PARK RIDGE, New Jersey and ZURICH, October 1, 2012 /PRNewswire/ --
The Hertz Corporation (NYSE:HTZ), the world's largest general-use car rental brand, and Emil Frey Group have signed an agreement for Emil Frey Group to join Hertz's global franchising network and purchase the Hertz car rental business in Switzerland, representing a total of 30 locations.
Mark P. Frissora, Chairman and Chief Executive Officer for The Hertz Corporation, said: "Hertz is pleased to be joining forces with Emil Frey Group. A premier brand in the automotive and financing industry, Emil Frey Group is an ideal partner to operate Hertz in Switzerland, taking the growth of both businesses to the next level. In addition, Emil Frey Group's high standards of service will ensure that customers will continue to receive the superior car rental experience that we are known for around the globe."
Michel Taride, President, Hertz International, added: "Hertz and Emil Frey Group each have a strong heritage in both Switzerland and Europe, with a long track record of innovation and customer service. Through our partnership, we will accelerate the growth of Hertz in Switzerland, as well as further strengthen our worldwide franchising network. The Emil Frey Group agreement reaffirms Hertz's vision of being the global leader in mobility solutions in all markets."
The licensee agreement is part of The Hertz Corporation's company-wide strategy to grow its business through carefully selected partnerships with leading local operators. Emil Frey Group will benefit from Hertz's worldwide service infrastructure, technology investments, standards and expertise.
Gerhard Schürmann, Chief Executive Officer, Emil Frey Group, commented: "As Hertz is a time-honored and highly respected brand, we are proud to join the Corporation's vibrant, global franchising network to operate Hertz in Switzerland. The car rental business will highly complement our car dealership, importing, distribution, leasing and banking businesses. The Hertz brand will also enhance our relationship with our customers and enable us to offer them a wider range of services for their mobility needs. We share with Hertz a strong commitment to growth, innovation, customer service, and employee satisfaction."
The agreement with Emil Frey Group is part of Hertz's global strategy to transition select corporate markets and locations to franchisee operators to derive value from their local market expertise, resources and complementary commercial strategies. In addition to providing franchisees the license to operate under the Hertz brand name, which provides instant worldwide recognition, Hertz offers unparalleled support, including training, operational services, technology, web platforms, integrated reservations systems and customer service.
Hertz, the largest, worldwide airport general-use car rental brand, operates from approximately 8,650 corporate and licensee locations in approximately 150 countries. Hertz is the number one airport car rental brand in the U.S. and at 119 major airports in Europe. Hertz is an inaugural member of Travel + Leisure's World's Best Awards Hall of Fame and was named 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 Choice, 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.
About Emil Frey Group
The Emil Frey Group is a family-owned Swiss business, founded in 1924 by the mechanic Emil Frey. The Emil Frey Group is mainly active in the automotive business (car wholesale, car retail, car finance, and car and part logistics) and operates in Switzerland, France, Germany, Hungary, Czech Republic and Poland. The Emil Frey Group also owns various import companies, numerous retail outlets and finance companies in these countries.
In Switzerland the Emil Frey Group imports the Toyota, Lexus, Daihatsu, Subaru, Suzuki, Mitsubishi, KIA, LandRover, Jaguar, Aston Martin and Fisker Automobile brands. In the retail business the company runs 38 retail locations and serves as a retailer for the imported products as well as for additional car brands such as Alfa Romeo, BMW, Cadillac, Chevrolet, Fiat, Ford, Lancia, MINI, Opel and Volvo.
The Emil Frey Group has 2,680 employees in Switzerland, and the Group's consolidated Swiss revenues for 2011 were more than $US 2 billion.
Caution Concerning Forward-looking Statements
Statements in this press release involve forward-looking statements, including forward-looking statements regarding the parties' completion of the transaction noted above. Actual results may vary materially because of risks and uncertainties, including completion of binding documentation, regulatory approvals and other 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 Emil Frey Group's business, markets, conditions and other uncertainties which could affect their future performance. These risks and uncertainties are addressed in Hertz Corporation's Form 10-Ks for the year ended December 31, 2011, and their other 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 Hertz and Emil Frey Group