Penske Automotive Group Expansion with Hertz
Penske Automotive Group has acquired the franchise rights to operate Hertz rental car locations in Indiana. Penske will operate over 20 on and off-airport Hertz locations. This includes the Ft. Wayne, South Bend and Indianapolis on-airport locations. In 1982, Penske joined with Hertz Truck to form Hertz-Penske Truck Leasing. Penske acquired Goldston in 1983 and Leaseway Transportation’s truck business in 1986. Hertz-Penske Truck Leasing generated $200 million annual revenue with 102 locations and 2,300 employees.
Penske Trucks Division and Hertz
Penske Used Trucks sells used trucks, trailers and transportation equipment to businesses and the used truck market. This unit sells semi-tractors, trailers, straight trucks and other transportation equipment.
Hertz and Franchise Buyback
Hertz Global Holdings operates Hertz, Dollar Rent A Car, Firefly and Thrifty brands. Hertz bought back franchises globally after receiving financial backing from Lehman Brothers.