Hertz And Penske Join in Franchise Pact
The Hertz Corporation (NYSE: HTZ) and Penske Automotive Group, Inc. (NYSE: 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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