Hertz Global Holdings

Hertz Global Holdings, Inc. is an American vehicle-rental company headquartered in Estero, Florida. Its principal business is renting cars, vans and other vehicles through Hertz, Dollar, Thrifty and Firefly. The company serves airport, downtown, leisure, corporate and replacement-rental customers through company-operated and franchised locations across major markets in North America, Europe, Latin America, Africa, Asia, Australia, the Caribbean, the Middle East and New Zealand. The business traces its origins to Rent-a-Car Inc., established by Walter L. Jacobs in 1918 with a small fleet of Ford Model T automobiles. John D. Hertz acquired the operation in 1923 and developed it under the Hertz Drive-Ur-Self System. The brand passed through several corporate owners, including General Motors, The Omnibus Corporation, Radio Corporation of America, UAL Corporation, Ford Motor Company and a private-equity consortium. These ownership changes helped transform a small local rental operation into an international fleet and mobility business. Hertz has historically competed through broad geographic coverage, airport presence, recognizable branding, fleet scale, corporate accounts and technology-enabled reservations and rental processing. Its portfolio expanded materially when Hertz acquired Dollar Thrifty Automotive Group in 2012, adding the Dollar and Thrifty brands. Firefly serves value-oriented customers in selected markets. Hertz has also operated vehicle-leasing, fleet-management and used-vehicle-disposition activities at different points in its history. The company experienced severe financial stress during the COVID-19 pandemic, when travel collapsed, rental demand fell and the value of fleet vehicles weakened. Hertz filed for Chapter 11 bankruptcy protection in May 2020. It exited bankruptcy in July 2021, returned to public trading later that year and resumed expansion with a stated emphasis on fleet electrification. In October 2021 it announced an agreement to purchase 100,000 Tesla vehicles, presenting the move as a major electric-vehicle initiative. Hertz remains a major global rental-car brand, but its history also includes significant legal and operational controversies. The most prominent recent controversy involved allegations that customers were incorrectly reported to police as having stolen rental vehicles, leading to arrests and lawsuits. Hertz announced a settlement in 2022 covering hundreds of pending claims. The company continues to operate in a market affected by travel cycles, fleet financing, used-car prices, vehicle availability, insurance costs, digital distribution and competition from Enterprise Holdings, Avis Budget Group and other mobility providers.

Hertz began in 1918, when Walter L. Jacobs established a small automobile-rental operation in Chicago. John D. Hertz acquired the business in 1923 and renamed it Hertz Drive-Ur-Self System. Under Hertz's direction, the company developed a recognizable rental brand, expanded beyond its original fleet and introduced early industry innovations, including a rental-car charge card and one-way rentals. It opened an airport location at Chicago Midway in 1932 and expanded into Canada in 1938 and France in 1950. The brand was sold to General Motors in 1926–1927 and remained associated with GM for decades. John Hertz repurchased it in 1953 through the Omnibus Corporation, which was renamed The Hertz Corporation. Hertz became publicly traded on the New York Stock Exchange in 1954. It expanded into truck leasing and international markets, while a program to reacquire independent franchises helped create a more integrated global network. Ownership changed several times in the second half of the twentieth century. Hertz became a subsidiary of RCA in 1967, was sold to UAL Corporation in 1985, and was acquired by Ford Motor Company through Park Ridge Corporation in 1987. Ford later sold the company in 2005 to a private-equity consortium led by Clayton, Dubilier & Rice, with The Carlyle Group and Merrill Lynch Global Private Equity. Hertz returned to public trading on the New York Stock Exchange in 2006. The company experimented with lower-cost rental formats, including Simply Wheelz, later associated with Advantage Rent a Car. It acquired Dollar Thrifty Automotive Group in 2012, bringing Dollar and Thrifty into the corporate portfolio, and subsequently sold Advantage. Hertz also expanded its relationships in China and other international markets. In 2013 it announced the relocation of its worldwide headquarters from Park Ridge, New Jersey, to Estero, Florida; the new facility was completed in 2015. The COVID-19 pandemic produced an acute liquidity and fleet-financing crisis. With travel demand collapsing and used-vehicle values falling, Hertz filed for Chapter 11 on May 22, 2020. Its stock was delisted from the New York Stock Exchange in October 2020. Hertz emerged from bankruptcy on July 1, 2021, and returned to public trading on the Nasdaq in November 2021 under the HTZ ticker. Post-bankruptcy management emphasized fleet renewal, digital operations and electric vehicles, including the announced Tesla order. The company subsequently faced continuing operational, financial and legal pressures, including customer disputes concerning theft reports and the economics of maintaining electric vehicles in a rental fleet.

1. 2022Vehicle-theft-reporting settlement

   Hertz announced resolution of hundreds of pending customer claims.

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2. 2021Emergence from bankruptcy and EV strategy

   Hertz exited Chapter 11 and announced a major Tesla fleet order.

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3. 2020Chapter 11 filing

   Hertz filed for bankruptcy protection during the COVID-19 travel collapse.

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4. 2015Florida headquarters completed

   Hertz completed the relocation of its worldwide headquarters to Estero, Florida.

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5. 2012Dollar Thrifty acquisition completed

   Hertz completed its acquisition of Dollar Thrifty Automotive Group.

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6. 2006Return to public markets

   Hertz Global Holdings became publicly traded again on the New York Stock Exchange.

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7. 2005Ford sells Hertz

   A private-equity consortium agreed to acquire Hertz from Ford.

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8. 2002Entry into China

   Hertz became the first international car-rental company to open in China, according to the cited reference.

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9. 1954Public listing

   The Hertz Corporation began trading on the New York Stock Exchange.

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10. 1953Brand repurchased from General Motors

    John Hertz repurchased the brand through the Omnibus Corporation.

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11. 1932First airport rental location

    Hertz opened a rental location at Chicago Midway Airport.

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12. 1923John D. Hertz acquires the rental business

    The operation was acquired and developed as the Hertz Drive-Ur-Self System.

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13. 1918Rent-a-Car Inc. founded

    Walter L. Jacobs established the rental operation that later became Hertz.

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A large, internationally recognized rental and mobility platform combining airport reach, multiple price-positioned brands, corporate services and a substantial vehicle fleet.

• Hertz Rent a CarCar rental

  The flagship Hertz brand provides short-term vehicle rentals through airport, city and other locations. Its customer base includes leisure travelers, business travelers, replacement-rental users and organizations requiring temporary fleet capacity.

• Dollar Rent A CarValue-oriented car rental

  Dollar is a rental brand incorporated into Hertz Global Holdings through the 2012 acquisition of Dollar Thrifty Automotive Group. It is positioned toward price-conscious leisure and everyday rental customers in selected markets.

• Thrifty Car RentalValue-oriented car rental

  Thrifty is a major rental brand acquired with Dollar Thrifty Automotive Group. It serves value-sensitive customers through airport and neighborhood locations in the markets where the brand operates.

• Firefly Car RentalLow-cost car rental

  Firefly is Hertz's low-cost rental brand, used in selected international markets and aimed at customers seeking basic rental transportation at competitive prices.

• Electric vehicle rental fleetElectric vehicle rental2021

  Hertz expanded its electric-vehicle offering after bankruptcy and announced a planned purchase of 100,000 Tesla vehicles in 2021. The initiative was presented as a fleet-electrification and consumer-access strategy.

• 2021Hertz electric-vehicle fleet initiative

  United States

  Hertz promoted a large-scale transition toward electric rental vehicles and announced a planned Tesla order, linking the initiative to broader consumer access to electric mobility.

  Outcome. The announcement became a central element of Hertz's post-bankruptcy strategy, although the long-term economics and fleet composition evolved afterward.

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• 2021Announce 100,000 Tesla vehiclesProduct launch

  Post-bankruptcy management identified fleet electrification as a forward-looking growth and sustainability initiative.

  What changed. Hertz announced plans to buy 100,000 Tesla vehicles and make electric rentals more broadly available.

  Aftermath. The announcement positioned Hertz as a highly visible participant in electric mobility, while subsequent fleet decisions reflected operational and financial considerations.

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• 2020File for Chapter 11 bankruptcy protectionOther

  The COVID-19 pandemic sharply reduced travel, rental demand, revenue and future bookings while fleet financing remained a major obligation.

  What changed. Hertz filed for Chapter 11 protection on May 22, 2020.

  Aftermath. The company exited Chapter 11 on July 1, 2021, and later returned to public trading.

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• 2012Acquire Dollar Thrifty Automotive GroupM&A

  Hertz sought to expand its brand portfolio and geographic scale in the rental market.

  What changed. Hertz agreed to acquire Dollar Thrifty for approximately $2.3 billion, and the transaction was completed in November 2012.

  Aftermath. Dollar and Thrifty became part of Hertz Global Holdings, while Advantage was subsequently sold.

  Transaction value. Approximately $2.3 billion (2012)

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• 2022Customer vehicle-theft reporting controversyControversy

  Numerous customers alleged that Hertz reported vehicles as stolen despite active or disputed rental agreements. Reports described arrests, detention and professional or financial consequences. Court proceedings required disclosure of reporting practices, and Hertz later announced a settlement covering 364 pending claims.

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• 2024Stephen Scherr steps down as chief executive

  Stephen M. Scherr left the chief executive role and was succeeded by Gil West.

  Leadership change
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• 2021Hertz exits Chapter 11

  The company completed its bankruptcy restructuring and returned to operating as a reorganized public company.

  Bankruptcy
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• 2021Hertz announces large Tesla fleet order

  Hertz announced plans to acquire 100,000 Tesla vehicles as part of an electrification strategy.

  Product launch
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• 2021Hertz emerges from Chapter 11

  Hertz completed its restructuring and exited Chapter 11 bankruptcy protection on July 1, 2021.

  BankruptcyOther
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• 2021Hertz announces order for 100,000 Tesla vehicles

  The company announced a large Tesla fleet commitment as part of a strategy to expand electric-vehicle availability and make fleet electrification a visible component of its post-bankruptcy direction.

  Product launch
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• 2020Hertz files for Chapter 11 bankruptcy protection

  The company sought bankruptcy protection after the pandemic sharply reduced travel, revenue and future bookings.

  Bankruptcy
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• 2020Hertz proposes an equity sale while in bankruptcy

  Hertz announced plans to seek new equity financing during Chapter 11 proceedings; regulators later halted the proposed stock sale after shares experienced extreme volatility.

  BankruptcyRegulation
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• 2020Hertz announces proposed stock sale during bankruptcy

  Hertz announced plans to seek new equity financing while warning that existing common stock could ultimately become worthless. The Securities and Exchange Commission later halted the proposed sales after approximately $29 million of stock had been sold.

  BankruptcyRegulation
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1. Hertz Global Holdings
2. Hertz official website