The Hertz Corporation and China Auto Rental (CAR) announced today that Hertz, the worldwide car rental leader, has agreed to speculate in CAR, China’s domestic market leader in brief and long-term car rentals. Hertz will acquire a stake of approximately 20%, on a fully diluted basis, in CAR and hold a seat on CAR’s Board of Directors.  Hertz and CAR will be co-branded at the latter’s full service rental locations countrywide, and Hertz’s car rental locations and operations in China, which will provide premium rental services in key cities, will be contributed to CAR. Hertz will continue to manage its outbound sales team in China, and its equipment rental business in the country is unaffected by this announcement. The partnership fulfills Hertz’s objective to significantly increase its presence in the...
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