SOURCE: The Hertz Corporation

The Hertz Corporation

The Hertz Corporation

October 27, 2010 12:28 ET

Hertz Signs Agreement to Acquire Australian Car Sharing Company Flexicar

Acquisition Brings Connect by Hertz Car Sharing Into Its Sixth Country

PARK RIDGE, NJ--(Marketwire - October 27, 2010) -  The Hertz Corporation (NYSE: HTZ) and Australian car sharing company Flexicar announced today that they have signed an agreement for Hertz to acquire Flexicar, a leading Australian car sharing company. Headquartered in Melbourne, Flexicar provides car sharing services to members throughout Melbourne and Sydney. The Company will be integrated into Connect by Hertz car sharing following closing, which is scheduled for December 1, 2010.

"Connect by Hertz is an integral part of Hertz's overall strategy to provide total mobility solutions to our customers," commented Hertz Chairman and Chief Executive Officer, Mark P. Frissora. "The Flexicar acquisition, Connect's first foray into the Australian market, will further strengthen our global car sharing footprint, enabling us to reach a greater audience and to provide our worldwide members access to car sharing vehicles in a sixth country."

Founded in 2005, Flexicar began on the belief that Australia's inner city residents needed an affordable and sustainable alternative to car ownership. The Company operates 90 vehicles and has approximately 2500 members throughout Melbourne and Sydney. The Company's aim is to provide local residents and businesses with driving freedom and flexibility.

"There are three common factors that drive consumers to join a car sharing club: cost savings, convenience and its environmental benefits," comment Robert Stuart, Senior Vice President, Global Sales for Hertz. "The Australian car sharing market closely mirrors the markets in which Connect serves, including residential, college campuses, and the business community. With a growing membership base and strong car utilization rate, Flexicar provides Connect with immediate access to these key markets."

Flexicar will ultimately operate under the Connect by Hertz brand, with Flexicar founder Monique Conheady retaining her leadership position as Director of Australian Car Sharing Operations. The acquisition will benefit Flexicar members by offering sophisticated in-car technology, as well as greater access to cars and locations. Flexicar members will also be able to use Connect services in Berlin, London, Madrid, New York, and Paris.

"We're excited that we will be joining the Connect by Hertz family," commented Flexicar Chief Executive Officer, Monique Conheady. "Hertz's infrastructure will enable Flexicar to tap into a wider array of resources, including its state-of-the-art technology, while providing members with greater products and services to enhance their overall experience."

Operationally, the businesses will benefit from Hertz's access to a wide variety of cars as well as its in-car Eileo technology, while Flexicar's regional presence and brand awareness will enable expansion throughout the country. Following closing and for the remainder of the year, the companies will begin transitioning Flexicar into Connect by Hertz.

Connect by Hertz employs the latest in technology to provide a safe and superior customer service. Upon enrolling in Connect by Hertz, members receive a smart chip-enabled Connect card, which gives them keyless entry to any car in the fleet that the member reserves. In the car, a hands-free audio kit connects members to a Member Care Center representative should they have questions, need assistance or need to extend their rental. The in-car technology also enables Connect by Hertz to "communicate" with the vehicle, enabling representatives to unlock, engage and locate vehicles. The technologically savvy cars are also equipped with iPod connectivity, NeverLost® in-car navigation systems and EZ Pass transponders.

For more information, visit www.connectbyhertz.com or call Member Care Services at 877-654-4400.

About Connect by Hertz

Connect by Hertz, The Hertz Corporation's (NYSE: HTZ) global car sharing club, has more than 700 vehicles, 20,000 members and more than 200 locations worldwide, including corporate offices and universities. Connect by Hertz offers a wide selection of vehicles available for online reservations and pick up 24/7, 365 days a year, all at competitive rates. All cars are equipped with Eileo® technology, and benefits covered by the hourly rate include gas, insurance, GPS turn-by-turn navigation, 24/7 roadside assistance, 24-hour Member Care Center communication, and 180 free miles per 24 hour period. For more information, visit www.connectbyhertz.com.