Word: avise
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You may never have heard of him, but if you've bought a home, rented a car or stayed in a hotel recently, you have probably encountered the handiwork of a high-powered, low-profile tycoon named Henry Silverman. Once a top Wall Street dealmaker, Silverman now runs a superfast...
Silverman, 56, has in fact been assembling a new kind of empire, one consisting of a loose confederation of brands in related services--rental cars and hotels, real estate and mortgages--that can reach consumers at home, at work or at play. In pursuit of that strategy, HFS last week...
Nowhere has Silverman displayed contrarian instincts more clearly than in the slo-mo rental-car business, from which U.S. automakers have been peeling away as fast as they can (see box). Yet Silverman gladly paid $800 million last year for No. 2 Avis, a global brand that he views as...
In the Avis deal, HFS backed into a public relations nightmare almost immediately, after civil rights lawyers last year filed a discrimination suit that accused an Avis licensee of refusing to rent to black customers in North and South Carolina. Avis moved to drop the licensee, began a review of...
Believe me, I do. But Jackson and the N.A.A.C.P. are right to keep the heat on until Bijur also agrees to a specific plan to increase minority ownership of service stations and do more business with minority-owned companies. Texaco's record so far does not inspire great faith--and...