Word: hertz
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Died. Dr. James Franck, 81, German-Jewish physicist, winner with Gustav Hertz of a 1925 Nobel Prize for the discovery of the laws governing collisions between electrons and atoms; of a heart attack; in Gottingen, Germany. Forced out of his professorship at the University of Gottingen in 1933, Franck later came to the University of Chicago, headed a wartime team of scientists that perfected the method for reducing uranium oxide to metal, a major contribution to the Manhattan Project...
...Hertz has counterattacked its two big competitors by offering $50 in credit to anyone who has a complaint about a Hertz car he rents; in a gibe at Avis' line about how its ashtrays are always clean, Hertz quips that there are "no ifs, ands or butts" about the offer. Last week Hertz moved against its budget competition as well by announcing the formation of a new company, called Valcar Rentals Corp., that will rent full-sized cars at discount rates...
Disgruntled Urbanites. The strange thing about all the competition is that nobody seems to be getting hurt-least of all Hertz. Year after year Hertz revenues reach new records ($198 million last year from renting and leasing 62,800 cars and trucks). Avis helped boost its revenues 11% last year with its ad campaign, turned a 1962 loss of $3,000,000 into a $1,200,000 profit. National is also making steady gains. The budget renters are growing fastest of all. The largest of them, Chicago-based Budget Rent-A-Car System, has gone from $600,000 in revenues...
Never Served Before. In announcing Valcar's birth, Hertz President Giles A. Wanamaker insisted that Hertz is not moving into economy rentals because it is losing sales to the budget renters but because budget rentals have smoked out customers that the car renters have never served before-and Hertz wants its share of them. Valcar will offer all the regular features in its rented cars (radio, seat belts, etc.) but will eliminate such extras as revolving credit, airport locations, car delivery and wide choice of models. It will rent a Chevrolet Impala for $6 a day plus...
With the power of Hertz behind it, Valcar should soon be a major contender in budget renting. But there will still be plenty of business for everyone. In the U.S., 94 million people drive cars, and so far only about 4% of them have tried renting...