July 12, 2014 10:14 AM ET

Road and Rail

Company Overview of The Hertz Corporation

Company Overview

The Hertz Corporation rents and leases cars and trucks in the United States and internationally. It operates in four segments: U.S. Car Rental, International Car Rental, Worldwide Equipment Rental, and All Other Operations. The company rents various makes and models of cars, crossovers, and light trucks on hourly, daily, weekend, weekly, monthly, or multi month basis primarily to individual travelers, large businesses, governments, and other organizations through a network of company-operated rental airport and off-airport locations, as well as franchise locations. It also sells used cars through a network of approximately 65 company-operated car sales locations; and provides fleet leasing a...

225 Brae Boulevard

Park Ridge, NJ 07656

United States

Founded in 1918

30,400 Employees

Phone:

201-307-2000

Key Executives for The Hertz Corporation

Chairman of the Board of Directors and Chief Executive Officer
Age: 59
Chief Financial Officer and Senior Executive Vice President
Age: 48
Chief Executive Officer of Donlen Corporation
Group President of Hertz International
Age: 58
Group President of Rent A Car Americas
Age: 53
Compensation as of Fiscal Year 2014.

The Hertz Corporation Key Developments

Gardy & Notis, LLP Files Securities Fraud Class Action Lawsuit Against Hertz Global Holdings, Inc. and The Hertz Corporation

The law firm Gardy & Notis, LLP has filed a securities fraud class action lawsuit on behalf of purchasers of Hertz Global Holdings, Inc. securities stock during a class period of February 22, 2012 to June 6, 2014. The lawsuit was filed in the United States District Court for the District of New Jersey, and names Hertz Global Holdings, Inc., The Hertz Corporation, Mark P. Frissora (Chief Executive Officer), Thomas C. Kennedy (Chief Financial Officer), and Elyse Douglas (former Chief Financial Officer) as defendants. The lawsuit alleged that, throughout the class period, Hertz issued financial statements that were not accurate, did not comply with Generally Accepted Accounting Principles (GAAP), and served to artificially inflate the market price of Hertz's publicly traded securities. Hertz announced on June 6 that its Audit Committee concluded that the financial statements for 2011 would need to be restated, and that the financial statements for 21012 and 2013 would have to be corrected.

The Hertz Corporation Expands Dream Cars Line Up with Three New BMW Models

The Hertz Corporation has expanded its Dream Cars line up with the introduction of three new BMW models, the 650i Gran Coupe, 650i Convertible and the M5. Joining the BMW M3 Convertible, the new BMWs are available in select US markets. These sporty, powerful models join a variety of other ultra-high-end performance Dream Car vehicles including: Ferrari, Aston Martin, Lamborghini, Porsche, Mercedes-Benz, Land Rover and more. "Hertz Dream Cars is redefining the premium car rental experience, creating a valued rental experience for discerning customers. The addition of the BMW 650i models and M5 allows to deliver high-performance, premium rental options to its customers to meet their diverse needs. Hertz's collection of BMWs provides customers luxury vehicles that marry sportiness, elegance, comfort and the latest technology." The BMW 650i Gran Coupe and Convertible blend sophistication and sportiness, boasting 445 horsepower and TwinPower Turbo technology. The fluid design and comfort of a touring car-style is backed by the powerful 4.4-liter, V-8 engines to maximize enjoyment of the ride without sacrificing performance. The M5 also features a 4.4-liter, V-8 engine with 560 horsepower and TwinPower Turbo technology that can go 0-60 mph in 4.3 seconds, delivering high-performance and ride quality. Hertz Dream Cars expand the availability for consumers to enjoy an once-in-a-lifetime luxury travel experience and are offered in 35 markets including Los Angeles, Miami and Las Vegas. The collection includes: Aston Martin V8 Vantage; Audi R8, Spyder; Bentley Continental GT; BMW (650i Gran Coupe, 650i Convertible, M3 Convertible, M5); Cadillac CTS-V; Ferrari (California, F430); Lamborghini Gallardo; Land Rover Range Rover Sport; Mercedes-Benz AMG (SLS, C63, E63); Mercedes-Benz (SL550, G550); Porsche (911, Cayenne, Boxster, Panamera); SRT Viper; and Tesla Model S.

Hertz Announces Delay in Release of First Quarter 2014 Earnings Results

Hertz Global Holdings, Inc. and The Hertz Corporation delayed the filing of its Form 10-Q for the period ended March 31, 2014. During the preparation of the first quarter 10-Q, errors were identified relating to Hertz's conclusions regarding the capitalization and timing of depreciation for certain non-fleet assets, allowances for doubtful accounts in Brazil, as well as other items. Hertz continued its review and recently identified additional errors related to allowances for uncollectible amounts with respect to renter obligations for damaged vehicles and restoration obligations at the end of facility leases. The financial statements for 2011 were most recently included in the Form 10-K for the year ended December 31, 2013 (the 10-K). As soon as practicable, Hertz expects to amend the 10-K to correct the errors identified and related disclosures. Hertz will file the First Quarter Form 10-Q, and issue the first quarter earnings release, at the same time it files the 10-K amendment.

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Recent Private Companies Transactions

Type
Date
Target
Spin-Off/Split-Off
March 18, 2014
Hertz Equipment Rental Corporation
Bankruptcy
November 5, 2013
Simply Wheelz LLC
 

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