The Hertz Corporation (also known as Hertz Rent a Car or simply Hertz) is the world's largest general-use car rental brand in the world, with approximately 3,500 locations in the United States and 7,500 worldwide.
Hertz also maintains a heavy equipment rental division known as the Hertz Equipment Rental Corporation, aka HERC. It is headquartered in Park Ridge, New Jersey, United States. HERC has more than 300 branches throughout the United States, Canada, Spain, France and India.
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The company was begun by Walter L. Jacobs in 1918, who started a car rental operation in Chicago with a dozen Model Ts. In 1923, Jacobs sold it to John D. Hertz, president of Yellow Cab and Yellow Truck and Coach Manufacturing Company, who renamed it the "Hertz Drive-Ur-Self System". The company has passed through a number of hands, including General Motors, RCA, and United Airlines. As a public company, Hertz was traded on the NYSE under the symbol HRZ until the purchase of outstanding stock by Ford Motor Company.
From 1994–2005, it was a wholly owned subsidiary of Ford Motor Company. On June 13, 2005, Ford issued a notice that Hertz would be spun off in an initial public offering. On September 13, 2005 it was announced it was to be sold to a private equity group (composed of Clayton Dubilier & Rice, The Carlyle Group and Merrill Lynch Global Private Equity) for $5.6 billion in cash and debt acquisition. The sale was completed on December 22, 2005.
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