jacobs' business, renaming it Hertz DriveUrSelf.
In 1953 John Hertz repurchased the Hertz car brand from General Motors, and the company went on to become a global leader in the industry. Hertz was one of the largest car dealers in the world by the end of the 1980s.
Hertz's overall strategy included offering customers the chance to purchase their car after they rented it. This strategy allowed customers the opportunity to keep their vehicle for longer.
Hertz, despite being successful, was in financial trouble at the beginning of the 1990s. It had a very low profit margin and was losing clients in its passenger-car business. Hertz restructured the fleet and cut costs to increase revenue.
Hertz is a major competitor to the Enterprise Holdings and Avis Budget Group. It is one of the three largest rental car companies in the United States, and it has a 36% market share.
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 rental rates include insurance coverage and gasoline payment options.
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, personal effects insurance and vehicle washing.
Hertz also offers a selection of industrial and commercial equipment. Its equipment fleet consists of a broad assortment of earthmoving, material handling, aerial and electrical, air compressors, pumps, compaction and construction-related trucks.
Hertz introduced a Prestige Collection of select luxury cars in 2001. The collection was available to customers in specific markets. 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 not only sells cars but also provides fleet rental services to other companies. There are also heavy equipment and truck rental divisions.
In May 2020, Hertz filed for bankruptcy protection in Delaware. The filing caused an investor activist wave, and Hertz's stock tripled less than one week after it was announced. Carl Icahn held 39% of Hertz's shares at the time of the filing, and he controlled three board seats. He also invested $2.3 Billion in Hertz stock between 2014 and 2020.