Hertz Corporation: History and Controversies

• Hertz is an American car rental company headquartered 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.

• Hertz is one of the three big rental car holding companies in the United States, holding a 36% market share.

• 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.

• Hertz was ranked 326th in the 2020 Fortune 500 list.

• The company filed for bankruptcy on May 22, 2020, citing a sharp decline in revenue and future bookings caused by the COVID-19 pandemic.

• As of December 31, 2021, the company had revenues of $7.3 billion, assets of $19.7 billion, and 23,000 employees.

• As of July 1, 2021, the company is no longer in Chapter 11 bankruptcy.

• Ford Motor Company announced it would be selling the Hertz brand with the intent to focus more on building Ford cars and trucks.

• Clayton, Dubilier & Rice, The Carlyle Group, and Merrill Lynch Global Private Equity agreed to purchase all shares of common stock in Hertz for an estimated US$15 billion.

• Hertz Global Holdings Chairman and CEO Mark P. Frissora announced the company's purchase of Dollar Thrifty Automotive Group for US$2.3 billion.

• John P. Tague replaced Frissora as chief executive officer and president of The Hertz Corporation.

• Kathryn V. Marinello, former CEO of Stream Global Services, was appointed president and chief executive officer of The Hertz Corporation.

• Marinello resigned as CEO on May 18, 2020.

• Paul Stone was appointed president and chief executive officer of The Hertz Corporation.

• In 2019, Hertz began falsely accusing its customers of car theft, leading to the loss of many victims' jobs, professional credentials, and personal freedoms.

• The controversy has intensified in recent months, with many more reports of Hertz falsely accusing its customers.

• Victims report being jailed for months before being released.

• Hertz has responded by saying that its customers are responsible for any damages caused by the cars they rented.

• Hertz has over 12,000 corporate and franchisee locations in 160 countries

• The company has a rental fleet of vehicles that includes a variety of makes and models

• In 2006, Hertz partnered with Shelby to rent specially-modified Ford Mustangs

• In 2016, Hertz reintroduced the program and includes vehicles such as Hendrick Motorsports-modified Chevrolet Corvettes

• In 2007, Hertz began testing hourly car rentals at three locations in New York City

• In 2008, Hertz began renting modified Chevrolet Corvettes

• In 2009, Hertz began renting modified Chevrolet Camaros

• In 2016, Hertz reintroduced the program and includes vehicles such as Hendrick Motorsports-modified Chevrolet Corvettes

Test your knowledge about the history, operations, and controversies surrounding the Hertz Corporation, a global car rental company. Learn about its bankruptcy, acquisitions, and significant partnerships.