Hertz And Penske Finalize Indiana Franchise Agreement

            Hertz And Penske Finalize Indiana Franchise Agreement

PR Newswire

PARK RIDGE, N.J. and BLOOMFIELD HILLS, Mich., March 5, 2013

PARK RIDGE, N.J. and BLOOMFIELD HILLS, Mich., March 5, 2013 /PRNewswire/ --
The Hertz Corporation (NYSE: HTZ) and Penske Automotive Group, Inc. (NYSE:
PAG) announced today the completion of a Franchisee agreement for Penske
Automotive Group to become the operator of Hertz Car Rental locations in
certain markets throughout Indiana. The partnership is part of Hertz's
company-wide initiative aimed at increasing its presence in targeted car
rental markets.

(Logo: http://photos.prnewswire.com/prnh/20110810/NY50373LOGO )

"Hertz's partnership with Penske Automotive in the Memphis market has proven
successful, and extending our relationship to Indiana was the logical next
step," commented Mark P. Frissora, Chairman and Chief Executive Officer for
The Hertz Corporation. "The Penske team is creating the most valued car rental
experience in the Memphis market and we're confident they will bring the same
commitment to the Indiana car rental business. With this expanded
partnership, we're confident we'll be able to accelerate our growth throughout
the region and continue our expansion into the neighborhood market."

Penske Automotive Group purchased the assets of Hertz in select Indiana
markets, providing the opportunity to operate more than 20 Hertz airport and
off-airport locations, including the three principal airports of Indianapolis,
Fort Wayne, and South Bend. Hertz will be providing Penske with a full array
of services to help them rapidly expand their market presence while ensuring
all products and services provided meet Hertz's high-standards of customer
service. 

"We are thrilled with the opportunity to expand our relationship with Hertz to
the Indiana market," said Bud Denker, President of the Penske Car Rental
operations. "This acquisition is a logical progression in our relationship.
With the lasting heritage of the Penske name in motorsports, particularly in
Indianapolis, combined with the strong legacy of the Hertz brand, I am
confident in our ability to bring a high level of customer service and
satisfaction to these locations throughout Indiana. Our expansion will allow
us to begin scaling our operations with the Hertz locations we currently
operate in the Memphis, Tennessee, market and will help Hertz accelerate its
growth in a key market."

The agreement with Penske is part of Hertz's strategy to transition select
corporate markets to franchisee operations. The Penske partnership reaffirms
Hertz's vision of being the global leader in mobility solutions. With more
than 25% of market share,

Hertz is the leading on-airport car rental brand. The Company has also been
serving the local market and insurance replacement industry for more than 10
years and is a recognized supplier to more than 193 of the 209 largest
insurance companies.

Hertz is committed to offering customers the most technologically innovative
products and services available to keep customers "Traveling at the Speed of
Hertz." This includes Hertz 'Carfirmations'; 'Gold Choice', which gives Gold
members the power to keep the car they reserved or simply choose a different
car from the Gold Choice area; and e-Return with receipts emailed to customers
within hours of return. These are all complimentary services for Hertz Gold
Plus Rewards members, which is free to join. In addition, Hertz continues to
expand the presence of its ExpressRent Interactive Kiosks that let customers
rent a car, with or without a reservation, through a live, face-to-face video
kiosk.

For more information, visit www.Hertz.com, www.Facebook.com/Hertz, or
www.Twitter.com/Hertz.

About Penske Automotive:
Penske Automotive Group, Inc., headquartered in Bloomfield Hills, Michigan,
operates 340 retail automotive franchises, representing 41 different brands
and 30 collision repair centers. Penske Automotive, which sells new and
previously owned vehicles, finance and insurance products and replacement
parts, and offers maintenance and repair services on all brands it represents,
has 170 franchises in 17 states and Puerto Rico and 170 franchises located
outside the United States, primarily in the United Kingdom. Penske Automotive
is a member of the Fortune 500 and Russell 2000 and has approximately 16,000
employees.

About Hertz:
Hertz operates its car rental business through the Hertz, Dollar and Thrifty
brands from approximately 10,400 corporate, licensee and franchisee locations
in North America, Europe, Latin America, Asia, Australia, Africa, the Middle
East and New Zealand. Hertz is the largest worldwide airport general use car
rental brand, operating from approximately 8,800 corporate and licensee
locations in approximately 150 countries. Hertz is the number one airport car
rental brand in the U.S. and at 111 major airports in Europe. Dollar and
Thrifty have approximately 1,580 corporate and franchisee locations in
approximately 80 countries. Hertz is an inaugural member of Travel + Leisure's
World's Best Awards Hall of Fame and was recently named, for the thirteenth
time, by the magazine's readers as the Best Car Rental Agency. Hertz was also
voted the Best Overall Car Rental Company in Zagat's 2012/13 U.S. Car Rental
Survey, earning top honors in 14 additional categories, and the Company swept
the global awards for Best Rewards Program and Best Overall Benefits from
FlyerTalk.com. Product and service initiatives such as Hertz Gold Plus
Rewards, NeverLostĀ®, and unique cars and SUVs offered through the Company's
Adrenaline, Prestige and Green Traveler Collections, also set Hertz apart from
the competition. Additionally, Hertz owns the vehicle leasing and fleet
management leader Donlen Corporation and operates the Hertz On Demand car
sharing business. The Company also owns a leading North American equipment
rental business, Hertz Equipment Rental Corporation, which includes Hertz
Entertainment Services.

Caution Concerning Forward Looking Statements
Statements in this press release involve forward-looking statements, including
forward-looking statements regarding the parties' intentions noted above
completion of the transaction noted above. Actual results may vary materially
because of risks and uncertainties, including conditions many of which may be
outside of our control. These forward-looking statements should be evaluated
together with additional information about Hertz Corporation and Penske
Automotive's business, markets, conditions and other uncertainties which could
affect their future performance. These risks and uncertainties are addressed
in Hertz Corporation's and Penske Automotive's respective Form 10-Ks for the
year ended December 31, 2012, and their other respective filings with the
Securities and Exchange Commission ("SEC"). This press release speaks only as
of its date, and the parties disclaim any duty to update the information
herein.

SOURCE The Hertz Corporation

Website: http://www.hertz.com
Contact: Paula Rivera, Hertz Corporation, +1-201-307-2824, privera@hertz.com;
Anthony Pordon, Penske Automotive Group, +1-248-648-2540,
tpordon@penskeautomotive.com
 
Press spacebar to pause and continue. Press esc to stop.