Hertz Completes Acquisition of Autotravel Franchise in United Kingdom
Hertz Acquisition Strategy to Boost Worldwide Revenue Growth
Jul 27, 2007
PARK RIDGE, NJ -- (MARKET WIRE) -- 07/27/2007 -- Hertz Global Holdings, Inc. (
Mark P. Frissora, the Company's Chairman and Chief Executive Officer, said, "As part of our revenue growth objectives, Hertz is actively pursuing opportunities to extend our reach into fast growing territories and new market segments. This includes discussions with licensees who may wish to sell their business to us, as in the case of Autotravel, or partner with us through a joint venture. Our acquisition strategy also strengthens our ability to leverage our infrastructure to reduce costs and further enhance our service to customers."
Autotravel achieved revenues of US$24.4 million in the year to September 2006. Its territory stretches from the East Midlands to Liverpool, covering two major conurbations including several large industrial cities and two airports -- Liverpool (John Lennon) and Blackpool. This investment increases the number of Hertz UK corporate locations by 26 percent.
Michel Taride, President, Hertz Europe, and Senior Vice President, Hertz Corporation, added: "The acquisition from Autotravel is a major step in the growth of Hertz UK. Liverpool and Blackpool airports are fast growing due to the presence of low-cost airlines including our partner Ryanair. The Autotravel territory will also be a strong contributor to further growth of our successful van rental business. We look forward to taking advantage of similar opportunities in the future for Hertz in Europe and the rest of the world."
The world's largest general use car rental brand, Hertz is the only car rental company with corporate and licensee locations in Africa, Asia, Australia, Europe, Latin America, Middle East, and North America.