Hertz Slashes Refueling Prices: Pay Pump Prices or Less; No Need to Worry About Refilling the Tank

Tue Jun 10, 2008 10:01am EDT
 
Email | Print | | Reprints | Single Page
[-] Text [+]
  PARK RIDGE, NJ, Jun 10 (MARKET WIRE) -- 
 Hertz (NYSE: HTZ), the number one airport car rental brand in the U.S., today
announced the launch of an innovative Refueling Program that provides travelers
with
valuable time and dollar savings while on the road and eliminates a key "hassle
factor" associated with car rentals.

    Under the new program -- which goes into effect for rentals commencing July
1,
2008 at all corporate and participating licensee airport and off-airport
locations in the United States, Canada, Puerto Rico and St. Thomas -- both the
Hertz Fuel & Service Charge (FSC) and the Fuel Purchase Option (FPO) will
reflect new, lower pricing bases upon the average price per gallon as set by
the Oil Price Information Service (OPIS) in the geographical area where the
car is rented.  The Hertz FSC -- for customers who don't refill the fuel tank
before returning the rental vehicle and elect the option of then having Hertz
refuel the vehicle -- will be based upon local market fuel prices, plus a
one-time Refueling Fee of $6.99.  The FPO -- for customers who elect the
option to purchase a tank of gas at the outset of the rental -- will reflect
local market fuel prices minus a small discount of approximately $0.15 per
gallon.

    "Our research indicates that rental car clients want a speedier, more
efficient return process that eliminates time-consuming and costly refueling
procedures," said Mark P. Frissora, Chairman and Chief Executive Officer for The
Hertz Corporation. "By revamping our refueling program to reflect market-rate
prices, we've made it immeasurably easier for customers to return their rental
car quickly and without the hassle of making a time-consuming trip to refuel
the car prior to return."

    By bringing its refueling rates in line with local pricing, Hertz is
removing the "hassle factor" from the rental car return process, eliminating
time-consuming cost calculations and stops to refill prior to return. The
new policy ensures Hertz customers won't pay more than local refueling rates,
streamlining the return process.

    Hertz's FSC and FPO rates are based on geographical averages as determined
by OPIS
and will be adjusted weekly by local management to reflect local OPIS pricing.

    Customers retain the option of refueling themselves and returning the rental
vehicle with at least as much fuel as was in the vehicle when it was rented. 
However, many customers do not have the time or are not able to locate a
service station before they return to the rental location.

    The Hertz Corporation, a subsidiary of Hertz Global Holdings, Inc. (NYSE:
HTZ), is the world's largest general use car rental brand, operating from
approximately 8,100 locations in 147 countries worldwide. Hertz is the number
one airport car rental brand in the U.S. and at 69 major airports in Europe,
operating both corporate and licensee locations in cities and airports in
North America, Europe, Latin America, Australia and New Zealand.  In
addition, the Company has licensee locations in cities and airports in
Africa, Asia, and the Middle East.  Product and service initiatives such as
Hertz
#1 Club Gold, Hertz NeverLost(R) customized, onboard navigation systems, SIRIUS
Satellite Radio, and unique cars and SUVs offered through the Company's
Prestige, Fun and Green Collections, set Hertz apart from the competition.
Hertz also operates one of the world's largest equipment rental businesses,
Hertz
Equipment Rental Corporation (www.hertzequip.com), offering a diverse line of
equipment, including tools and supplies, as well as new and used equipment for
sale, to customers ranging from major industrial companies to local contractors
and
consumersthrough more than 360 branches in the United States, Canada, France and
Spain.

    

Contact:
Paula Rivera
The Hertz Corporation
201-307-2824
privera@hertz.com

Brian Major
MMG Mardiks
212-219-7560; ext. 6764
brianm@mmgmardiks.com

Copyright 2008, Market Wire, All rights reserved.

-0-

 

Featured Broker sponsored link

Editor's Choice

  • Pictures
  • Video
  • Articles
Photo

A selection of our best photos from the past 24 hours.  View Slideshow 

Most Popular on Reuters

  • Articles
  • Video
  • Recommended

Reuters Oddly Enough

Funny, quirky, strange-but-true stories from around the world.