Penske Automotive Expands Hertz Franchising Network

  Penske Automotive Expands Hertz Franchising Network

               Acquires Franchising Rights for Indiana Markets

Business Wire

BLOOMFIELD HILLS, Mich. -- March 5, 2013

Penske Automotive Group, Inc. (NYSE:PAG), an international automotive
retailer, today announced that it has acquired the assets and franchise rights
to become the operator of Hertz rental car locations in certain markets
throughout Indiana. The Company will now operate more than twenty on and
off-airport locations, including the Ft. Wayne, South Bend, and Indianapolis
on-airport locations. Hertz will provide the Company with a full array of
services to help expand the market presence of the Hertz brand in Indiana
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. “With our purchase of the Hertz-Memphis, Tennessee market in
October, 2012, 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, and will help Hertz accelerate its growth
in a key market.”

“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.”

About Penske Automotive

Penske Automotive Group, Inc., headquartered in Bloomfield Hills, Michigan,
operates 344 retail automotive franchises, representing over 40 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 173 franchises in 18 states and Puerto Rico and 171 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 16,700

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 Product and service initiatives such as Hertz Gold Plus
Rewards, NeverLost®, 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 may involve forward-looking statements,
including forward-looking statements regarding Penske Automotive Group, Inc.'s
future outlook. Actual results may vary materially because of risks and
uncertainties that are difficult to predict. These risks and uncertainties
include, among others: economic conditions generally, conditions in the credit
markets and changes in interest rates, adverse conditions affecting a
particular manufacturer, including the adverse impact to the vehicle and parts
supply chain due to natural disasters or other disruptions that interrupt the
supply of vehicles or parts to us; changes in consumer credit availability,
the outcome of legal and administrative matters, and other factors over which
management has limited control. These forward-looking statements should be
evaluated together with additional information about Penske Automotive's
business, markets, conditions and other uncertainties, which could affect
Penske Automotive's future performance. These risks and uncertainties are
addressed in Penske Automotive's Form 10-K for the year ended December 31,
2012, and its other filings with the Securities and Exchange Commission
("SEC"). This press release speaks only as of its date, and Penske Automotive
disclaims any duty to update the information herein.

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Penske Automotive Group contacts:
David K. Jones
Executive Vice President and
Chief Financial Officer
Penske Automotive Group, Inc.
Anthony R. Pordon
Executive Vice President Investor Relations and Corporate Development
Penske Automotive Group, Inc.
Hertz Contact:
Paula Rivera
Hertz Corporation
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