Category: Press Release

NAPLES, Fla., Nov. 14, 2014 /PRNewswire/ — Hertz Global Holdings, Inc. (NYSE: HTZ) ("Hertz" or "the Company") today announced a new fleet purchasing strategy to improve the U.S. rental car business’s competitive position and customer experience.

Additionally, the Company is implementing a global cost reduction program that is expected to result in approximately $100 million of run-rate cost savings by year end 2015.

Linda Fayne Levinson, Independent Non-Executive Chair of the Hertz Board, said, "We believe the actions we are announcing today will strengthen the Company’s competitive position, improve customer satisfaction and drive financial performance. The Hertz team is fully aligned to execute on these key priorities."

Brian MacDonald, interim Chief Executive Officer of Hertz, said, "The actions announced today are already underway, and are an important part of our efforts to improve the Company’s operating and financial performance and focus on the highest-return opportunities. While we are quickly moving forward, it will take time for the full benefits to be reflected in the Company’s results."

New Fleet Strategy for the U.S. Rental Car Business

Mr. MacDonald continued, "The Hertz Board and management team have determined that a comprehensive modification to Hertz’s U.S. fleet strategy is necessary to establish a more competitive product position, improve the customer experience, provide greater flexibility for demand fluctuations and better protect against a fluctuating used-car sales cycle."

Hertz will purchase roughly 350,000 model year 2015 vehicles in the U.S., approximately 60% more than the model year 2014 vehicles. Approximately 25% of the model year 2015 fleet buy is being delivered in the fourth quarter of 2014. Approximately 70% of the U.S. operating fleet is expected to be risk vehicles in calendar year 2015 versus approximately 85% in 2014. As the Company strategically transforms the U.S. fleet, the average U.S. risk-car holding period for 2014 and 2015 model year vehicles is expected to be substantially lower than the 2013 model year holding periods.

Financing for the fleet purchase will be funded through the Company’s revolving credit facilities, which were recently amended to extend maturities and provide incremental growth capital.

To accelerate its fleet transformation, the Company increased its fourth quarter 2014 U.S. risk vehicle dispositions by 45% versus plan, targeting its highest mileage vehicles. As of the end of October, approximately 40% of the sales planned for fourth quarter 2014 have been completed.

For the full year 2014, U.S. car rental monthly depreciation per vehicle is expected to be approximately $280 – $300 per unit, which is higher than forecast primarily due to the accelerated disposition timeline and weaker residual values.

$100 Million Cost Reduction Program

The Company is implementing actions to reduce costs by approximately $100 million annually, primarily through reduced general and administrative expenses, reduced information technology and capital investments, a reduction in external strategic advisor expenses, and a previously announced freeze to its pension plans. The Company expects to achieve the full run-rate of these savings by year-end 2015.

Accounting Review and Financial Restatement Process

Today, the Company filed a Current Report on Form 8-K announcing that although its accounting review and investigation are ongoing, the Audit Committee of the Hertz Board of Directors has concluded that additional proposed adjustments arising out of the accounting review are material to the Company’s 2012 and 2013 financial statements. Therefore, in addition to the 2011 financial statements, the 2012 and 2013 annual and quarterly financial statements must be restated and should no longer be relied upon. 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 to the 2011 financial statements, as previously disclosed, the further requirement to restate the 2012 and 2013 financial statements, will further lengthen the period for completion of the applicable accounting activities. Hertz does not currently expect to complete the process and file updated financial statements before mid-2015, and there can be no assurance that the process will be completed at that time or that additional adjustments may be identified.

Hertz is continuing to work closely with PricewaterhouseCoopers LLP, its independent registered public accounting firm, and is putting all of the necessary resources and efforts into resolving these accounting matters. Remediation activities are also underway.

Hertz Equipment Rental Business 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 be delayed and will not occur until after the Company has completed its accounting review and filed the necessary updated financial statements with the SEC. The Company intends to then file a Form 10 with the SEC which will need to be reviewed and declared effective by the SEC before the separation can occur.

2014 Third Quarter Business Update

For the third quarter ended September 30, 2014, the Company is providing the following operating highlights:

Unaudited Revenue by Segment

	Three Months Ended September 30,				Percent Increase/		Nine Months Ended September 30,				Percent Increase/
	2014		2013		(Decrease)		2014		2013		(Decrease)
Revenue:
U.S. Car Rental	$ 1,761		$ 1,765		–		$ 4,971		$ 4,848		3%
International Car Rental	795		769		3%		1,915		1,838		4%
Worldwide Equipment Rental	415		402		3%		1,161		1,137		2%
All Other Operations	145		133		9%		425		392		8%
Total Revenue	$ 3,116		$ 3,069		2%		$ 8,472		$ 8,215		3%

U.S. Car Rental

Total U.S. car rental revenue was $1.8 billion in the 2014 third quarter, in line with the 2013 third quarter. The 2014 year-over-year revenue comparison is partially impacted by the termination of the Advantage vehicle sublease in November 2013. U.S. car rental segment revenue represents 57% of total consolidated revenue in the 2014 third quarter. As previously disclosed, the Company experienced a rapid, substantial increase in contracted bookings beginning in June 2014 due to a large new account win. While demand was trending ahead of plan, transaction days in the 2014 third quarter were tempered by tight fleets in the face of rising OEM recall activity.

In the 2014 third quarter, transaction days increased 5% year-over-year. U.S. rental car fleet efficiency was 80% in the third quarter.

U.S. car rental total revenue per day (RPD) decreased 4% year-over-year. For the Hertz brand on airport, total RPD was flat on a 2% decline in transaction days. Mix-adjusted total RPD in the third quarter was down 2%. The more limited fleet availability continued to have a counter-intuitive effect on the Company’s rental car pricing in the third quarter. Fulfilling the larger amount of contracted business consumed the majority of available fleet. This left the company without inventory to capture more of the higher-rate leisure close-in rental reservations, which also typically generate greater ancillary sales.

International Car Rental

International car rental segment revenue was $795 million, a 3% increase in the 2014 third quarter, or 2% excluding currency effects, compared to the 2013 third quarter. International car rental segment revenue represents 25% of total consolidated revenue in the 2014 third quarter. The growth in revenue was driven by strong performance in Europe, which represented about 74% of the total International segment’s revenue. Europe revenue grew 3% as compared to the prior-year period, excluding currency effects, primarily driven by the expansion of the Firefly and Thrifty value brands, as well as CCL Vehicle Rentals Ltd., the Company’s insurance replacement acquisition from June 2013. Europe transaction days increased 4%. Total RPD declined 1% in the quarter due to the rapid incremental volume growth in the value segment as the Company rolls out its Thrifty and Firefly brands.

In the Asia Pacific market, New Zealand reported strong, year-over-year revenue growth in the third quarter and Australia gained market share as airport revenue grew 9% over the prior year versus the industry growth rate of 6%.

Worldwide Equipment Rental

Worldwide equipment rental segment revenue of $415 million increased 3% in the 2014 third quarter, or 4% 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 4% year-over-year, or 5% excluding currency effects. Worldwide volume increased 4% in the third quarter 2014. Equipment rental pricing was 2% higher compared with the 2013 third quarter. Worldwide equipment rental segment revenue represents 13% of total consolidated revenue in the 2014 third quarter.

In North America, total equipment rental revenue was $373 million, 3% higher year-over-year, or 5% higher excluding currency effects. Rental and rental related revenue increased 4%, or 5% excluding currency effects. Volume in North America increased 4% in the third quarter 2014. Equipment rental pricing was 2% higher compared with the 2013 third quarter.

All Other Operations

The Company has grouped information about Donlen fleet leasing and management services together with other business activities, such as its third party claim management services, under "all other operations." All other operations segment revenue increased 9% over the same period last year. All other operations segment revenue represents 5% of total consolidated revenue in the 2014 third quarter.

The Company’s Donlen leasing operation again delivered strong results this quarter, with revenue up 9% over last year driven by strong lease revenue and new account wins.

Selected Unaudited Financial Information

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2014		2013		2014		2013
*Net Capital Expenditures:
Net Revenue Earning Equipment Expenditures
U.S. Car Rental	$ (29)		$ (164)		$ 1,106		$ 1,896
International Car Rental	624		441		1,238		920
Worldwide Equipment Rental	134		199		341		481
All Other Operations	127		103		438		349
Total Net Revenue Earning Equipment Expenditures	856		579		3,123		3,646
Net Property and Equipment Expenditures	65		57		185		181
Total Net Capital Expenditures	$ 921		$ 636		$ 3,308		$ 3,827
*Amounts represent capital expenditures net of (proceeds from disposals). Results are subject to completion of the Accounting Review
	September 30, 2014		December 31, 2013
Debt:
Corporate Debt	$ 6,749		$ 6,504
Fleet Debt	10,237		9,805
Total Debt	$ 16,986		$ 16,309
	September 30, 2014		December 31, 2013
Liquidity:
Senior ABL Facility Borrowing Capacity and Availability	$ 876		$ 1,157
Cash and Cash Equivalents	666		423
Corporate Liquidity	$ 1,542		$ 1,580

2014 Outlook

For the full year 2014, Corporate EBITDA is anticipated to be in a range of $1.30 billion to $1.45 billion, which reflects the impact of adjustments identified to date related to the Company’s ongoing accounting review. Corporate EBITDA is primarily being impacted by lower U.S. car rental fleet efficiency and higher fleet maintenance, damage and depreciation expenses versus plan. The higher fleet depreciation is related to the recently accelerated vehicle disposal schedule as well as a greater-than-forecasted decline in residual values. Additionally, the disposal of obsolete equipment in the Company’s equipment rental segment and costs associated with the accounting review are expected to contribute to the lower year-over-year profit forecast.

The Company noted that 2014 and 2015 should not be viewed as a base for the Company’s go-forward financial results, given the unusual costs incurred associated with the accounting and financial review, the changes being implemented to improve the Company’s competitive position and the expected timing for the associated benefits to be realized.

Commenting on the Company’s outlook, Mr. MacDonald said, "We believe the lower revenue growth and higher direct operating expenses we are experiencing in 2014 are transitory, primarily associated with fleet and systems integration challenges related to the Dollar Thrifty acquisition as well as some execution issues. We are addressing the operational issues by strategically repositioning the fleet, hiring incremental sales and maintenance staff and migrating the Dollar and Thrifty financial and counter systems onto Hertz systems. Accordingly, 2015 will represent a transitional year with a more normal base performance becoming evident in 2016."

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.

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 measures most directly comparable to Corporate EBITDA are pre-tax income and cash flows from operating activities. Because of the forward-looking nature of the Company’s forecasted Corporate EBITDA, specific quantifications of the amounts that would be required to reconcile forecasted cash flows from operating activities and pre-tax income are not available. The Company believes that there is a degree of volatility with respect to certain of the Company’s GAAP measures, primarily related to fair value accounting for its financial assets (which includes the Company’s derivative financial instruments), its income tax reporting and certain adjustments made to arrive at the relevant non-GAAP measures, which preclude the Company from providing accurate forecasted GAAP to non-GAAP reconciliations. 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 forecasted 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.

Cautionary Note Concerning Forward Looking Statements

Certain statements contained in this press release 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. Some important factors that could affect the Company’s actual results include, among others, those described under "Risk Factors" set forth in Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, as amended, or that have been or may be disclosed from time to time in subsequent reports filed with the Securities and Exchange Commission, the thorough review of the Company’s internal financial records that is being conducted, the additional time that may be required to complete the review and the ability of the Company to remediate any material weakness in its internal control over financial reporting.

Additional information concerning these factors can be found in our filings with the Securities and Exchange Commission, including our Form 10-K and our Current Reports on Form 8-K. 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.

Contacts:

Investor Relations:
Hertz
Leslie Hunziker
(239) 552-5700
lhunziker@hertz.com

Media:
Hertz
Richard Broome
(239) 552-5558
rbroome@hertz.com

Joele Frank
Barrett Golden, Alyssa Cass or Dan Moore
(212) 355-4449

SOURCE Hertz Global Holdings, Inc.

Related Links

https://www.hertz.com

PARK RIDGE, N.J., Nov. 4, 2014 /PRNewswire/ — The Hertz Corporation (NYSE: HTZ), the world’s largest general use car rental brand, announces its participation in this year’s Specialty Equipment Market Association (SEMA) trade show. At the show, Hertz will be providing in booth demonstrations of its new web-based portal, HIRS for Repair Shops, and will once again be sponsoring the Society of Collision Repair Specialist’s (SCRS) Repairer Driven Education (RDE) Series and the OEM Collision Repair Technology Summit.

"Hertz is committed to growing its network of neighborhood locations that service the collision repair industry," said Hertz Senior Vice President, John Holt. "Our new HIRS web portal was developed to assist shops in managing their performance and to provide real time Hertz rental reporting. Hertz’s attendance at SEMA and our sponsorship of SCRS’ RDE educational series will be instrumental in growing the Hertz business, especially in the insurance replacement market, while educating attendees on the products and services Hertz offers to provide customers with the fastest and easiest car rental experience in the industry."

HIRS for Repair Shops, developed in conjunction with Information Builders, is a web based tool that assists shops in managing their key performance indicators and provides real time rental reporting. The tool will help repair shops reduce in-coming phone calls, give real time access to customizable reporting and manage Hertz rentals all in one place. Set to launch in the first quarter of 2015, shops can demo the product and sign up for service during SEMA at Hertz Booth #11381.

Held throughout the duration of SEMA, SCRS’ RDE educational series presents attendees with a variety of programs that address the issues faced in today’s collision repair businesses. The education program is presented each day of the SEMA Show, and features some of the industry’s most respected subject matter experts.

"The industry is focused right now on finding ways to maintain pace with the rapid advancement of technology in today’s vehicles, and the need for collision repair business to find business models that financially support the growing demands to invest in training, equipment and resources necessary to perform proper repairs," shared SCRS Executive Director, Aaron Schulenburg. "Having support and involvement from corporations like Hertz makes the development of these educational opportunities possible, as we collaborate to better our industry’s ability to serve the motoring public through enhanced access to information."

SCRS’s 2014 lineup of education sessions boasts more than 20 new sessions and a dozen new speakers to its educational platform. The OEM Collision Repair Technology Summit, being held on Wednesday, November 5, will allow the industry to explore ways in which auto design, technology and materials impact reparability; and in turn, how reparability influences structural design and development.

To see a full list and schedule of offerings in the Repairer Driven Education series and OEM Collision Repair Technology Summit, visit www.semashow.com/scrs.

Additional products and services Hertz will showcase while at SEMA, include:

Hertz Local Edition: Hertz’s network of neighborhood locations servicing the replacement, leisure and business customers and offering customers pickup and delivery service as well as ‘Key2Key’ service with cars conveniently located at auto body and collision repair shops, enabling customers to have access to a car while their car is in the shop.
Hertz Technology: Committed to providing customers speed, ease and value with technological innovations and personalized service, unique customer services include:

• Carfirmation: A mobile email/SMS text service – Mobile Gold Alerts — that confirms a Gold customer’s reservation, advises of their car, and its location at the Hertz facility. Mobile Gold Alerts also shows other available cars and upgrades and lets customers select the one they want – all via their mobile device.
• Choose Control: Hertz Gold Choice gives the customer the power to keep the car they reserved or simply choose another, something no other car rental brand offers.
• Zap Technology: Hertz e-Return is the fastest way to get customers, when they return, back on their way home. Hertz will email the customer’s receipt in a flash.
• Acceler-Rental: Hertz is the first rental company to offer airport and neighborhood location customers the ability to rent cars through a live face-to-face video kiosk with Hertz ExpressRent™ kiosks.
• Mobile Apps: As consumers are looking to mobile technologies as a way to take back control of their travel experience, from on-the-go bookings to instant upgrades.
  • Hertz Mobile App: Book, modify and search car rental reservations, find locations, and browse special deals and offers all from the palm of your hand.
  • Hertz NeverLost My Explore App: Users can plan their itinerary and navigate popular cities all on their smart phone and import it into a calendar or to the award-winning Hertz NeverLost® GPS.
  • Hertz 24/7 Mobile App: Customers have 24/7 access to a variety of vehicles when and where they need them with the ability to reserve a car or modify an existing reservation and view upcoming and previous reservations.

For more information visit Hertz online at www.hertz.com or, during SEMA, visit Booth #11381 to meet with a Hertz representative.

About SCRS’ RDE Series
REPAIRER DRIVEN EDUCATION (RDE) series will feature 4 days of seminar offerings, many of which are uniquely designed and being offered only at the 2014 SEMA Show. Each of the courses has been individually selected or crafted by SCRS because the content specifically focuses on information that is relevant to the diverse array of marketplace perspectives within the collision repair industry. Register at www.semashow.com/scrs or contact Customer Service at (866) 229-3687.

About SCRS
Through its direct members and 44 affiliate associations, SCRS is comprised of 6,000 collision repair businesses and 58,500 specialized professionals who work with consumers and insurance companies to repair collision-damaged vehicles. Additional information about SCRS including other news releases is available at the SCRS website: www.scrs.com. You can e-mail SCRS at the following address: info@scrs.com.

About Information Builders
Information Builders helps organizations transform data into business value. Software solutions for business intelligence and analytics, integration, and data integrity empower people to make smarter decisions, strengthen customer relationships, and drive growth. Dedicated to customer success is unmatched in the industry, tens of thousands of leading organizations rely on Information Builders to be their trusted partner. Founded in 1975, Information Builders is headquartered in New York, NY, with offices around the world, and remains one of the largest independent, privately held companies in the industry. For more information, visit www.informationbuilders.com.

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.

Logo – http://photos.prnewswire.com/prnh/20130620/NY35609LOGO

SOURCE The Hertz Corporation

Related Links

http://www.hertz.com

NAPLES, Fla., Oct. 28, 2014 /PRNewswire/ — Hertz Equipment Rental Corporation (HERC), a wholly owned subsidiary of The Hertz Corporation (NYSE: HTZ), has launched a new heavy industrial equipment rental facility in Joplin, Missouri. The HERC Joplin branch serves the construction and commercial markets in the Four State area, the region where the states of Missouri, Kansas, Oklahoma and Arkansas meet.

"Hertz Equipment Rental set up temporary facilities in Joplin two years ago as an extension of our Springfield, MO operations to support the city’s ongoing redevelopment efforts following the devastating tornado of May 2011," said Brian MacDonald, Interim Chief Executive Officer of Hertz. "We have provided the rental of heavy industrial equipment to assist with the rebuilding of many business facilities and houses."

"We are honored to open a permanent location in Joplin to continue serving the community’s rebuilding initiatives as well as provide support to the surrounding areas in Oklahoma, Kansas and Arkansas," MacDonald added. "The new Joplin branch also joins a network of neighboring Hertz Equipment Rental operations including Springfield, Missouri and Springdale, Arkansas."

The HERC Joplin location provides a wide range of industrial and commercial fleet for rent or sale including aerial, compaction and paving, earth moving, heaters, power generators, forklifts and other material handling equipment and safety supplies.

Hertz equipment is purchased from the industry’s leading manufacturers and is available for daily, weekly, monthly and long-term rentals. There are also rent-to-own and rental purchase option plans available for the new and used equipment for sale.

The Joplin, MO branch employs highly trained staff fully dedicated to providing customers a premier rental experience. The branch is located at 2315 E 7th St, Joplin, MO, 64801. Its hours of operation are 7:00am – 5:00pm Monday – Friday. Local staff can be reached at telephone number (417) 659-8771.

About Hertz Equipment Rental Corporation
Hertz Equipment Rental Corporation (www.hertzequip.com) – a wholly owned subsidiary of The Hertz Corporation since 1965 – operates one of the world’s largest equipment rental businesses, offering a diverse line of equipment and tools for rent and sale. Products include aerial manlifts, air compressors and tools, earthmoving equipment and power generators, forklifts and material handling equipment, pumps, and trucks and trailers. Hertz Equipment also offers programs and equipment through its customer programs for Aerial, Energy, Entertainment, Government, HERC360 Fleet Management, Industrial Plants, National Accounts and Safety. With approximately 360 locations in the United States, Canada, China, France, Spain and Saudi Arabia as well as through international licensees, Hertz Equipment Rental offers daily, weekly, monthly and long-term rentals, tools and supplies, as well as new and used equipment for sale.

About The Hertz Corporation
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 number one airport car rental brand in the U.S. and has a presence at 130 airports across Europe. 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. Hertz also operates one of the world’s largest equipment rental businesses, Hertz Equipment Rental Corporation. For more information about Hertz, visit: www.hertz.com.

Contact: Zoe White
+44 1895 553 887
zoewhite@hertz.com

SOURCE The Hertz Corporation

Related Links

http://www.hertz.com

LONDON, Oct. 21, 2014 /PRNewswire/ — Nissan Motor Company has chosen The Hertz Corporation (NYSE: HTZ), the world’s leading general use car rental brand, to become its exclusive mobility partner. The partnership comes after Nissan was named the new official global automotive sponsor of the UEFA Champions League, UEFA Super Cup and related events.

As part of this partnership, Hertz will provide logistical support to help Nissan, the official global automotive sponsor of the tournament, transport executives and officials to and from match stadiums and facilitate related pick-ups.

The agreement means Hertz will supply Nissan with use of the all new Nissan Qashqai 5-seater and the New Nissan X-Trail 5-seater and 7-seater. With approximately 11,555 corporate and licensee locations across 145 countries, dedicated local points of contact and a specific booking hub, Hertz is ideally placed to offer Nissan a service of unparalleled speed and convenience.

Michel Taride, Group President, Hertz International, said: "Hertz’s reputation as a mobility solutions provider has been built on streamlined packages for major sporting events such as The Wimbledon Lawn Tennis Championships for 20 years and the Rugby World Cup in 2013. We are naturally delighted to support a winning Nissan team. We look forward to an action-packed season of football over which we will support Nissan in providing a comprehensive mobility package."

The partnership with Nissan kicked off in Cardiff on August 12th with the UEFA Super Cup, for which over 70 vehicles were needed. Hertz also supported Nissan in the coordination of executive and VIP transport to the official UEFA Champions League group stage draw on August 28th.

Nissan will be using 4 Hertz vehicles per UEFA Champions League group game, while the final in Berlin on June 6, and other related events will require between 20-160 vehicles. Nissan and Hertz have estimated that a league-topping 400 vehicles will be used throughout the 2014-2015 season alone.

About Hertz
Hertz operates its car rental business through the Hertz, Dollar, Thrifty and Firefly brands from approximately 11,555 corporate and licensee locations in about 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, operating from approximately 10,090 corporate and licensee locations in approximately 145 countries. Dollar and Thrifty have approximately 1,400 corporate and franchise locations in approximately 75 countries. Hertz is the number one airport car rental brand in the U.S. and at 130 major airports in Europe.

Product and service initiatives such as Hertz Gold Plus Rewards, NeverLost®, Carfirmations, Mobile Wi-Fi and unique vehicles offered through the company’s Adrenaline, Dream, Family, Fun, Green and Prestige Collections also 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 a leading North American equipment rental business, Hertz Equipment Rental Corporation, which includes Hertz Entertainment Services. More information about the company can be found at www.abouthertz.com.

About Nissan Motor Co.
Nissan Motor Co., Ltd., Japan’s second-largest automotive company, is headquartered in Yokohama, Japan, and is part of the Renault-Nissan Alliance. Operating with more than 244,500 employees globally, Nissan sold almost 5.2 million vehicles and generated revenue of 10.5 trillion yen (USD 105 billion) in fiscal 2013. Nissan delivers a comprehensive range of more than 60 models under the Nissan, Infiniti and Datsun brands. In 2010, Nissan introduced the Nissan LEAF, and continues to lead in zero-emission mobility. The LEAF, the first mass-market, pure-electric vehicle launched globally, is now the best-selling EV in history with almost 50% share of the zero-emission vehicle segment.

For more information on our products, services and commitment to sustainable mobility, visit our website at http://www.nissan-global.com/EN/

About Nissan in Europe
Nissan has one of the most comprehensive European presences of any overseas manufacturer, employing more than 14,500 staff across locally-based design, research & development, manufacturing, logistics and sales & marketing operations. Last year Nissan plants in the UK, Spain and Russia produced more than 635,000 vehicles including mini-MPVs, award-winning crossovers, SUVs, commercial vehicles and the Nissan LEAF, the world’s most popular Electric Vehicle with 97% performance satisfaction and 95% of customers willing to recommend the car to friends. Nissan now offers 24 diverse and innovative products for sale in Europe today, and is positioned to become the number one Asian brand in Europe.

Hertz Press Contacts

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

Ian Savage
Ketchum
T: +44 (0) 207 611 3774
E: ian.savage@ketchum.com

Nissan Press Contacts

Katherine Zachary, Corporate Communications, Nissan Europe
Telephone: +41 79 701 85 16
Email: kzachary@nissan-europe.com

Sara Jenkins, Corporate Communications, Nissan Europe
Telephone: +41 79 808 33 97
Email: sjenkins@nissan-europe.com

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/nissan-confirms-exclusive-mobility-partnership-with-hertz-657248397.html

SOURCE The Hertz Corporation

Related Links

http://www.abouthertz.com

NAPLES, Fla., Oct. 15, 2014 /PRNewswire/ — Hertz Equipment Rental Corporation (HERC) a wholly owned subsidiary of The Hertz Corporation (NYSE: HTZ), has announced its launch in Panama City, Panama to deliver specialty equipment rental solutions for the construction, industrial, and government sectors. HERC Panama is operated by Asesoria Especializada RAL S.A, which joined the HERC global franchise network in 2013.

The launch of HERC Panama comes amid significant, ongoing industrial projects in the country, including the Panama Canal expansion, Panama metro line development, and road and highway construction. Additional major projects include the Cold Chain distribution network (farming), airport expansion, distribution, mining, water supply, hospital and housing development and energy services. The Government of Panama’s total investment in these programs and more is variously estimated at $15-20 billion over the next 3-5 years [Source: export.gov/panama].

"This significant launch provides the market with a first class, value-added equipment rental supplier in Panama," said Brian MacDonald, Interim Chief Executive Officer, Hertz. "In addition, it enables Hertz Equipment Rental Corporation to extend its international footprint into one of the fastest growing markets within Latin America."

"Our valued franchise agreement is part of our global strategy to grow our business efficiently through carefully selected partnerships with leading local operators who bring strong market expertise, resources and complementary commercial strategies," MacDonald added.

Regina Arauz de Liakopulos, President, HERC Panama, commented: "We offer a professional service together with one of the newest fleets in the industry to produce the best value proposition for the market. As well as providing the right, state-of-the-art equipment for the job, we provide comprehensive fleet maintenance solutions to free our customers to focus on their core areas of expertise and add value to their bottom line. In addition, we share with HERC a strong commitment to growth, innovation, and customer service."

HERC Panama provides a wide range of industrial and commercial fleet for rent or sale including earthmoving, power, aerial, material handling, electrical, compressed air and compaction machinery. In addition the company offers comprehensive fleet management and industrial plant services.

The HERC equipment is purchased from the industry’s leading manufacturers including Atlas Copco, Bobcat, Genie, JCB, Miller, and Wacker. The broad range available includes backhoes, skid steers, straight mast and articulating manlifts, telehandlers, rollers, pumps, compressors and generators.

The equipment is available for daily, weekly, monthly and long-term rentals. There are also rent-to-own and rental purchase option plans available for the new and used equipment for sale.

HERC Panama is based at 24 de diciembre, Tocumen, Ciudad de Panama, Rep. de Panama. Its hours of operation are Monday-Friday 8 AM to 5 PM and Saturday 8 AM to 12 PM. Local staff can be reached at telephone (507) 302-3072.

About Hertz Equipment Rental Corporation
Hertz Equipment Rental Corporation (www.hertzequip.com) – a wholly owned subsidiary of The Hertz Corporation since 1965 – operates one of the world’s largest equipment rental businesses, offering a diverse line of equipment and tools for rent and sale. Products include aerial manlifts, air compressors and tools, earthmoving equipment and power generators, forklifts and material handling equipment, pumps, and trucks and trailers. Hertz Equipment also offers programs and equipment through its customer programs for Aerial, Energy, Entertainment, Government, HERC360 Fleet Management, Industrial Plants, National Accounts and Safety. With approximately 360 locations in the United States, Canada, China, France, Spain and Saudi Arabia as well as through international licensees, Hertz Equipment Rental offers daily, weekly, monthly and long-term rentals, tools and supplies, as well as new and used equipment for sale.

About The Hertz Corporation
Hertz operates its car rental business through the Hertz, Dollar, Thrifty and Firefly brands from approximately 11,555 corporate and licensee locations in about 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, operating from approximately 10,090 corporate and licensee locations in approximately 145 countries. Dollar and Thrifty have approximately 1,400 corporate and franchise locations in approximately 75 countries. Hertz is the number one airport car rental brand in the U.S. and at 130 major airports in Europe. Product and service initiatives such as Hertz Gold Plus Rewards, NeverLost®, Carfirmations, Mobile Wi-Fi and unique vehicles offered through the Company’s Adrenaline, Dream, Family, Fun, Green and Prestige Collections also 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 a leading North American equipment rental business, Hertz Equipment Rental Corporation, which includes Hertz Entertainment Services. More information about the company can be found at: www.abouthertz.com.

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Contact:
Zoe White, Hertz
+44 1895 553 887
zoewhite@hertz.com

SOURCE The Hertz Corporation

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http://www.abouthertz.com

LONDON, Oct. 7, 2014 /PRNewswire/ — The Hertz Corporation (NYSE: HTZ), the world’s leading general use car rental brand, has announced that Hertz Portugal in partnership with the golf clubs rental company MyCaddyMaster is offering a combined car and golf equipment rental package, which is an industry first.

This ground-breaking service will enable Hertz customers to make the most of their golfing break, without the worry of any additional baggage fees or lost luggage.

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Teeing off a golf holiday has never been simpler. The service allows golfers to order top quality clubs online and find them waiting in the boot of their hire car the moment they arrive at Portugal’s Lisbon and Faro airports. At the end of their golf break, customers can conveniently drop off their golf bag and car at the same place before flying home, without any of the hassle of carrying heavy bags during their journey.

The partnership was inspired by the surge in popularity of golf holidays, with around 1.3 million European players now making regular trips abroad to enjoy their favourite sport. With airlines now charging around £60 in luggage fees to transport a set of golf clubs and around 25 million pieces of luggage being lost or stolen each year, the demand for equipment hire while on holiday is greater than ever before.

The service also ensures that customers are not left struggling to cram their luggage into a car that is too small. The MyCaddyMaster website will pre-select Hertz cars at the best price and with boots large enough to accommodate the equipment that has been booked.

More than 350,000 of the 6 million golf players across Europe descend on Portugal each year, reason why the country has been recently voted the number one golfing destination in the world.

The popularity of the sport has immensely grown in recent years, especially in Britain, which accounts for 30% of Europe’s 4.4 million golfers. Germany and Sweden make up the remainder of the top three, accounting for 14% and 11% respectively. The trend of people travelling abroad to enjoy the sport is underpinned by the fact that more than half (57%) of golfers say they only play while on holiday.

Further information on how to book golf equipment and a Hertz vehicle with Hertz Portugal and MyCaddyMaster available from www.hertz.pt and www.hertz.com/mycaddymaster.

About Hertz

Hertz operates its car rental business through the Hertz, Dollar, Thrifty and Firefly brands from approximately 11,555 corporate and licensee locations in about 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, operating from approximately 10,090 corporate and licensee locations in approximately 145 countries. Dollar and Thrifty have approximately 1,400 corporate and franchise locations in approximately 75 countries. Hertz is the number one airport car rental brand in the U.S. and at 130 major airports in Europe.

Product and service initiatives such as Hertz Gold Plus Rewards, NeverLost®, Carfirmations, Mobile Wi-Fi and unique vehicles offered through the company’s Adrenaline, Dream, Family, Fun, Green and Prestige Collections also 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 a leading North American equipment rental business, Hertz Equipment Rental Corporation, which includes Hertz Entertainment Services. More information about the company can be found at www.abouthertz.com.

Photo – http://photos.prnewswire.com/prnh/20141007/150659

SOURCE The Hertz Corporation

NAPLES, Fla., Sept. 16, 2014 /PRNewswire/ — Hertz Global Holdings Inc. (NYSE: HTZ) ("Hertz" or "the Company") today announced that it has entered into a definitive agreement with Carl C. Icahn and affiliated entities under which Vincent J. Intrieri, Samuel Merksamer and Daniel A. Ninivaggi have been appointed to the Hertz Board of Directors as Class II, Class I and Class I directors, respectively. Messrs. Intrieri, Merksamer and Ninivaggi have also been appointed as directors to The Hertz Corporation Board of Directors. Messrs. Intrieri and Merksamer will be members of the five-person search committee, chaired by Independent Non-Executive Chair Linda Fayne Levinson, leading the process to find a permanent Chief Executive Officer of Hertz. As previously announced on September 11, 2014, Hertz had reached an agreement-in-principle with Mr. Icahn.

In addition, Henry C. Wolf, Barry H. Beracha and Philippe P. Laffont have retired from the Board. The Hertz Board now comprises nine independent directors and will expand to ten directors upon the appointment of a permanent Chief Executive Officer.

Linda Fayne Levinson, Independent Non-Executive Chair of the Hertz Board of Directors, said, "We have a talented Board with diverse skills and strong voices, all intent on improving Hertz’s performance and creating value for all shareholders. We welcome Messrs. Intrieri, Merksamer and Ninnivaggi to the Board. We are sure their experience and skill will add value, and we look forward to working with them constructively."

Ms. Levinson continued, "While we welcome our new Board members, we will sorely miss Hank, Barry and Philippe. They are all very talented business leaders who have made valued contributions to the performance of Hertz. On behalf of the whole Board, I would like to thank them for their service."

Carl C. Icahn commented, "This is a great outcome for Hertz and its shareholders and I thank the Hertz Board for taking this important step in putting the Company back on track. Our director designees look forward to working with Linda and the other Board members to identify a permanent CEO. I’m confident our designees will quickly prove their value to the Board and the Company, as they have done on numerous occasions in the past in creating value for all shareholders."

Carl C. Icahn, together with his affiliates, beneficially owns approximately 38.8 million shares of Hertz common stock, which represents approximately 8.48% of Hertz’s outstanding shares. Mr. Icahn has also agreed to vote the shares he controls in support of Hertz’s slate of director nominees at the Company’s 2015 Annual Meeting. Mr. Icahn and his affiliates have also agreed to other customary standstill provisions. In addition, the Company’s shareholder rights plan has been amended to increase the triggering percentage to 20%. The complete agreement with Mr. Icahn will be filed on a Form 8-K with the Securities and Exchange Commission.

About Vincent J. Intrieri

Vincent J. Intrieri has been employed by Icahn-related entities since October 1998 in various investment-related capacities. He currently serves on the boards of Navistar International Corporation, Chesapeake Energy Corporation and Transocean Ltd. Mr. Intrieri received his B.S. in Accounting from The Pennsylvania State University (Erie Campus) and was a certified public accountant.

About Samuel Merksamer

Samuel Merksamer is a Managing Director of Icahn Capital. Mr. Merksamer currently serves on the boards of Hologic, Inc., Navistar International Corporation, Transocean Ltd., Ferrous Resources Limited and Talisman Energy Inc. He is a graduate of Cornell University.

About Daniel A. Ninivaggi

Daniel A. Ninivaggi has served as a director of Icahn Enterprises L.P. and its general partner, Icahn Enterprises G.P., Inc., since March 2012. Mr. Ninivaggi has served as a Co-Chief Executive Officer of Federal-Mogul Corporation, a supplier of automotive powertrain and safety components, since February 2014. Mr. Ninivaggi currently serves on the boards of Icahn Enterprises, Federal-Mogul Corporation and Tropicana Entertainment Inc. Mr. Ninivaggi received a B.A. in History from Columbia University in 1986, a Masters of Business Administration from the University of Chicago in 1988 and a J.D. from Stanford Law School in 1991.

About Hertz

Hertz operates its car rental business through the Hertz, Dollar, Thrifty and Firefly brands from approximately 11,465 corporate and franchisee locations in North America, Europe, Latin and South America, Asia, Australia, Africa, the Middle East and New Zealand. Hertz is the largest worldwide airport general use car rental brand, operating from approximately 9,985 corporate and franchisee locations in approximately 145 countries. Our Dollar and Thrifty brands have approximately 1,385 corporate and franchisee locations in approximately 75 countries and our Firefly brand has approximately 95 corporate and franchisee locations in 15 countries. Our Hertz brand name is one of the most recognized in the world, signifying leadership in quality rental services and products. We are one of the only car rental companies that has an extensive network of company-operated rental locations both in the United States and in all major European markets. We believe that we maintain the leading airport car rental brand market share, by overall reported revenues, in the United States and at approximately 130 major airports in Europe where we have company-operated locations and where data regarding car rental concessionaire activity is available. We believe that we also maintain the second largest market share, by overall reported revenues, in the off-airport car rental market in the United States. In our equipment rental business segment, we rent equipment through approximately 335 branches in the United States, Canada, France, Spain, the United Kingdom, China and Saudi Arabia, as well as through our international franchisees. We and our predecessors have been in the car rental business since 1918 and in the equipment rental business since 1965. We also own Donlen Corporation, or "Donlen," based in Northbrook, Illinois, which is a leader in providing fleet leasing and management services. We have a diversified revenue base and a highly variable cost structure and are able to dynamically manage fleet capacity, the most significant determinant of our costs.

Forward Looking Language

Certain statements contained in this press release include "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements often include words such as "believe," "expect," "project," "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 that the Company believes are appropriate in these circumstances. We believe these judgments are reasonable, but you should understand that these statements are not guarantees of performance or results. These forward-looking statements involve risks, uncertainties and assumptions. Many factors could affect our actual financial and operating results and could cause actual results to differ materially from those expressed in the forward-looking statements, due to a variety of important factors, both positive and negative.

Additional information concerning these factors can be found in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K and Current Reports on Form 8-K.

The Company therefore cautions you against relying on these forward-looking statements. All forward-looking statements attributable to the Company or persons acting on the Company’s 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.

Contacts:

Investor Relations:
Hertz
Leslie Hunziker
(239) 552-5700
lhunziker@hertz.com

Media:
Hertz
Richard Broome
(239) 552-5558
rbroome@hertz.com

Joele Frank
Barrett Golden, Alyssa Cass or Dan Moore
(212) 355-4449

SOURCE Hertz Global Holdings, Inc.

NAPLES, Fla., Sept. 15, 2014 /PRNewswire/ — The Hertz Corporation (NYSE: HTZ), in partnership with Peter Cooper Village, today announced it will be the preferred car rental company of Peter Cooper Village and Stuyvesant Town (PCVST) in New York City, offering Hertz 24/7 service with its on demand technologies and latest award winning Hertz ExpressRent™ Kiosks to offer the best car rental convenience in the city.

Hertz will provide ExpressRent™ Kiosks in each of the six Peter Cooper Village and Stuyvesant Town’s garages. ExpressRent™ Kiosk agents are available 24 hours a day, giving customers flexibility on when they wish to rent and return their vehicle. One-way rentals to and from New York airports are available from these locations as well, making it easier than ever to go back and forth when traveling in and out of the city.

"We are always looking for ways to help our customers travel at the speed of Hertz with ease and simplicity," said Louis Scarpelli, Hertz Region Vice President. "Partnering with Peter Cooper Village and Stuyvesant Town and offering our latest technologies to its residents, gives them the fast, easy convenience of using the Hertz ExpressRent™ Kiosks and Hertz 24/7 technologies for their travel needs."

Hertz ExpressRent™ Kiosks are the only in the industry equipped with a touchscreen interface and a second screen that allows customers to interact directly with live customer service agents via video to pick up existing rentals. ExpressRent™ Kiosks minimize customer wait times, accept payment with a debit or credit card, validate a customer’s driver’s license, and print the rental agreement, providing customers with a full-service experience that can handle any rental need.

"We’re thrilled to bring this level of service to our residents, so that the next time they’re going on a weekend road trip or need a car to pick up extra groceries, they will be able to pick up a car right at their doorstep at any time of day," said David Sorise, Senior Vice President of CompassRock Real Estate. "Our partnership with Hertz will significantly expand our residents’ travel options."

Hertz 24/7 provides self-service vehicle access to cars conveniently located in your neighborhood, at the airport, or even near the office. Hertz’s hourly car rental service offers a variety of luxury cars, hybrids, electric cars, even vans and trucks for hourly, daily or weekly rentals with fuel and insurance included. It’s as easy as 1) RESERVE your vehicle online or by using the Hertz 24/7 iPhone App, 2) SWIPE your keyfob/card over the reader on the windshield to unlock the doors, and 3) GO – the ignition key is located near the steering wheel and should remain in the vehicle at all times. Hertz’s hourly car rental service is available across the U.S., and in Europe and Australia, and is available 24 hours a day, 7 days a week.

PCVST residents will receive exclusive Hertz benefits, including Hertz Gold Plus Rewards loyalty program, complimentary Hertz 24/7 memberships and car rental discounts, both locally and when traveling outside NYC.

For over 60 years, Peter Cooper Village and Stuyvesant Town (PCVST) has been a residential community within New York, revered for its peaceful seclusion, scenic beauty and wide open outdoor spaces. Spanning from 14th to 23rd Streets and from First Avenue to Avenue C, PCVST encompasses 110 buildings, 11,250 no-fee rental apartments, and is home to approximately 30,000 people.

About Hertz
Hertz operates its car rental business through the Hertz, Dollar Rent A Car and Thrifty Car Rental brands from approximately 11,490 corporate, licensee and franchisee locations in North America, Europe, Latin America, Asia, Australia, Africa, the Middle East and New Zealand. Additionally, The Company operates Firefly, its discount car rental brand, at approximately 45 European and 20 U.S. locations. Hertz is the largest worldwide airport general use car rental brand, operating from approximately 10,090 corporate and licensee locations in approximately 145 countries. Hertz is the number one airport car rental brand in the U.S. and is at approximately 130 major airports in Europe. Dollar and Thrifty have approximately 1,410 corporate and franchisee locations in approximately 75 countries. Hertz is an inaugural member of Travel + Leisure’s World’s Best Awards Hall of Fame and was recently named, for the thirteenth time by the magazine’s readers as the Best Car Rental Agency. Hertz also swept the global awards for Best Rewards Program and Best Overall Benefits from FlyerTalk.com. Product and service initiatives such as Hertz Gold Plus Rewards, NeverLost® and unique cars and SUVs offered through the Company’s Adrenaline, Prestige and Green Traveler Collections also set Hertz apart from the competition. Additionally, Hertz owns the vehicle leasing and fleet management leader Donlen Corporation and operates the Hertz 24/7 hourly car rentals. The Company also owns a leading North American equipment rental business, Hertz Equipment Rental Corporation, which includes Hertz Entertainment Services. For more information about our car rental brands, visit Hertz.com, Dollar.com, Thrifty.com and Fireflycarrental.com. Additionally, read more about Donlen at Donlen.com and Hertz Equipment Rental Corporation at hertzequip.com.

Logo – http://photos.prnewswire.com/prnh/20130620/NY35609LOGO

SOURCE The Hertz Corporation

NAPLES, Fla., Sept. 11, 2014 /PRNewswire/ — Hertz (NYSE: HTZ), and Live Nation Entertainment (NYSE: LYV), have once again come together to offer travelers and entertainment fans alike free Ticketmaster Ticket Cash™ when renting a Hertz vehicle. Partners for more than three years, the companies’ newest promotion offers sports, music and theater fans the opportunity to receive free Ticketmaster Ticket Cash™ for an event of their choosing, as well as receive a discount on their Hertz rental when reserved and rented through October 31.

"Hertz promotions with Live Nation offer our customers the opportunity to have an enjoyable experience with a discounted rental while receiving free Ticketmaster Ticket Cash for an event of their choice," said Bob Stuart, Hertz Executive Vice President, Global Sales & Marketing. "Our new promotion is especially exciting because we’ve opened it up to not only music fans, but really any sporting, music or art event available through Ticketmaster."

Through October 31, travelers can reserve a Hertz vehicle and be eligible to receive Ticketmaster Ticket Cash™ to be used towards the next event of their choosing as well as a discount of up to 15% on a Hertz rental vehicle.

To receive this special offer, fans can book their rentals on www.hertz.com using corresponding promotional codes and a valid email address:

• Receive 10% off on a Qualified Weekend Rental with Hertz using Promotional Code #203055 for a Weekend Rental of an Economy – Full Size Vehicle AND get $25 Ticketmaster Ticket Cash™!
• Receive 10% off on a Qualified Weekly Rental with Hertz using Promotional Code #203070 for a Weekly Rental of a Compact – Full Size Vehicle AND get $50 Ticketmaster Ticket Cash™!
• Receive 15% off on a Qualified Rental of 8 days or more with Hertz using Promotional Code #203081 for an Intermediate – Premium Size Vehicle AND get $75 Ticketmaster Ticket Cash™!

*Terms and Conditions apply; visit www.hertz.com for more details.

About Hertz
Hertz operates its car rental business through the Hertz, Dollar, Thrifty and Firefly brands from approximately 11,555 corporate and licensee locations in about 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, operating from approximately 10,090 corporate and licensee locations in approximately 145 countries. Dollar and Thrifty have approximately 1,400 corporate and franchise locations in approximately 75 countries. Hertz is the number one airport car rental brand in the U.S. and at 130 major airports in Europe.

Product and service initiatives such as Hertz Gold Plus Rewards, NeverLost®, Carfirmations, Mobile Wi-Fi and unique vehicles offered through the Company’s Adrenaline, Dream, Family, Fun, Green and Prestige Collections also 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 a leading North American equipment rental business, Hertz Equipment Rental Corporation, which includes Hertz Entertainment Services. More information about the company can be found at www.abouthertz.com.

Logo – http://photos.prnewswire.com/prnh/20130620/NY35609LOGO

SOURCE The Hertz Corporation

NAPLES, Fla., Sept. 11, 2014 /PRNewswire/ — Hertz Global Holdings, Inc. (NYSE: HTZ) ("Hertz" or "the Company") today announced that it has reached an agreement-in-principle with Carl C. Icahn and affiliated entities (collectively, "Icahn") to appoint Vincent J. Intrieri, Samuel Merksamer and Daniel A. Ninivaggi to the Company’s Board of Directors as new independent directors. In connection with the anticipated director appointments, three existing directors will retire from the Board, effective upon the appointments of the new directors to the Board. In this connection, Icahn has agreed not to run a proxy contest at the Company’s 2015 Annual Meeting of Shareholders and to vote in favor of the Company’s nominees at the Annual Meeting. Two of the new directors will be part of the five-person search committee leading the process to find a permanent Chief Executive Officer of Hertz. Following the contemplated appointments and retirements, Hertz will have a nine-person Board, with the Board expanded to 10 directors upon the appointment of a permanent Chief Executive Officer. Under the agreement-in-principle, the Company’s shareholder rights plan will be amended to increase the triggering percentage to 20% and to implement other changes. The agreement-in-principle remains subject to negotiation and execution of definitive documentation.

Linda Fayne Levinson, Independent Non-Executive Chair of the Hertz Board of Directors, said, "The Hertz Board believes that this outcome is in the best interest of the Company and all Hertz shareholders. This agreement eliminates distraction and ensures that we stay sharply focused on delivering the significant potential of the business. Hertz is the clear leader in the rental car industry, and we will continue to take the necessary actions to fix the business. We look forward to executing on our strategic imperatives to create value for all our shareholders."

Carl C. Icahn commented: "I would like to thank the Hertz Board for acting so expeditiously in agreeing to appoint our three very capable nominees to the Board. Since I believe that the most important person at a company is the CEO, I’m especially happy that two of our three nominees will be on the five-person committee to find a permanent CEO. It should be noted that our three nominees were on the boards and recently involved in identifying and recruiting top CEOs that have been very effective at a number of companies we have made investments in and where all shareholder value has been meaningfully enhanced. I believe Hertz is a great company and a great brand and that the right new CEO will return it to its former glory. We look forward to working with the Hertz Board to create value for all shareholders."

Once the parties execute definitive documentation, details about the agreement and the amendment to the Rights Plan will be filed on Form 8-K with the Securities and Exchange Commission.

About Hertz

Hertz operates its car rental business through the Hertz, Dollar, Thrifty and Firefly brands from approximately 11,465 corporate and franchisee locations in North America, Europe, Latin and South America, Asia, Australia, Africa, the Middle East and New Zealand. Hertz is the largest worldwide airport general use car rental brand, operating from approximately 9,985 corporate and franchisee locations in approximately 145 countries. Our Dollar and Thrifty brands have approximately 1,385 corporate and franchisee locations in approximately 75 countries and our Firefly brand has approximately 95 corporate and franchisee locations in 15 countries. Our Hertz brand name is one of the most recognized in the world, signifying leadership in quality rental services and products. We are one of the only car rental companies that has an extensive network of company-operated rental locations both in the United States and in all major European markets. We believe that we maintain the leading airport car rental brand market share, by overall reported revenues, in the United States and at approximately 130 major airports in Europe where we have company-operated locations and where data regarding car rental concessionaire activity is available. We believe that we also maintain the second largest market share, by overall reported revenues, in the off-airport car rental market in the United States. In our equipment rental business segment, we rent equipment through approximately 335 branches in the United States, Canada, France, Spain, the United Kingdom, China and Saudi Arabia, as well as through our international franchisees. We and our predecessors have been in the car rental business since 1918 and in the equipment rental business since 1965. We also own Donlen Corporation, or "Donlen," based in Northbrook, Illinois, which is a leader in providing fleet leasing and management services. We have a diversified revenue base and a highly variable cost structure and are able to dynamically manage fleet capacity, the most significant determinant of our costs.

Forward Looking Language

Certain statements contained in this press release include "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements often include words such as "believe," "expect," "project," "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 that the Company believes are appropriate in these circumstances. We believe these judgments are reasonable, but you should understand that these statements are not guarantees of performance or results. These forward-looking statements involve risks, uncertainties and assumptions. Many factors could affect our actual financial and operating results and could cause actual results to differ materially from those expressed in the forward-looking statements, due to a variety of important factors, both positive and negative.

Additional information concerning these factors can be found in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K and Current Reports on Form 8-K.

The Company therefore cautions you against relying on these forward-looking statements. All forward-looking statements attributable to the Company or persons acting on the Company’s 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.

Contacts:

Investor Relations:
Hertz
Leslie Hunziker
(239) 552-5700
lhunziker@hertz.com

Media:
Hertz
Richard Broome
(239) 552-5558
rbroome@hertz.com

Joele Frank
Barrett Golden, Alyssa Cass or Dan Moore
(212) 355-4449

SOURCE Hertz Global Holdings, Inc.