Acquires Franchising Rights for Indiana Markets
BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)--
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 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, 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.
248-648-2800
dave.jones@penskeautomotive.com
or
Anthony
R. Pordon
Executive Vice President Investor Relations and Corporate
Development
Penske Automotive Group, Inc.
248-648-2540
tpordon@penskeautomotive.com
or
Hertz
Contact:
Paula Rivera
Hertz Corporation
1-201-307-2824
privera@hertz.com
Source: Penske Automotive Group, Inc.