Hertz Global Holdings Inc (HTZ) is a multifaceted holding company with substantial operations in global vehicle leasing, fleet management, and car sales. The company is devoted to its six-decade-long history in car rental services. Headquartered in Estero, Florida, Hertz Global Holdings operates locations in approximately 150 countries worldwide, firmly establishing its international presence.
The company operates through three business segments: U.S. RAC, International RAC, and All Other Operations. The U.S. RAC account for the majority of the company's revenue, offering vehicle rental services in the United States. Meanwhile, International RAC focuses on vehicle rentals overseas. All Other Operations include Hertz's Donlen leasing and fleet management subsidiary and other separate businesses.
Hertz is one of the leading franchised car rental companies with worldwide recognition. Its brand portfolio includes Hertz, Dollar, Thrifty, Firefly, Hertz Car Sales, and Donlen. These brands cater to diverse consumer groups – from budget-conscious travelers to high-end clientele seeking premium services.
The history of Hertz Global Holdings is as rich as its corporate reach is extensive. Established in 1918 by Walter L. Jacobs, the company was initially called Rent-A-Car Inc. It was renamed to Hertz Drive-Ur-Self System in 1923 after John D. Hertz, the then president of Yellow Cab Company, bought the business. In the decades that followed, Hertz demonstrated entrepreneurial prowess and innovative foresight. It was among the first to implement the concept of a coast-to-coast car rental network.
Unfortunately, Hertz Global Holdings was deeply affected by the Covid-19 pandemic, with its operations suffering significantly due to the sharp decline in travel demand. The company filed for Chapter 11 bankruptcy protection in May 2020, marking a significant event in its history. However, it emerged from bankruptcy in June 2021 following a rigorous restructuring process that includes new equity capital, a more sustainable capital structure, and a new board of directors.
Despite this setback, Hertz Global Holdings has shown resilience and continues to offer its world-class services unwaveringly. Combining tradition with innovation, Hertz remains committed to delivering high-quality vehicle rental and fleet management services tailored to meet the diverse needs of its clientele, from business travelers to leisure seekers, while striving for operational efficiency and sustainability.