Hertz

Brands: Hertz Rent-a-Car (primary); Dollar Rent A Car; Thrifty Car Rental; Hertz 24/7 carsharing; Firefly (low-cost brand)
Founded: 1918 (Walter L. Jacobs, Chicago)
Headquarters: Estero, Florida, USA (current)
Type: Public (NASDAQ: HTZ; equity controlled by investors)
Categories: Car rental; rental car sales; mobility
Markets: Global (about 10,000 locations in 150+ countries)
Parent: None (now controlled by investor consortium)

Overview: Hertz is one of the oldest and best-known car rental companies. It traces its roots to 1918 in Chicago when Walter L. Jacobs began renting Ford Model T cars. The company expanded over the 20th century, eventually going public. It acquired National and Alamo’s parent in the late 1980s and acquired Dollar/Thrifty in 2012, making Hertz Group a multi-brand operator covering the full price spectrum. Headquartered now in Florida, Hertz serves business and leisure travelers at airports and cities worldwide. In 2020, Hertz faced a massive downturn from the pandemic and filed Chapter 11 bankruptcy in May 2020. After restructuring and new investment (from Knighthead Capital, Certares, Apollo, et al.), it emerged from bankruptcy in mid-2021. That recapitalization slashed its debt by ~80% and brought in new equity. Today Hertz Global Holdings is publicly traded but majority-owned by the investor group that funded its reorganization. It continues to invest in new technology (mobile rentals, EV fleet) and rents out vehicles under the Hertz, Dollar, and Thrifty brands.

Products and Services:
– Short-term car rentals (Hertz brand primarily)
– Budget rentals (Dollar, Thrifty brands)
– Car-sharing (Hertz 24/7 and local ventures)
– Rental car sales (refurbished fleet vehicles sold to public)
– Insurance replacement rentals, travel and chauffeur services

Geography and Markets: Hertz operates in airports and urban locations worldwide, covering 150+ countries on six continents. Major markets include North America and Europe (continental presence), with partnerships or affiliates in other regions. The three-brand strategy lets Hertz cater to premium and budget segments simultaneously.

Ownership and Corporate Structure: Hertz Global Holdings is a public company (NASDAQ: HTZ) owned in large part by the group of investment firms that financed its bankruptcy exit. Knighthead Capital, Certares, Apollo and others injected roughly $5.9 billion in new equity during the 2021 reorganization. Prior to bankruptcy, Hertz was owned by Grant Thornton (which took control after the last public owner, Carl Icahn). Now the new owners control a majority of shares, but Hertz retains its distinct brands and operations under Hertz Global Holdings.

Key Dates:
– 1918: Walter Jacobs starts Rent-a-Ford in Chicago.
– 1923: John Hertz buys Jacobs’ company and renames it Hertz Drive-Ur-Self System.
– 1987: Hertz acquires AmeriLease (which owned National and Alamo).
– 2012: Hertz completes merger to acquire Dollar Thrifty (Dollar and Thrifty), adding 2,900+ locations globally.
– 2020: Files for Chapter 11 bankruptcy (COVID-19 collapse).
– 2021: Emerges from bankruptcy with ~80% debt wiped out and new $5.9B funding.
– 2025: Hertz Car Sales launches on Amazon Autos.