Word: hertz
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Dates: during 1950-1959
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...Express won a hand by signing Manhattan's Toots Shor restaurant, long a credit-card holdout. Diners' bounced right back by announcing a contract with the Stork Club, another holdout. American Express then scored by adding a galaxy of nonrestaurant services: Western Union, Greyhound Bus, Avis and Hertz car rentals, Kinney Parking Systems, Kelly Girls for temporary office help. Amexco spread the word that in any of its 303 international offices, a cardholder could charge a ticket or tour to any spot in the world. In return, Diners' Club, which already boasts such nonrestaurant services as liquor...
...owner of Radio Station WKAT, whose turned-down application for Miami's TV Channel Ten raised a storm during the House investigation of the Federal Communications Commission. Up the street are S. S. Kresge (5 & 10? stores) and Paul Hexter (son-in-law of car-rental Tycoon John Hertz). The Dodges knew little of the new owner; Mrs. Dodge said she met him once and found him "charming." When she heard he had been run out of Venezuela at gunpoint she was somewhat taken aback. "Oh!" she exclaimed. "He isn't a bad man, is he? Like...
...deal is a natural. American Express, which has been referring car-rental requests from American tourists to other companies, will now get the customers itself. Hertz, which has been hampered in its foreign growth because of the difficulty of lining up foreign credits, will have American Express help in approaching bankers abroad...
...Hertz will own 51% of the new company's stock, and Hertz Chairman Leon C. Greenebaum, 49, and Hertz President Walter L. Jacobs, 61, will run it. Not only will American Express cash in on the potentially rich market for foreign-car rentals, but the deal also calls for it to invest in Hertz Corp. so that it can participate in domestic profits. Express is buying 25,000 Hertz Corp. common shares at the current market price, has an option to buy 75,000 more over the next four years for no less than...
...Hertz has indeed moved fast since 1953, when it was sold by General Motors to the old Omnibus Corp., which operated bus lines in New York City and Chicago. In four years, Hertz's operating revenues have risen from $28.7 million to 1957's expected $78 million, which will bring $6,000,000 in after-tax profits. Now that the 107-year-old company has the highly useful services of the 405 American Express offices, it can really step on the gas overseas. Says Hertz's Greenebaum: "Our goal is an annual volume of $15 million overseas...