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The Hertz Corporation
HTZ and Penske Automotive Group, Inc.
PAG announced today the signing of an agreement for Penske Automotive Group
to join Hertz's franchising network. This partnership for the Memphis,
Tennessee market is part of Hertz's company-wide initiative aimed at
increasing its presence in the off airport car rental markets.
"Hertz is pleased to enter into a partnership with Penske Automotive Group to
encompass the franchising of the Memphis market," commented Mark P. Frissora,
Chairman and Chief Executive Officer for The Hertz Corporation. "Penske is a
premier brand and provides a strong platform for further enhancing the local,
neighborhood market. In addition to being a well-respected company, we're
confident that Penske's high levels of customer service will create a seamless
experience for our customers. By partnering with Penske, Hertz will be able
to accelerate our growth in key U.S. markets and further strengthen our
franchising network. Over time, we expect to see our franchising relationship
grow into other selected markets throughout the country."
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