Word: hertz
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Dates: during 1980-1989
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...cars, particularly from executives, has been lower than expected. Says Avis Spokesman John Britton: "We found that if a businessman is on the road, that means he needs to see his clients in person. So what does he need a phone for?" Avis has dropped phone-equipped cars, and Hertz has trimmed its fleet from...
...Hertz last week got someone new in its driver's seat. UAL Inc., the $6.9 billion parent of United Airlines, announced plans to buy the largest and oldest (founded 1918) U.S. car-rental company for $587.5 million in cash from RCA, which has owned it for 18 years. By combining Hertz (1984 sales: $1.4 billion) with America's largest airline and UAL's 54-unit luxury Westin Hotel subsidiary, the deal will create a travel and hotel complex to serve the business traveler from plane to car to bed. Said UAL Chairman Richard Ferris: "The sun, the moon...
...With the Hertz purchase, United is saying that it is a glutton for cutthroat competition. The company is already ensnarled in the fierce, deregulated battle among U.S. airlines, in which it faces large established carriers like American as well as ambitious, new, no-frills outfits like People Express. The rental-car field is equally bruising. It is a four-front war involving Hertz, Avis, National and Budget. Just as with the airline industry, the major players in the $4 billion rental-car business must compete with smaller companies: Dollar, Thrifty and Alamo...
United sees Hertz as a natural extension of its airline business. About 80% of car rentals are made by airline passengers, and Hertz, with 400,000 cars and trucks parked in 120 countries, books more of them than any other company. United may attempt to link some of its services. Passengers, for example, could pick up boarding passes and drop off luggage at Hertz counters. The Hertz acquisition is part of United's corporate strategy of building a company that comprises several parts of the travel business. A side benefit is to make the company larger and thus less vulnerable...
...expects the Hertz deal to meet with Justice Department approval, although that is not assured. In 1974 the company tried to buy Hertz's archrival Avis but pulled back when the Government said that the merger might be anticompetitive. "We will take a close look at any acquisition of this size," said a Justice Department official last week, "and we will want to see if it hurts competition." The Reagan Administration, though, has been generally favorable to mergers. The odds are that it will not scrub United's new flight plan...