Category: Press Release

ESTERO, Fla., March 25, 2015 /PRNewswire/ — Hertz Global Holdings, Inc. (NYSE: HTZ) ("Hertz" or "the Company") today announced that Thomas Frese has been appointed Senior Vice President, Fleet and Procurement effective March 23, 2015. Mr. Frese reports to Tom Kennedy, Senior Executive Vice President and Chief Financial Officer.

Mr. Frese, who is responsible for the company’s fleet operations and purchasing functions, had been with McKinsey & Company in the Chicago office for 14 years, the last seven years as a Principal and leader in the firm’s North American Operations and Purchasing Practice. He has extensive experience driving performance transformation across operations, purchasing and strategy in the travel, transportation and automotive industries. Additionally, Mr. Frese led McKinsey’s recruiting programs for the Chicago office. He holds a Ph.D. in Electrical Engineering from Purdue University and a degree in Electrical Engineering from Ruhr-Universitat Bochum, Germany.

Tom Kennedy said, "We are pleased that Tom Frese has joined the Hertz team. He brings us vast experience across a wide range of industries designing and helping McKinsey clients successfully execute efficiency, purchasing, operational and strategic initiatives which have saved billions of dollars and created sustainable competitive advantages. Tom will help Hertz transform key areas of the business to generate significant, incremental shareholder and customer value."

ABOUT HERTZ
Hertz operates the Hertz, Dollar, Thrifty and Firefly car rental brands in more than 10,800 corporate and licensee locations throughout 145 countries in North America, Europe, Latin America, Asia, Australia, Africa, the Middle East and New Zealand. Hertz is the largest worldwide airport general use car rental company with more than 1,700 airport locations in the U.S. and more than 1,300 airport locations internationally. Product and service initiatives such as Hertz Gold Plus Rewards, NeverLost®, Carfirmations, Mobile Wi-Fi and unique vehicles offered through the Adrenaline, Dream, Family, Fun, Green and Prestige Collections set Hertz apart from the competition. Additionally, Hertz owns the vehicle leasing and fleet management leader Donlen Corporation, operates the Hertz 24/7 hourly car rental business and sells vehicles through its Rent2Buy program. The company also owns Hertz Equipment Rental Corporation (HERC), one of the largest equipment rental businesses with more than 350 locations worldwide offering a diverse line of equipment and tools for rent and sale. HERC primarily serves the construction, industrial, oil, gas, entertainment and government sectors. For more information about Hertz, visit: http://www.hertz.com.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained in this release, and in related comments by the Company’s management, include "forward-looking statements." Forward-looking statements include information concerning the Company’s liquidity and its possible or assumed future results of operations, including descriptions of its business strategies. These statements often include words such as "believe," "expect," "project," "potential," "preliminary," "anticipate," "intend," "plan," "estimate," "seek," "will," "may," "would," "should," "could," "forecasts" or similar expressions. These statements are based on certain assumptions that the Company has made in light of its experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate in these circumstances. The Company believes these judgments are reasonable, but you should understand that these statements are not guarantees of performance or results, and the Company’s actual results could differ materially from those expressed in the forward-looking statements due to a variety of important factors, both positive and negative, that may be revised or supplemented in subsequent reports on SEC Forms 10-K, 10-Q and 8-K. Some important factors that could affect the Company’s actual results include, among others, the thorough review of the Company’s internal financial records that is being conducted, additional time that may be required to complete the review, the ability of the Company to remediate any material weakness in its internal control over financial reporting, the ability of the Company’s lenders to exercise any remedies under the Company’s indebtedness, the final results of the SEC’s inquiry or any other governmental inquiries or investigations and those that may be disclosed from time to time in subsequent reports filed with the SEC and those described under "Risk Factors" set forth in Item 1A of the annual report on Form 10-K/A for the year ended December 31, 2013 of the Company. You should not place undue reliance on forward-looking statements. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by the foregoing cautionary statements. All such statements speak only as of the date made, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

SOURCE Hertz Global Holdings, Inc.

Related Links

http://www.hertz.com

ESTERO, Fla., March 24, 2015 /PRNewswire/ — Hertz Global Holdings, Inc. (NYSE: HTZ) ("Hertz" or the "Company") today announced that on March 18, 2015 it received a notice from the New York Stock Exchange (the "NYSE") notifying the Company of its failure to meet a NYSE listing standard resulting from the Company’s failure to timely file its Annual Report on Form 10-K for the fiscal year ended December 31, 2014 (the "2014 Form 10-K"), as provided by Rule 802.01E of the NYSE Listed Company Manual.

As previously disclosed, the Company was unable to timely file its 2014 Form 10-K with the Securities and Exchange Commission (the "SEC") because of the ongoing nature of the Company’s previously announced thorough review and investigation of its internal financial records for fiscal years 2011, 2012 and 2013. As a result of the ongoing nature of this review and its potential impact on the Company’s 2014 financial results, the Company was unable to file the 2014 Form 10-K by the extended due date of March 17, 2015. The financial review and investigation by the Company is ongoing. Hertz continues to expect that it will not be able to file updated financial statements, including the 2014 Form 10-K, before mid-2015, and there can be no assurance that the process will be completed by that time.

The Company has until September 17, 2015 to cure the filing delinquency associated with its failure to file the 2014 Form 10-K. The NYSE may, in its discretion, extend the initial cure period for up to six months after September 17, 2015. Subject to the NYSE’s ongoing oversight and review, the Company can regain compliance during the cure period by filing its 2014 Form 10-K and subsequent Form 10-Qs (the "SEC Filings") with the SEC. If the Company fails to file its SEC Filings by the expiration of any applicable cure period, the NYSE may commence proceedings to delist the Company’s common stock. The Company believes that it will continue to be listed on the NYSE, but there can be no assurance that the Company will be able to file the SEC Filings within the initial cure period or any extended cure period. In addition, the NYSE maintains the ability to commence delisting procedures at any time during the cure period, but as of today we do not believe the NYSE will do so.

About Hertz

Hertz operates the Hertz, Dollar, Thrifty and Firefly car rental brands in more than 10,800 corporate and licensee locations throughout 145 countries in North America, Europe, Latin America, Asia, Australia, Africa, the Middle East and New Zealand. Hertz is the largest worldwide airport general use car rental company with more than 1,700 airport locations in the U.S. and more than 1,300 airport locations internationally. Product and service initiatives such as Hertz Gold Plus Rewards, NeverLost®, Carfirmations, Mobile Wi-Fi and unique vehicles offered through the Adrenaline, Dream, Family, Fun, Green and Prestige Collections set Hertz apart from the competition. Additionally, Hertz owns the vehicle leasing and fleet management leader Donlen Corporation, operates the Hertz 24/7 hourly car rental business and sells vehicles through its Rent2Buy program. The company also owns Hertz Equipment Rental Corporation ("HERC"), one of the largest equipment rental businesses with more than 350 locations worldwide offering a diverse line of equipment and tools for rent and sale. HERC primarily serves the construction, industrial, oil, gas, entertainment and government sectors. For more information about Hertz, visit: www.hertz.com.

Cautionary Note Concerning Forward Looking Statements

Certain statements contained in this release, and in related comments by the Company’s management, include "forward-looking statements." Forward-looking statements include information concerning the Company’s liquidity and its possible or assumed future results of operations, including descriptions of its business strategies. These statements often include words such as "believe," "becoming," "expect," "project," "potential," "preliminary," "anticipate," "intend," "plan," "estimate," "seek," "will," "may," "would," "should," "could," "forecasts" or similar expressions. These statements are based on certain assumptions that the Company has made in light of its experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate in these circumstances. The Company believes these judgments are reasonable, but you should understand that these statements are not guarantees of performance or results, and the Company’s actual results could differ materially from those expressed in the forward-looking statements due to a variety of important factors, both positive and negative, that may be revised or supplemented in subsequent reports on SEC Forms 10-K, 10-Q and 8-K. Some important factors that could affect the Company’s actual results include, among others, the thorough review of the Company’s internal financial records that is being conducted, additional time that may be required to complete the review, the ability of the Company to remediate any material weakness in its internal control over financial reporting, the ability of the Company’s lenders to exercise any remedies under the Company’s indebtedness, the final results of the SEC’s inquiry or any other governmental inquiries or investigations, and those that may be disclosed from time to time in subsequent reports filed with the SEC and those described under "Risk Factors" set forth in Item 1A of the annual report on Form 10-K/A for the year ended December 31, 2013 of the Company. You should not place undue reliance on forward-looking statements. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by the foregoing cautionary statements. All such statements speak only as of the date made, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

SOURCE Hertz Global Holdings, Inc.

Related Links

http://www.hertz.com

ESTERO, Fla., March 23, 2015 /PRNewswire/ — Hertz Global Holdings, Inc. (NYSE: HTZ) ("Hertz" or "the Company") today announced that Scot Hornick has been appointed Executive Vice President, Revenue Management, effective April 6, 2015 and Charles Vuono has been appointed Vice President, Revenue Management, effective March 30, 2015. Mr.Hornick will report to Jeffrey Foland, Senior Executive Vice President and Chief Revenue Officer, and Mr. Vuono will report to Mr. Hornick.

Scot Hornick, who will be responsible for pricing and revenue management, has worked for the past 11 years as a partner leading the Customer Management & Pricing practice at Oliver Wyman. At Oliver Wyman, and in the 15 years prior to joining the firm, Scot worked with a wide variety of clients in the travel, transportation and other sectors to improve their pricing and revenue management practices. Mr. Vuono, who will be responsible for revenue strategy, planning, forecasting and analytics, has 15 years of experience at United Airlines in various roles in Network Planning and Revenue Management, and most recently served as Managing Director of Revenue Strategy. Both Mr. Hornick and Mr. Vuono hold Ph.D. degrees, Mr. Hornick from the University of Illinois in Electrical and Computer Engineering, and Mr. Vuono from Duke University in Mathematics.

Jeffrey Foland said, "We are pleased to welcome Scot Hornick and Charles Vuono, two highly experienced revenue management leaders, to the Hertz team. Each brings a depth of experience and knowledge in complementary revenue management areas that will be critical to the sustained success of our commercial strategies."

ABOUT HERTZ
Hertz operates the Hertz, Dollar, Thrifty and Firefly car rental brands in more than 10,800 corporate and licensee locations throughout 145 countries in North America, Europe, Latin America, Asia, Australia, Africa, the Middle East and New Zealand. Hertz is the largest worldwide airport general use car rental company with more than 1,700 airport locations in the U.S. and more than 1,300 airport locations internationally. Product and service initiatives such as Hertz Gold Plus Rewards, NeverLost®, Carfirmations, Mobile Wi-Fi and unique vehicles offered through the Adrenaline, Dream, Family, Fun, Green and Prestige Collections set Hertz apart from the competition. Additionally, Hertz owns the vehicle leasing and fleet management leader Donlen Corporation, operates the Hertz 24/7 hourly car rental business and sells vehicles through its Rent2Buy program. The company also owns Hertz Equipment Rental Corporation (HERC), one of the largest equipment rental businesses with more than 350 locations worldwide offering a diverse line of equipment and tools for rent and sale. HERC primarily serves the construction, industrial, oil, gas, entertainment and government sectors. For more information about Hertz, visit: www.hertz.com.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained in this release, and in related comments by the Company’s management, include "forward-looking statements." Forward-looking statements include information concerning the Company’s liquidity and its possible or assumed future results of operations, including descriptions of its business strategies. These statements often include words such as "believe," "expect," "project," "potential," "preliminary," "anticipate," "intend," "plan," "estimate," "seek," "will," "may," "would," "should," "could," "forecasts" or similar expressions. These statements are based on certain assumptions that the Company has made in light of its experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate in these circumstances. The Company believes these judgments are reasonable, but you should understand that these statements are not guarantees of performance or results, and the Company’s actual results could differ materially from those expressed in the forward-looking statements due to a variety of important factors, both positive and negative, that may be revised or supplemented in subsequent reports on SEC Forms 10-K, 10-Q and 8-K. Some important factors that could affect the Company’s actual results include, among others, the thorough review of the Company’s internal financial records that is being conducted, additional time that may be required to complete the review, the ability of the Company to remediate any material weakness in its internal control over financial reporting, the ability of the Company’s lenders to exercise any remedies under the Company’s indebtedness, the final results of the SEC’s inquiry or any other governmental inquiries or investigations and those that may be disclosed from time to time in subsequent reports filed with the SEC and those described under "Risk Factors" set forth in Item 1A of the annual report on Form 10-K/A for the year ended December 31, 2013 of the Company. You should not place undue reliance on forward-looking statements. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by the foregoing cautionary statements. All such statements speak only as of the date made, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

SOURCE Hertz Global Holdings, Inc.

Related Links

http://www.hertz.com

ESTERO, Fla., March 10, 2015 /PRNewswire/ — Hertz Gold Plus Rewards, The Hertz Corporation’s (NYSE: HTZ) industry-leading loyalty program, received top honors at the 2015 FlyerTalk Awards for the fourth consecutive year. The program was named the Best Rewards Program of the Drive category across the Americas, Europe/Africa and Middle East/Asia/Oceania. Hertz Gold Plus Rewards also received the Outstanding Benefits recognition across Europe/Africa and Middle East/Asia/Oceania.

Logo – http://photos.prnewswire.com/prnh/20150310/180694LOGO

From more than 100 affinity programs, FlyerTalk members voted Hertz Gold Plus Rewards once again as the top worldwide car rental loyalty program. The FlyerTalk Awards are held annually and determined by the FlyerTalk community, a group of half a million frequent business and leisure travelers. The community is dedicated to finding and sharing elite-level knowledge of airline, hotel and car rental affinity programs, voting once a year for the best ones within the Fly, Stay and Drive categories.

"Receiving global recognition from the influential and well-traveled FlyerTalk community is greatly appreciated given our consistent effort to provide the world’s best car rental experiences," commented Jeff Foland, Sr. Executive Vice President & Chief Revenue Officer, The Hertz Corporation. "Since the introduction of the FlyerTalk Awards, Hertz has been singled out for the high quality and innovation reflected in our Gold Plus Rewards. We’re grateful for the honor and inspired to earn FlyerTalk recognition in the future."

Hertz Gold Plus Rewards allows members to easily achieve and retain status in elite tiers, earn extra points and redeem them faster, and access account balance information via state-of-the-art technology. Other Hertz Gold Plus Rewards benefits include:

• Hertz Gold Choice®: Provides renters with the peace of mind knowing their cars will be ready and waiting for them with the freedom to choose another option on the spot.
• Mobile Gold Alerts – Carfirmations: Gold members can receive a personalized email or text message with up-to-the-minute information about which car they’ll be driving and where their vehicle is parked.
• Faster rentals: Hertz continues to deliver faster and easier rentals that allow Gold members to skip the counter at over 50 airports around the world. Additionally, at over 4,000 locations worldwide, renters can simply show their driver’s licenses and pick up their keys.

For more information, customers can visit www.hertz.com or follow Hertz on Facebook or Twitter.

ABOUT HERTZ
Hertz operates the Hertz, Dollar, Thrifty and Firefly car rental brands in more than 10,800 corporate and licensee locations throughout 145 countries in North America, Europe, Latin America, Asia, Australia, Africa, the Middle East and New Zealand. Hertz is the largest worldwide airport general use car rental company with more than 1,700 airport locations in the U.S. and more than 1,300 airport locations internationally. Product and service initiatives such as Hertz Gold Plus Rewards, NeverLost®, Carfirmations, Mobile Wi-Fi and unique vehicles offered through the Adrenaline, Dream, Family, Fun, Green and Prestige Collections set Hertz apart from the competition. Additionally, Hertz owns the vehicle leasing and fleet management leader Donlen Corporation, operates the Hertz 24/7 hourly car rental business and sells vehicles through its Rent2Buy program. The company also owns Hertz Equipment Rental Corporation (HERC), one of the largest equipment rental businesses with more than 350 locations worldwide offering a diverse line of equipment and tools for rent and sale. HERC primarily serves the construction, industrial, oil, gas, entertainment and government sectors. For more information about Hertz, visit: www.hertz.com.

Hertz Press Contacts:

Anna Bootenhoff
Hertz North America
T: 918-669-2236
E: abootenhoff@hertz.com

Evelin Imperatrice
Hertz International
T: +44 1895 553 695
E: eimperatrice@hertz.com

SOURCE The Hertz Corporation

Related Links

http://www.hertz.com

ESTERO, Fla., Feb. 25, 2015 /PRNewswire/ — Hertz Global Holdings, Inc. (NYSE: HTZ) ("Hertz" or "the Company") today released 2014 fourth quarter operating results and updated the status of its fleet strategy and cost reduction initiatives.

John P. Tague, President and Chief Executive Officer of Hertz, said, "The necessity to improve performance at Hertz is clear, as is the opportunity. We are committed to achieving the Company’s full potential, which I believe is significant. However, in order to realize that potential, we need to strengthen our foundation and build on our capabilities as an organization. To that end, we have made key appointments to our leadership team to complement and expand existing expertise. We also are working to remediate the execution and system issues that are impeding the current operating performance. Additionally, we are aggressively addressing areas of inefficiency and waste within the organization. Early initiatives have enabled us to increase our cost reduction commitment from $100 million to a $200 million run rate by year-end 2015, and we continue to pursue opportunities to deliver even greater savings. While the full benefit of these and other actions will take time, I am confident that Hertz is on the right path to deliver improved performance and value creation."

As part of the actions underway to enhance the competitiveness of the Company’s revenue quality and drive improved profitability in the car rental business, Hertz also is undertaking a comprehensive assessment of the Company’s revenue execution capabilities. This effort includes a full review of the decision support systems, data integrity, organizational talent and leadership, training programs and performance management.

In addition, the Company has begun taking a more disciplined approach to fleet capacity by selectively pursuing more profitable demand through a variety of means, including reduced participation in opaque channels and higher minimum-rate thresholds. This action has allowed the Company to accelerate used car sales, resulting in more moderate fleet growth in 2015 as compared to its preliminary plan. Consequently, the Company now expects to finalize the fleet transformation that was announced last November, about one month ahead of the original mid-year target.

Concurrent with these priorities, the Company is committed to completing work already in the pipeline, including the restatement of previously issued financial statements and remediation of control deficiencies, the integration of Dollar Thrifty, the separation of the equipment rental business and the headquarter relocation.

Financial Statement Restatement
As previously announced, the previously issued financial statements must be restated and should no longer be relied upon. The impact on GAAP pre-tax income of cumulative errors identified to date, on an unaudited basis, is approximately $28 million, $74 million and $51 million for 2013, 2012 and 2011, respectively, inclusive of $9 million in 2012 and $19 million in 2011, previously disclosed and reflected in the financials included in the Company’s 2013 10-K/A. The review and investigation of its financial records are ongoing, and numbers are therefore subject to change. The financial information set forth in this release is subject to change based on the completion of the investigation and review, and such changes may be significant. In addition, Hertz continues to expect that it will not be able to file updated financial statements before mid-2015, and there can be no assurance that the process will be completed at that time, or that no additional adjustments will be identified.

Hertz Equipment Rental Corporation Separation
Hertz remains committed to the separation of its equipment rental business and is continuing to advance those plans, although the timing of the actual separation will not occur until after the Company has completed its accounting review, filed its financial statements with the SEC, and has completed the audited carve out financial statements for the equipment rental business and requisite SEC filing activities for the separation.

2014 Fourth Quarter Operating Highlights
For the fourth quarter and the fiscal year ended December 31, 2014, the Company is providing the following operating highlights:

*Unaudited Revenue and Selected Operating Data by Segment

			Three Months Ended				Percent Increase/ (Decrease)		Twelve Months Ended				Percent Increase/ (Decrease)
			December 31,						December 31,
		($ in millions, except Total RPD)	2014		2013				2014		2013
		Consolidated Revenues	$ 2,545		$ 2,556		–		$ 11,018		$ 10,772		2%
		U.S. Car Rental Segment
		Total Revenue	$ 1,474		$ 1,476		–		$ 6,446		$ 6,324		2%
		Less: Advantage sub-lease	–		–		–		–		(65)		NM
		Revenue for Total RPD	$ 1,474		$ 1,476		–		$ 6,446		$ 6,259		3%
		Transaction Days (in thousands)	33,595		32,875		2%		139,752		133,181		5%
		Total RPD	$ 43.88		$ 44.90		(2%)		$ 46.12		$ 47.00		(2%)
		Average Fleet	486,900		490,200	**	(1%)		499,100		490,000	***	2%
		International Car Rental Segment
		Total Revenue	$ 515		$ 544		(5%)		$ 2,430		$ 2,383		2%
		Foreign Currency Adjustment****	37		(1)		NM		44		22		100%
		Revenue for Total RPD	$ 552		$ 543		2%		$ 2,474		$ 2,405		3%
		Transaction Days (in thousands)	10,734		10,473		2%		46,917		45,019		4%
		Total RPD	$ 51.43		$ 51.85		(1%)		$ 52.73		$ 53.42		(1%)
		Average Fleet	156,700		155,700		1%		166,900		161,300		3%
		Worldwide Equipment Rental
		Total Revenue	$ 413		$ 401		3%		$ 1,574		$ 1,538		2%
		Less: Equipment Sales and Other	(28)		(34)		(18%)		(115)		(132)		(13%)
		Foreign Currency Adjustment****	6		(1)		NM		12		(7)		NM
		Rental and Rental Related Revenue	$ 391		$ 366		7%		$ 1,471		$ 1,399		5%
		Average acquisition cost of rental equipment operated during the period	$ 3,594		$ 3,501		3%		$ 3,578		$ 3,401		5%
		All Other Operations
		Total Revenue	$ 143		$ 135		6%		$ 568		$ 527		8%
		Average Fleet (Donlen)	166,800		173,800		(4%)		172,800		169,600		2%
NM – Not Meaningful
*Preliminary unaudited results; actuals subject to change upon completion of the Financial Statement Restatement
**2013 Q4 US car rental average fleet includes 18,000 and 2,000 Advantage sublease and Hertz On Demand vehicles, respectively, that do not correspondingly have transaction days associated with them and thus are excluded when calculating fleet efficiency.
***2013 YTD US car rental average fleet includes 21,000 and 2,000 Advantage sublease and Hertz On Demand vehicles, respectively, that do not correspondingly have transaction days associated with them and thus are excluded when calculating fleet efficiency.
****Amounts shown are based on December 31, 2013 foreign exchange rates.

U.S. Car Rental
Total U.S. car rental revenue was $1.5 billion in the 2014 fourth quarter, in line with the 2013 fourth quarter. A substantial increase in contracted bookings due to a large new account win was partially offset by the Company’s decision to strategically reduce its consumer bookings from opaque travel web sites. In the 2014 fourth quarter, transaction days increased 2% year over year. U.S. car rental fleet efficiency was 75% in the 2014 fourth quarter, a 100 basis point decrease from last year as the Company moved cars out of the rental rotation in preparation for sale.

U.S. car rental total revenue per day (RPD) was down 2% compared with the 2013 fourth quarter, primarily driven by a higher mix of off airport business. Mix-adjusted total RPD for the quarter was flat compared with the prior year.

For the full year 2014, U.S. car rental monthly depreciation per vehicle was expected to be approximately $280 – $300 per unit. The Company expects that actual depreciation expense will be within the range cited.

At December 31, 2014, non-program cars represented 79% of the Company’s U.S. car rental fleet. For 2015, the Company continues to expect non-program cars to represent approximately 70% of the U.S. operating fleet.

As part of its fleet upgrade, Hertz previously stated that it would purchase approximately 350,000 model year 2015 vehicles in the U.S. Roughly in line with its target, 21% of the new fleet was delivered in the 2014 fourth quarter. Good progress also was made on U.S. fleet dispositions, prioritizing sales of the highest mileage vehicles. As a result, the Company has improved its mix of low-mileage vehicles (under 30,000 miles) by almost 20 percentage points since the beginning of the fourth quarter. With continued increases in the mix of lower mileage vehicles as a result of used vehicle sales and the acquisition of a higher percentage of short-term program cars, the Company expects that average vehicle mileage will reach desired levels in the second half of 2015.

International Car Rental
International car rental segment revenue was $515 million, down 5% in the fourth quarter, but up 2% when adjusting for negative currency effects, compared to the 2013 fourth quarter. Europe revenue, which represents 68% of International revenue, was flat as compared to the prior-year period, excluding currency effects. Europe transaction days increased 2%. Total RPD declined 1% in the quarter, excluding currency effects, due to the incremental volume growth in the value segment as the Company continues to expand the Thrifty and Firefly brands.

In the Asia Pacific market, Australia and New Zealand reported strong year-over-year revenue growth in the fourth quarter before currency effects. Both countries delivered total RPD and transaction days growth in the quarter.

Worldwide Equipment Rental
Brian MacDonald, President and Chief Executive Officer of Hertz Equipment Rental Corporation, said, "In the second half of 2014, we established business priorities that focused on rightsizing the fleet and increasing the top line by improving sales capacity. By year end, U.S. revenue growth had rebounded, trending slightly above industry levels, and outpaced fleet growth. Unfortunately, at the same time weakening demand in Canada and Europe persisted."

Worldwide equipment rental segment revenue of $413 million increased 3% in the 2014 fourth quarter, or 5% excluding currency effects, compared with the prior year, impacted in part by a lower level of new equipment and parts sales. Rental and rental related revenue increased 5% in the 2014 fourth quarter as compared to the prior-year quarter, or 7% excluding currency effects. Worldwide volume increased 7% in the 2014 fourth quarter. Equipment rental pricing was 1% higher than in the 2013 fourth quarter. Time utilization was 67%, up 100 basis points year over year. Dollar utilization increased 100 basis points to 38%.

In North America in the fourth quarter, total equipment rental revenue was $387 million, 4% higher year-over-year, or 6% higher excluding currency effects. Of total North American equipment rental revenue, U.S. represented 80% with Canada making up the balance. North America rental and rental related revenue increased 6%, or 8% excluding currency effects. Volume in North America increased 7% in the 2014 fourth quarter. Equipment rental pricing was 2% higher compared with the 2013 fourth quarter. North American time utilization was 68%, up 200 basis points year over year. Dollar utilization increased 100 basis points to 39% in the fourth quarter.

Of full year 2014 total North America equipment rental revenue, oil and gas represented roughly 25%. Of that, approximately 15% was generated from upstream exploration and production activities, where major oil producers are beginning to reduce spending.

Mr. MacDonald said, "While we see risk to oil and gas this year, we are managing through the volatility and are moderating our revenue growth forecasts accordingly. We are aggressively working to offset weakness by improving productivity, redeploying equipment, and pursuing growth in the non-residential construction and manufacturing sectors, where low fuel prices are generating opportunities. Other industrial verticals such as power and chemical processing are also areas for growth."

At the same time, the Company continues to build the scale and competency of its sales force with a focus on winning new accounts and diversifying its customer base. Economists are projecting 3% GDP growth in North America in 2015; rental equipment experts are estimating 8% industry growth; and HERC has only about a 4% share of the North American market today. As a result, the Company still expects there will be a significant amount of industry opportunities to capitalize on, despite the energy risk.

All Other Operations
The Company has grouped information about Donlen fleet leasing and management services together with its other business activities under "all other operations." All other operations fourth quarter segment revenue increased 6% over the same period last year. The Company’s Donlen leasing operation’s revenue was up 7% over last year driven by strong lease revenue and new account wins.

2014 Corporate EBITDA
Although the Company is still working to determine how the accounting issues will impact its profitability for 2014, the Company expects its consolidated Corporate EBITDA will likely be at the lower end of the $1.30 billion to $1.45 billion range it gave on November 14, 2014.

Further, as the company previously stated, the 2014 preliminary results do not reflect the full potential of the business, and 2015 will represent a transitional year for the Company.

*Selected Unaudited Financial Information

	Three Months Ended				Twelve Months Ended
	December 31,				December 31,
	2014		2013		2014		2013
**Net Capital Expenditures:
Net Revenue Earning Equipment Expenditures
U.S. Car Rental	$ 310		$ (211)		$ 1,416		$ 1,685
International Car Rental	(636)		(569)		602		351
Worldwide Equipment Rental	92		52		433		533
All Other Operations	158		105		596		454
Total Net Revenue Earning Equipment Expenditures	(76)		(623)		3,047		3,023
Net Property and Equipment Expenditures	80		56		265		237
Total Net Capital Expenditures	$ 4		$ (567)		$ 3,312		$ 3,260
**Amounts represent capital expenditures net of (proceeds from disposals).
Debt:	December 31, 2014		December 31, 2013
Corporate Debt	$ 6,431		$ 6,504
Fleet Debt	9,562		9,805
Total Debt	$ 15,993		$ 16,309
	December 31, 2014		December 31, 2013
Liquidity:
Senior ABL Facility Borrowing Capacity and Availability	$ 1,019		$ 1,157
Cash and Cash Equivalents	521		423
Corporate Liquidity	$ 1,540		$ 1,580
*Preliminary unaudited results; actuals subject to change upon completion of the Financial Statement Review

2015 Foreign Currency Effects
The Company does not hedge its operating results against currency movements as they are primarily translational in nature. At current foreign currency forward rates, the Company expects 2015 revenue growth to be negatively impacted by approximately 3% versus 2014. Additionally, each 1% point change in foreign currency movements is estimated to impact 2015 adjusted pre-tax income by approximately $3 million.

About Hertz
Hertz operates the Hertz, Dollar, Thrifty and Firefly car rental brands in more than 10,800 corporate and licensee locations throughout 145 countries in North America, Europe, Latin America, Asia, Australia, Africa, the Middle East and New Zealand. Hertz is the largest worldwide airport general use car rental company with more than 1,700 airport locations in the U.S. and more than 1,300 airport locations internationally. Product and service initiatives such as Hertz Gold Plus Rewards, NeverLost®, Carfirmations, Mobile Wi-Fi and unique vehicles offered through the Adrenaline, Dream, Family, Fun, Green and Prestige Collections set Hertz apart from the competition. Additionally, Hertz owns the vehicle leasing and fleet management leader Donlen Corporation, operates the Hertz 24/7 hourly car rental business and sells vehicles through its Rent2Buy program. The company also owns Hertz Equipment Rental Corporation (HERC), one of the largest equipment rental businesses with more than 350 locations worldwide offering a diverse line of equipment and tools for rent and sale. HERC primarily serves the construction, industrial, oil, gas, entertainment and government sectors. For more information about Hertz, visit: www.hertz.com.

Corporate EBITDA is a non-GAAP financial measure. Management believes that Corporate EBITDA is useful in measuring the comparable results of the Company period-over-period. The GAAP measure most directly comparable to Corporate EBITDA is pre-tax income. Because we are still working through the impact that the accounting issues will have on the Company’s preliminary pre-tax income, specific quantifications or ranges of the amounts that would be required to reconcile Corporate EBITDA are not available. The Company believes that until it finalizes its accounting review and audit there is a degree of volatility with respect to certain of the Company’s GAAP measures, certain adjustments made to arrive at the relevant non-GAAP measures and the adjustments related to the ongoing restatement, which preclude the Company from providing accurate GAAP to non-GAAP reconciliations for 2014. Based on the above, the Company believes that providing estimates of the amounts that would be required to reconcile the range of the non-GAAP Corporate EBITDA to preliminary 2014 cash flows from operating activities and pre-tax income would imply a degree of precision that would be confusing or misleading to investors for the reasons identified above. Once the accounting review has been completed, and the Company has determined its Corporate EBITDA for fiscal 2014, a full reconciliation of its 2014 Corporate EBITDA to pre-tax income will be provided in the Company’s Form 10-K for the fiscal year ended December 31, 2014.

Cautionary Note Concerning Forward Looking Statements
Certain statements contained in this release, and in related comments by the Company’s management, include "forward-looking statements." Forward-looking statements include information concerning the Company’s liquidity and its possible or assumed future results of operations, including descriptions of its business strategies. These statements often include words such as "believe," "becoming," "expect," "project," "potential," "preliminary," "anticipate," "intend," "plan," "estimate," "seek," "will," "may," "would," "should," "could," "forecasts" or similar expressions. These statements are based on certain assumptions that the Company has made in light of its experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate in these circumstances. The Company believes these judgments are reasonable, but you should understand that these statements are not guarantees of performance or results, and the Company’s actual results could differ materially from those expressed in the forward-looking statements due to a variety of important factors, both positive and negative, that may be revised or supplemented in subsequent reports on SEC Forms 10K, 10Q and 8K. Some important factors that could affect the Company’s actual results include, among others, the thorough review of the Company’s internal financial records that is being conducted, additional time that may be required to complete the review, the ability of the Company to remediate any material weakness in its internal control over financial reporting, the ability of the Company’s lenders to exercise any remedies under the Company’s indebtedness, the final results of the SEC’s inquiry or any other governmental inquiries or investigations, and those that may be disclosed from time to time in subsequent reports filed with the SEC and those described under "Risk Factors" set forth in Item 1A of the annual report on Form 10K/A for the year ended December 31, 2013 of the Company. You should not place undue reliance on forward-looking statements. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by the foregoing cautionary statements. All such statements speak only as of the date made, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

SOURCE Hertz Global Holdings, Inc.

Related Links

https://www.hertz.com

LONDON, Feb. 20, 2015 /PRNewswire/ — The car rental brands Dollar and Thrifty, part of The Hertz Corporation (NYSE: HTZ), have opened 29 branches across Italy, replacing existing locations operated by a former licensee.

The new airport and downtown branches have opened in Italy’s most important cities including Rome, Milan, Venice and Naples. In these and other major tourist destinations across the country, car rental customers with value oriented requirements will benefit from a larger, modern fleet and attractive offers.

Tom Kelley, Vice President, Dollar Thrifty International, said: "The launch of 29 Dollar and Thrifty corporate locations in Italy is part of our international growth strategy across the main destinations in Europe. So far, we have approximately 420 Dollar and Thrifty dual-branded branches on the Continent to better cater to our customers’ mobility needs. By operating in strategic locations across Italy, we are able to serve the many car rental customers who seek out convenience, great value and the trust of a global brand."

Massimiliano Archiapatti, General Manager, Hertz Italy, said: "This investment is a key initiative to ensure the success of our growth plan in Italy, one of the top destinations in Europe. By managing all Dollar and Thrifty locations in the country, we are taking an important step towards offering our customers a more customized and varied service. This move also enables us to better adapt to the continuously evolving car rental market."

Dollar and Thrifty’s expansion in Europe started in February 2013, when the brands announced openings in Belgium, France, Luxemburg, Netherlands and Spain. Early this year, Dollar and Thrifty launched 116 new branches in major German destinations. The car rental brands are currently also operating in Austria, Greece, the Balearic Islands, Portugal and Switzerland.

ABOUT HERTZ
Hertz operates the Hertz, Dollar, Thrifty and Firefly car rental brands in more than 11,000 corporate and licensee locations throughout 140 countries in North America, Europe, Latin America, Asia, Australia, Africa, the Middle East and New Zealand. Hertz is the largest worldwide airport general use car rental company with more than 1,700 airport locations in the U.S. and more than 1,300 airport locations internationally. Product and service initiatives such as Hertz Gold Plus Rewards, NeverLost®, Carfirmations, Mobile Wi-Fi and unique vehicles offered through the Adrenaline, Dream, Family, Fun, Green and Prestige Collections set Hertz apart from the competition. Additionally, Hertz owns the vehicle leasing and fleet management leader Donlen Corporation, operates the Hertz 24/7 hourly car rental business and sells vehicles through its Rent2Buy program. The company also owns Hertz Equipment Rental Corporation (HERC), one of the largest equipment rental businesses with more than 355 locations worldwide offering a diverse line of equipment and tools for rent and sale. HERC primarily serves the construction, industrial, oil, gas, entertainment and government sectors. For more information about Hertz, visit: www.hertz.com.

SOURCE The Hertz Corporation

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http://www.hertz.com

LONDON, Jan. 23, 2015 /PRNewswire/ — The Hertz Corporation (NYSE:HTZ) has been named Best Car Rental Company by industry experts at the Business Travel Awards 2015, one of the most significant fixtures in the travel industry calendar.

Hertz won the acclaim of judges for "its on-going ability to constantly review the car rental market and what its customers really want, and adapt and innovate accordingly." The panel, made up of respected senior business travel buyers and specialist journalists, also praised Hertz for its "great global reach and excellent CSR record."

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The award was announced at a glittering event at London’s Grosvenor House Hotel this week, attended by more than 1,200 travel industry leaders and top corporate clients. The competition – described as "the most fiercely contested" of recent years – recognises the achievements of the travel industry’s leading businesses, teams and individuals who have performed outstandingly in their chosen field over the last 12 months.

"We’re delighted the judges recognized our hard work in pushing the boundaries of car hire in the past year," said Neil Cunningham, General Manager, Hertz UK. "We are constantly adapting to the needs of our customers to provide innovative car rental solutions and services that fit around their changing lifestyles. Some examples of this are our Hertz 24/7 technology, our unique Hertz Collections and our enhanced loyalty program Gold Plus Rewards."

Hertz 24/7, the company’s innovative by-the-hour car and van rental service, provides car pool services to a number of businesses and organizations such as Imperial College London and Brunel University London, offering drivers greater travel flexibility than even before and cost saving. Additionally, partnerships with international and national retailers such as B&Q, Costco Ikea and Homebase allow customers to access by-the-hour van hire at competitive rates from the stores to take large purchases home straightaway.

In 2014 Hertz launched in the UK and other European countries its Dream Collection of luxury vehicles, making iconic cars such as the Aston Martin DB9, Bentley Continental GT, and Nissan GT-R available for hire. The collection, available in the US as Dream Cars since 2013, is the latest addition to the unique and distinctive Hertz Collections that include The Prestige, Fun, Green and Family Collections to cater to any kind of car hire need.

Last year also saw the enhancement of the company’s awards winning loyalty program, Gold Plus Rewards, which now offers members the opportunity to earn extra points, redeem them faster for award rental days and enjoy an even faster and easier car rental experience.

More information about Hertz’s innovative offering and services and Gold Plus Rewards available from www.hertz.co.uk.

ABOUT HERTZ
Hertz operates the Hertz, Dollar, Thrifty and Firefly car rental brands in more than 11,000 corporate and licensee locations throughout 140 countries in North America, Europe, Latin America, Asia, Australia, Africa, the Middle East and New Zealand. Hertz is the largest worldwide airport general use car rental company with more than 1,700 airport locations in the U.S. and more than 1,300 airport locations internationally. Product and service initiatives such as Hertz Gold Plus Rewards, NeverLost®, Carfirmations, Mobile Wi-Fi and unique vehicles offered through the Adrenaline, Dream, Family, Fun, Green and Prestige Collections set Hertz apart from the competition. Additionally, Hertz owns the vehicle leasing and fleet management leader Donlen Corporation, operates the Hertz 24/7 hourly car rental business and sells vehicles through its Rent2Buy program. The company also owns Hertz Equipment Rental Corporation (HERC), one of the largest equipment rental businesses with more than 355 locations worldwide offering a diverse line of equipment and tools for rent and sale. HERC primarily serves the construction, industrial, oil, gas, entertainment and government sectors. For more information about Hertz, visit: www.hertz.com.

Hertz Press Contacts

Evelin Imperatrice
Hertz International
T: +44 1895 553 695
E: eimperatrice@hertz.com

Murray Wardrop
Ketchum
T: +44 (0) 207 611 3596
E: murray.wardrop@ketchum.com

Photo – http://photos.prnewswire.com/prnh/20150123/170985

SOURCE The Hertz Corporation

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http://www.hertz.com

LONDON, Jan. 20, 2015 /PRNewswire/ — Motorists must properly prepare their vehicles ahead of the cold snap to avoid putting themselves and other road users at risk, the Hertz Corporation (NYSE: HTZ) and the AA have warned.

With the mercury plunging and snow and ice on the way, the world’s leading general use car rental brand and its partner the AA have compiled their top 10 tips for staying safe on the road this winter.

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By taking a few simple measures before setting off, drivers can reduce the risk of accidents and breakdowns in adverse weather, they said.

"Roads can quickly become treacherous in winter weather but with a little planning, drivers can help reduce the risks," said Neil Cunningham, General Manager, Hertz UK. "Above all, we urge motorists to allow more time for journeys in winter weather to ensure their cars are properly prepared and to avoid rushing. With our rich heritage in motoring, road safety is one of our key priorities and we are keen to share our advice with drivers. We also offer winter accessories with our rentals, such as winter tyres and snow chains."

Edmund King, president of the AA, added: "It’s crucial that drivers prepare before setting out in wintry weather. Simple measures such as properly clearing all the vehicle’s windows, mirrors and lights of ice and snow or doubling your distance in rain, snow and ice can be the difference between arriving safely and having an accident."

Hertz and the AA recommend that drivers go through the following checklist before getting behind the wheel this winter:

1. Check the vehicle before wintry weather sets in. Lights, mirrors and windows should be completely clear before setting off, and screen wash topped up at all times with a proper additive.
2. Keep up to date on weather conditions and the state of the roads. Check the latest traffic and travel information before setting off on long journeys to help avoid getting stranded in freezing conditions.
3. Stock up for emergencies and long delays in cold weather. Prepare a kit with basic items such as coats, blankets, water, food, atlas or satnav and a torch. Also remember to keep a fully-charged mobile phone and in-car charger to report breakdowns and emergencies if necessary.
4. Tyres should be examined for adequate tread and pressures checked, while snow chains or winter tyres may be advisable in more remote areas.
5. Keep at least a quarter of a tank of fuel at all times to avoid running out if caught in long delays in bad weather.
6. Keep your distance. Drivers should increase the braking distance between themselves and the vehicle in front in wintry conditions and keep their speed in check. The normal driving distance on a dry road is at least a two-second gap but this should be doubled in wintry conditions and at least trebled when driving on snow or ice.
7. Use an ice scraper and/or de-icer spray to clear a frozen windscreen rather than using hot water, which can crack the windscreen. Use the blowers and air conditioning to clear condensation on the inside.
8. Avoid braking sharply on icy surfaces. Ice is not normally visible, so apply brakes gently to eliminate the risk of skidding.
9. Beware of aquaplaning. It occurs when tyres skid on surface water causing control on steering wheel to be lost. When this happens, instead of stepping on the brakes, it is safer to hold the steering wheel lightly and slowly lift the foot from the accelerator till the tyres regain their grip.
10. When driving in snow, use a high gear to avoid wheel spin. If stuck, keep the wheels straight and move forwards and backwards gently to regain traction.

More useful information on how to prepare for winter driving is available from the AA’s website. To learn more about Hertz’s winter offering and promotions, visit www.hertz.co.uk.

About Hertz

The Hertz Corporation operates the Hertz, Dollar, Thrifty and Firefly car rental brands in approximately more than 11,500 corporate and licensee locations throughout 145 countries in North America, Europe, Latin America, Asia, Australia, Africa, the Middle East and New Zealand. Hertz is the largest worldwide airport general use car rental brand with more than 1,400 airport locations in the U.S. and a presence at more than 250 international airports. Product and service initiatives such as Hertz Gold Plus Rewards, NeverLost®, Carfirmations, Mobile Wi-Fi and unique vehicles offered through the Adrenaline, Dream, Family, Fun, Green and Prestige Collections set Hertz apart from the competition. Additionally, Hertz owns the vehicle leasing and fleet management leader Donlen Corporation, operates the Hertz 24/7 hourly car rental business and sells vehicles through its Rent2Buy program. The company also owns Hertz Equipment Rental Corporation (HERC), one of the largest equipment rental businesses with more than 340 locations worldwide offering a diverse line of equipment and tools for rent and sale. HERC primarily serves the construction, industrial, oil, gas, entertainment and government sectors. For more information about Hertz, visit: www.hertz.com.

Hertz Press Contacts

Evelin Imperatrice
Hertz International
T: +44 1895 553 695
E: eimperatrice@hertz.com

Murray Wardrop
Ketchum
T: +44 (0) 207 611 3596
E: murray.wardrop@ketchum.com

Photo – http://photos.prnewswire.com/prnh/20150120/170158

SOURCE The Hertz Corporation

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http://www.hertz.com

NAPLES, Fla., Jan. 16, 2015 /PRNewswire/— Hertz Global Holdings, Inc. (NYSE: HTZ) ("Hertz" or "the Company") today announced that Thomas (Tom) J. Sabatino, Jr. has been appointed Senior Executive Vice President, Chief Administrative Officer and General Counsel, effective February 9. Mr. Sabatino will oversee legal, compliance, human resources, labor relations, communications, government affairs, community relations, real estate, facilities, and security. He joins Hertz from Walgreens Boots Alliance where he has served most recently as Executive Vice President, Global Legal and Chief Administrative Officer. He has also served as Executive Vice President and General Counsel at United Airlines and Schering-Plough as well as General Counsel at Baxter International and American Medical International.

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John Tague, Hertz President and Chief Executive Officer, said, "Tom Sabatino is a seasoned executive who is also widely recognized as a leading general counsel. Tom will be a senior advisor and business partner, not only in his capacity as chief legal and compliance officer, but also in his role leading significant corporate functions. I look forward to working with Tom as we build a Hertz culture based on excellence, integrity and sustained performance."

Mr. Sabatino said, "I am thrilled to be joining John and the rest of his management team at this exciting time in Hertz’s history. I hope to leverage my experience as a senior legal officer and leader of key corporate functions to help optimize the Company’s performance as we work together to transform this iconic brand."

About Thomas Sabatino, Jr.
Thomas (Tom) J. Sabatino, Jr. has most recently served as Executive Vice President, Global Legal and Chief Administrative Officer at Walgreens Boots Alliance. He joined the company in 2011 as Executive Vice President, General Counsel and Corporate Secretary, assuming the title of Chief Administrative Officer in 2014. Prior to that, Mr. Sabatino was the Executive Vice President and General Counsel of UAL Corporation and United Airlines, Inc. in 2010, and as Executive Vice President and General Counsel of Schering-Plough Corporation from 2004 through 2009. Previously, he held General Counsel positions at Baxter International and American Medical International. He has received numerous awards from his peers, including Inside Counsel’s Transformative Leader Award (2012), the National Bar Association Gertrude E. Rush Award (2013) and the Equal Justice Works Scales of Justice Award (2014). Mr. Sabatino earned his law degree from the University of Pennsylvania and his undergraduate degree from Wesleyan University in Connecticut.

He serves on the Board of Trustees of the Chicago Zoological Society (the Brookfield Zoo) and is the recent Past Chair of the Association of Corporate Counsel (the largest global in-house bar association).

ABOUT HERTZ
Hertz operates the Hertz, Dollar, Thrifty and Firefly car rental brands in more than 11,000 corporate and licensee locations throughout 140 countries in North America, Europe, Latin America, Asia, Australia, Africa, the Middle East and New Zealand. Hertz is the largest worldwide airport general use car rental company with more than 1,700 airport locations in the U.S. and more than 1,300 airport locations internationally. Product and service initiatives such as Hertz Gold Plus Rewards, NeverLost®, Carfirmations, Mobile Wi-Fi and unique vehicles offered through the Adrenaline, Dream, Family, Fun, Green and Prestige Collections set Hertz apart from the competition. Additionally, Hertz owns the vehicle leasing and fleet management leader Donlen Corporation, operates the Hertz 24/7 hourly car rental business and sells vehicles through its Rent2Buy program. The company also owns Hertz Equipment Rental Corporation (HERC), one of the largest equipment rental businesses with more than 355 locations worldwide offering a diverse line of equipment and tools for rent and sale. HERC primarily serves the construction, industrial, oil, gas, entertainment and government sectors. For more information about Hertz, visit: www.hertz.com.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained in this release, and in related comments by the Company’s management, include "forward-looking statements." Forward-looking statements include information concerning the Company’s liquidity and its possible or assumed future results of operations, including descriptions of its business strategies. These statements often include words such as "believe," "expect," "project," "potential," "preliminary," "anticipate," "intend," "plan," "estimate," "seek," "will," "may," "would," "should," "could," "forecasts" or similar expressions. These statements are based on certain assumptions that the Company has made in light of its experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate in these circumstances. The Company believes these judgments are reasonable, but you should understand that these statements are not guarantees of performance or results, and the Company’s actual results could differ materially from those expressed in the forward-looking statements due to a variety of important factors, both positive and negative, that may be revised or supplemented in subsequent reports on SEC Forms 10-K, 10-Q and 8-K. Some important factors that could affect the Company’s actual results include, among others, the thorough review of the Company’s internal financial records that is being conducted, additional time that may be required to complete the review, the ability of the Company to remediate any material weakness in its internal control over financial reporting, the ability of the Company’s lenders to exercise any remedies under the Company’s indebtedness, the final results of the SEC’s inquiry or any other governmental inquiries or investigations and those that may be disclosed from time to time in subsequent reports filed with the SEC and those described under "Risk Factors" set forth in Item 1A of the annual report on Form 10-K/A for the year ended December 31, 2013 of the Company. You should not place undue reliance on forward-looking statements. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by the foregoing cautionary statements. All such statements speak only as of the date made, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Photo – http://photos.prnewswire.com/prnh/20150116/169592

SOURCE The Hertz Corporation

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http://www.hertz.com

NAPLES, Fla., Jan. 7, 2015 /PRNewswire/ — Hertz Global Holdings, Inc. (NYSE: HTZ) ("Hertz" or "the Company") today announced that Tyler Best has been appointed Executive Vice President and Chief Information Officer (CIO), effective January 26, 2015. In his role at Hertz, Mr. Best will oversee the Company’s global Information Technology (IT) functions. Mr. Best previously held senior IT roles at Vanguard Car Rental (Alamo and National brands) and at Budget Rent-a-Car. He has also served in senior executive IT roles at YP (formerly Yellow Pages) and Ally Financial, Inc. (formerly General Motors Acceptance Corporation or GMAC). Mr. Best worked for Vanguard, GMAC and YP while each company was owned by Cerberus, a leading private equity firm. Mr. Best succeeds David Trimm who is leaving Hertz to pursue other professional opportunities.

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John Tague, Hertz President and Chief Executive Officer, said, "Tyler Best has a proven track record as a car rental IT leader, having spearheaded Vanguard’s and Avis/Budget’s integration efforts, and he has consistently delivered bottom-line improvement throughout his career. Under Tyler’s leadership, Hertz will elevate IT to the forefront of its shareholder value creation strategies to generate superior customer experiences, incremental revenues and highly efficient processes."

Mr. Best said, "I am excited to return to the car rental industry and take on the opportunity to leverage technology as a competitive advantage for Hertz. IT improvements will help employees deliver better service to our customers who, in turn, will have greater control of the rental process. Additionally, IT at Hertz will become a more powerful enabler of revenue growth and further efficiencies across the organization."

About Tyler Best
Tyler Best has been serving as CIO at YP (formerly Yellow Pages), a local marketing solutions provider in the U.S., a role he assumed in November 2012. Previously, Tyler served from 2008-2012 as Chief Technology Officer at Ally Financial, Inc., (formerly General Motors Acceptance Corporation or GMAC) an automotive financial services company. Prior to joining Ally Financial, Tyler was Senior Vice President and Chief Information Officer at Vanguard Car Rental (Alamo and National Brands). During his four years at Vanguard, Tyler led IT initiatives to integrate Alamo’s and National’s systems, including combining their counter systems. Vanguard, GMAC and YP were all owned by the private equity firm Cerberus during his years of employment. Prior to that, he led the IT integration of Avis and Budget, which merged in 2001, after holding positions of increasing seniority at several corporations and public institutions. Tyler holds an undergraduate degree in Computer Science from Michigan State University.

ABOUT HERTZ
Hertz operates the Hertz, Dollar, Thrifty and Firefly car rental brands in more than 11,000 corporate and licensee locations throughout 140 countries in North America, Europe, Latin America, Asia, Australia, Africa, the Middle East and New Zealand. Hertz is the largest worldwide airport general use car rental company with more than 1,700 airport locations in the U.S. and more than 1,300 airport locations internationally. Product and service initiatives such as Hertz Gold Plus Rewards, NeverLost®, Carfirmations, Mobile Wi-Fi and unique vehicles offered through the Adrenaline, Dream, Family, Fun, Green and Prestige Collections set Hertz apart from the competition. Additionally, Hertz owns the vehicle leasing and fleet management leader Donlen Corporation, operates the Hertz 24/7 hourly car rental business and sells vehicles through its Rent2Buy program. The company also owns Hertz Equipment Rental Corporation (HERC), one of the largest equipment rental businesses with more than 355 locations worldwide offering a diverse line of equipment and tools for rent and sale. HERC primarily serves the construction, industrial, oil, gas, entertainment and government sectors. For more information about Hertz, visit: www.hertz.com.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained in this release, and in related comments by the Company’s management, include "forward-looking statements." Forward-looking statements include information concerning the Company’s liquidity and its possible or assumed future results of operations, including descriptions of its business strategies. These statements often include words such as "believe," "expect," "project," "potential," "preliminary," "anticipate," "intend," "plan," "estimate," "seek," "will," "may," "would," "should," "could," "forecasts" or similar expressions. These statements are based on certain assumptions that the Company has made in light of its experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate in these circumstances. The Company believes these judgments are reasonable, but you should understand that these statements are not guarantees of performance or results, and the Company’s actual results could differ materially from those expressed in the forward-looking statements due to a variety of important factors, both positive and negative, that may be revised or supplemented in subsequent reports on SEC Forms 10-K, 10-Q and 8-K. Some important factors that could affect the Company’s actual results include, among others, the thorough review of the Company’s internal financial records that is being conducted, additional time that may be required to complete the review, the ability of the Company to remediate any material weakness in its internal control over financial reporting, the ability of the Company’s lenders to exercise any remedies under the Company’s indebtedness, the final results of the SEC’s inquiry or any other governmental inquiries or investigations and those that may be disclosed from time to time in subsequent reports filed with the SEC and those described under "Risk Factors" set forth in Item 1A of the annual report on Form 10-K/A for the year ended December 31, 2013 of the Company. You should not place undue reliance on forward-looking statements. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by the foregoing cautionary statements. All such statements speak only as of the date made, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

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SOURCE The Hertz Corporation

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http://www.hertz.com