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Penske, Hertz Expand Franchising Network

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Penske Automotive Group, Inc. (NYSE: PAG), an international automotive retailer, today announced that it has acquired the assets and franchise rights to become the operator of Hertz (NYSE: HTZ) rental car locations in certain markets throughout Indiana. The Company will now operate more than twenty on and off-airport locations, including the Ft. Wayne, South Bend, and Indianapolis on-airport locations. Hertz will provide the Company with a full array of services to help expand the market presence of the Hertz brand in Indiana while ensuring all products and services provided meet Hertz's high-standards of customer service.

“We are thrilled with the opportunity to expand our relationship with Hertz to the Indiana market,” said Bud Denker, President of the Penske Car Rental operations. “With our purchase of the Hertz-Memphis, Tennessee market in October, 2012, this acquisition is a logical progression in our relationship. With the lasting heritage of the Penske name in motorsports, particularly in Indianapolis, combined with the strong legacy of the Hertz brand, I am confident in our ability to bring a high level of customer service and satisfaction to these locations throughout Indiana. Our expansion will allow us to begin scaling our operations, and will help Hertz accelerate its growth in a key market.”

“Hertz's partnership with Penske Automotive in the Memphis market has proven successful and extending our relationship to Indiana was the logical next step,” commented Mark P. Frissora, Chairman and Chief Executive Officer for The Hertz Corporation. “The Penske team is creating the most valued car rental experience in the Memphis market and we're confident they will bring the same commitment to the Indiana car rental business. With this expanded partnership, we're confident we'll be able to accelerate our growth throughout the region and continue our expansion into the neighborhood market.”

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