Word: hertz
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...rapidly growing and robustly competitive business of auto and truck rentals, Avis, Inc., makes much of the fact that it is only a hard-trying No. 2. Obviously, No. 1 is the Hertz Corp., with a rental fleet now totaling 125,000 vehicles. Hertz's familiar yellow signs are out in 98 countries, most recently including Finland, New Guinea and the Dominican Republic. Revenues this year will top $300 million...
...last week Hertz itself agreed to become a No. 2 of a sort. The rental firm's chairman, Leon C. Greenebaum, and Radio Corp. of America's chief executive, Elmer W. Engstrom, jointly announced that after an exchange of stock valued at $185 million, Hertz will become a wholly owned RCA subsidiary...
...announcement was sudden, it was not exactly surprising. Hertz constantly needs vast amounts of money to purchase new vehicles and open new locations, particularly in foreign nations, where the idea of car rentals has caught on fast. The tight money market has put a damper on the company, forced it, in Greenebaum's words, to "pull back on some experimental work we've been doing in developing new markets." One pullback, for the time being: a market test in which Hertz had been making extra sports cars available to see how eagerly drivers with more funds and free...
...Neither Hertz nor Norman, Craig & Kummel gives a reason for the switch except that there has been "a basic disagreement concerning the advertising strategy that should be employed by Hertz in the U.S." Madison Avenue speculation is that Ally will drop the ever familiar "Let Hertz put you in the driver's seat" theme. Some of his cur rent campaigns have clearly been influenced by soft-selling Doyle Dane Bernbach, which developed Avis' underdog* theme. Among Ally clients are Horn & Hardart ("no frills"), Tensor Lamp ("little me") and Volvo ("small but tough"). Ally, however, insists that...
...epithet not to be taken too seriously. Avis is now a wholly owned subsidiary of International Telephone & Telegraph Corp. (TIME, Jan. 22, 1965), which gives it more monetary backing than Hertz has ever...