Hertz And Penske Finalize Indiana Franchise Agreement

Tue Mar 5, 2013 10:08am EST

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PARK RIDGE, N.J.  and  BLOOMFIELD HILLS, Mich.,  March 5, 2013  /PRNewswire/ --
The Hertz Corporation (NYSE: HTZ) and Penske Automotive Group, Inc. (NYSE: PAG)
announced today the completion of a Franchisee agreement for Penske Automotive
Group to become the operator of Hertz Car Rental locations in certain markets
throughout Indiana.  The partnership is part of Hertz's company-wide initiative
aimed at increasing its presence in targeted car rental markets.

(Logo:  http://photos.prnewswire.com/prnh/20110810/NY50373LOGO  )

"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."  

Penske Automotive Group purchased the assets of Hertz in select  Indiana 
markets, providing the opportunity to operate more than 20 Hertz airport and
off-airport locations, including the three principal airports of  Indianapolis, 
Fort Wayne, and South Bend.  Hertz will be providing Penske with a full array of
services to help them rapidly expand their market presence 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.  "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 with the Hertz locations we currently operate in the 
Memphis, Tennessee, market and will help Hertz accelerate its growth in a key

The agreement with Penske is part of Hertz's strategy to transition select
corporate markets to franchisee operations.  The Penske partnership reaffirms
Hertz's vision of being the global leader in mobility solutions.  With more than
25% of market share,  

Hertz is the leading on-airport car rental brand.  The Company has also been
serving the local market and insurance replacement industry for more than 10
years and is a recognized supplier to more than 193 of the 209 largest insurance

Hertz is committed to offering customers the most technologically innovative
products and services available to keep customers  "Traveling at the Speed of
Hertz."  This includes Hertz 'Carfirmations'; 'Gold Choice', which gives Gold
members the power to keep the car they reserved or simply choose a different car
from the Gold Choice area; and e-Return with receipts emailed to customers
within hours of return. These are all complimentary services for Hertz Gold Plus
Rewards members, which is free to join. In addition, Hertz continues to expand
the presence of its ExpressRent Interactive Kiosks that let customers rent a
car, with or without a reservation, through a live, face-to-face video kiosk.  

For more information, visit  www.Hertz.com,  www.Facebook.com/Hertz, or 

About Penske Automotive:
Penske Automotive Group, Inc., headquartered in  Bloomfield Hills, Michigan,
operates 340 retail automotive franchises, representing 41 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 170 franchises
in 17 states and  Puerto Rico  and 170 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 16,000 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 involve forward-looking statements, including
forward-looking statements regarding the parties' intentions noted above
completion of the transaction noted above. Actual results may vary materially
because of risks and uncertainties, including conditions many of which may be
outside of our control. These forward-looking statements should be evaluated
together with additional information about Hertz Corporation and Penske
Automotive's business, markets, conditions and other uncertainties which could
affect their future performance. These risks and uncertainties are addressed in
Hertz Corporation's and Penske Automotive's respective Form 10-Ks for the year
ended  December 31, 2012, and their other respective filings with the Securities
and Exchange Commission ("SEC"). This press release speaks only as of its date,
and the parties disclaim any duty to update the information herein.  

SOURCE  The Hertz Corporation

Paula Rivera, Hertz Corporation, +1-201-307-2824, privera@hertz.com; Anthony
Pordon, Penske Automotive Group, +1-248-648-2540, tpordon@penskeautomotive.com

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