Word: hertz
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Dates: during 1980-1989
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...only the most lurid example in a chain gang of new and continuing fraud cases that shuffled across front pages last week. In virtually every one of half a dozen scams, members of the public had been fleeced by names they thought they could trust, ranging from the Hertz rental- car company to New York City's senior Congressman, Mario Biaggi...
...Hertz, the largest U.S. auto-rental agency, pleaded guilty in federal court to overcharging customers and their insurance companies for repairs to cars that the motorists had damaged in collisions. The company agreed to pay a fine of $6.9 million and to make full restitution to some 100,000 victims, who overpaid at least $13.7 million from 1978 through mid-1985. According to the Government's probe, which was first disclosed in January, Hertz paid wholesale prices for auto repairs but charged customers full retail price without advising them of the markup. In other cases, Hertz prepared phony repair appraisals...
...protect itself from the vicissitudes of a fickle business, Ford has been moving to diversify. Since 1985, it has bought an 80% stake in Hertz (for $1.3 billion); California's First Nationwide Bank ($493 million), the fourth largest U.S. thrift institution; and BDM International ($425 million), a military research firm that will supplement Ford's longtime aerospace expertise. Ford is rumored to be interested in using its $10 billion cash hoard to go after a much larger acquisition, perhaps a company the size of Boeing, Lockheed or Singer...
...carriers have similar arrangements with hotel chains, frequent flyers can put together a deluxe vacation package. Example: logging 75,000 miles on Eastern or Continental wins two round-trip tickets to Europe or South America, three free nights in a Marriott hotel and a free rental car from Hertz for three days...
...renters who can really get taken for a ride are those with no insurance and no C.D.W., who are often overcharged for repairs. Last month Hertz, the No. 1 U.S. car-rental firm, disclosed that it had duped consumers and insurance companies to the tune of about $13 million in inflated repair bills. While Hertz is paying the money back, two other rental agencies, Avis and Budget, acknowledge that they sometimes charge customers more for repairs than the companies actually pay. One good reason, the rental agencies contend, is that accidents cost them lost rental time...