Hertz Global Holdings, Inc. (formerly The Hertz Corporation), known as Hertz, is an American car rental company based in Estero, Florida. The company operates its namesake Hertz brand, along with the brands Dollar Rent A Car, Firefly Car Rental, and Thrifty Car Rental.
It is one of the three big rental car holding companies in the United States, having a 36% market share, placing it ahead of Avis Budget Group and second to Enterprise Holdings.[2] As one of the largest worldwide vehicle rental companies by sales, locations, and fleet size, Hertz operates in 160 countries in North America, Europe, Latin America, Africa, Asia, Australia, the Caribbean, the Middle East, and New Zealand.[3]
Hertz was ranked 326th in the 2020 Fortune 500 list.[4] The company filed for bankruptcy on May 22, 2020, citing a sharp decline in revenue and future bookings caused by the COVID-19 pandemic.[5][6] As of December 31, 2021, the company had revenues of $7.3 billion, assets of $19.7 billion, and 23,000 employees.[7] As of July 1, 2021, the company is no longer in Chapter 11 bankruptcy.[8]
Company History
The early years
John D. Hertz began selling cars in 1905 for Walden W. Shaw, whose family owned a Chicago bakery and a dealership for Berliet automobiles that were imported from France.[9] The car business was losing money and Hertz agreed to help Shaw in exchange for part ownership of the dealership.[9] Hertz introduced liberal trade-in terms which helped to sell new vehicles, but left Shaw with many used cars.[9] Hertz convinced Shaw to monetize the used cars on by offering them for hire as taxis, names for the meters that showed the fare based on distance traveled.[9] Shaw and Hertz began building their own taxis with Hertz naming the new company Yellow Truck and Coach Manufacturing Company
Car rental locations and operation
Hertz has approximately 12,000 corporate and franchisee locations in 160 countries throughout North America, Europe, Latin America, Africa, Asia, Australia, the Caribbean, the Middle East and New Zealand.[3]
History of franchising
Wilford Gwilliam of Overland West purchased a portion of Hertz franchise in 1941.[71] Overland West is the largest Hertz franchise licensee in North America, operating 27 car rental and four car sales locations in eight states.[72] Gwilliam sold it to Devere J. Sparrow, who led the organization until selling it to his son-in-law, Jerry H. Petersen, in 1976.[73] As the current owner, president and CEO, Petersen oversees franchises and employees.[74]
Rental fleet
The Hertz rental car fleet has consisted of a variety of vehicle manufacturers, ranging from BYD, Mercedes, Infiniti, Cadillac, Land Rover, BMW, Porsche, Jaguar, Mazda, Volvo, Toyota, Jeep, and Lincoln, along with various others. By December 2012, the company had over 490,000 cars in the United States.[75]
Advertising
Signage on the Texas School Book Depository
In December 1959, a 100 foot long by 23 foot high Hertz Rent-A-Car advertising sign was diagonally installed on the roof of the Texas School Book Depository in Texas in the United States. The sign included the words "HERTZ RENT A CAR" (red text on yellow background) and "CHEVROLETS" (yellow text on black background) made up of 128 metal plates, and an electronic display that alternately told the time and temperature (one of first billboards to do so).[115] The building was Lee Harvey Oswald's vantage point from where he assassinated United States President John F. Kennedy on November 22, 1963. Many witnesses would recall the approximate time (12:30) of the assassination from reading the digital clock on the billboard.[116] The aging sign was removed in 1979, and its metal plates are part of the collection of the Sixth Floor Museum at Dealey Plaza.
Let Hertz Put You in the Driver's Seat
External links
References
- 2024 Annual Report (Form 10-K) U.S. Securities and Exchange Commission, February 18, 2025^
- How Consolidation in the Car Rental Industry Is Likely to Overhaul Ground Transportation GEP, July 2, 2018, retrieved December 10, 2025^
- 2020 Annual Report Form 10-K