Word: hertz
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American Express, which likes to call itself a home away from home for Americans, last week decided to supply the home with a car. It teamed up with Hertz Corp., the world's biggest car renter, to form a new company that will rent cars around the globe. The new firm, called Hertz American Express International Ltd., will set up a system whereby a traveler can drive a Hertz car to any U.S. airport, hop a plane, and have another Hertz auto meet him at the terminal abroad. The company will first blanket Europe with rental agencies, then push...
...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...
BIGGEST AUTO DEAL in history will give Hertz Rent-A-Car System $60 million worth of 1958 models. Hertz will buy (for cash) 19,737 autos, three-quarters of them from General Motors, also plans to buy another 11,000 after April 1 for $33.5 million more. To swing deal, Hertz will sell 15,000 of its 1957 cars for around $35 million, boost its revolving bank credit from $50 million to $65 million...
RENT-A-PLANE service will be started this fall by Hertz Corp., which expects to have 50 rental air stations doing $2,500,000 business in its first year. At airports throughout U.S., car-rental company will franchise Cessna Aircraft Co. distributors to rent planes to private pilots. Rental for fly-it-yourself four-passenger Cessna plane: $1 an hour plus 15? a mile...