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Hertz Wins $30.3M Bid for Advantage Assets - News - Auto Rental News Page 1 of 5 Hertz Wins $30.3M Bid for Advantage Assets - News - Auto Rental News Page 1 of 5 Auto Rental News SEARCH • Facebook • Twitter • LinkedIn • Google+ • Job Finder • Newsletter • RSS • Home • Fleet Acquisition • Remarketing • Rental Software • Telematics • Fleet Insurance • Rental Operations Hertz Wins $30.3M Bid for Advantage Assets April 1, 2009 Like 0 Tweet 0 Print Share Hertz Global Holdings Inc. won a bankruptcy auction for the assets of Advantage Rent-A-Car on March 31. The purchase agreement provides Hertz with the rights to purchase certain rights, trademarks and copyrights to use the Advantage brand name, Web site and phone numbers, according to a statement issued by Hertz. In addition, the agreement provides Hertz with the option to have assigned to the Company certain leases, fixed assets, airport concession agreements and other agreements associated with approximately 20 locations that Advantage is or previously was operating. Hertz has announced that it will continue operating the Advantage business at these rental locations, and it will assess expansion opportunities. Mark P. Frissora, Hertz's Chairman and Chief Executive Officer, commenting on the agreement, said, "We're pleased to have secured the purchase of Advantage Rent A Car, a popular brand for price- oriented customers at key U.S. leisure travel destinations. Underscoring our commitment to serve all segments of the leisure car rental market, the 20 Advantage locations, combined with our six Simply Wheelz locations and the Hertz brand nationwide, enables us to serve the wide range of service and price-oriented car rental customers in the United States." In December 2008, Advantage and 14 affiliates filed for Chapter 11 bankruptcy protection. At the time of the bankruptcy filing, Advantage said it had made arrangements with Hertz to honor its pending reservations at locations that would be closed. http://www.autorentalnews.com/news/story/2009/04/hertz-wins-303m-bid-for-advantage-a... 4/16/2017 Hertz Wins $30.3M Bid for Advantage Assets - News - Auto Rental News Page 2 of 5 In early March, Enterprise announced its intention to purchase the Advantage assets for $19 million pending approval of the bankruptcy court, which would also consider competing bids. Enterprise formally declined to increase its bid once the asking price exceeded the company’s return- on-investment criteria on March 31. Hertz and Enterprise were the only companies to bid on Advantage’s assets. Approval of the transaction is pending a court hearing scheduled for April 3. Comment On This Story Name: Email: Comment: (10000 characters left) SUBMIT * Please note that every comment is moderated. Essentials • News • Auto Focus Blog • Magazine • Read the Latest Digital Issue • ARN Past Issues • Whitepapers • Directory • Legal & Legislative • Research & Statistics • International Car Rental Show • Auto Rental Summit • Photo Galleries http://www.autorentalnews.com/news/story/2009/04/hertz-wins-303m-bid-for-advantage-a... 4/16/2017 Hertz Wins $30.3M Bid for Advantage Assets - News - Auto Rental News Page 3 of 5 Magazine • In This Issue: • Mobility 2050: A Path for Car Rental • Operators: What Does the Future of Car Rental Look Like? • 2017 International Car Rental Show: Preparing for the Future Subscribe to the Magazine Newsletter: Sign up to receive latest news, articles, and much more. Read the latest Reporter Global Reporter Sign up for the newsletters Most Viewed Stories Avis Tops Customer Loyalty Engagement Index Advantage, ACE Earn Top Customer Experience Ratings Enterprise Rent-A-Car Ireland Acquires Dooley Car Rentals Actress Kristen Bell Stars in New Enterprise Ad Enterprise Brands to Expand to Armenia, Georgia http://www.autorentalnews.com/news/story/2009/04/hertz-wins-303m-bid-for-advantage-a... 4/16/2017 Hertz Wins $30.3M Bid for Advantage Assets - News - Auto Rental News Page 4 of 5 Auto Focus Blog: A blog covering fleets, auto rental and the business of cars My Number One Takeaway from ICRS 2017 This year’s International Car Rental Show (ICRS) opened the door to new business models facing transportation today — yet adapting to these new technologies is not the first key to survival. Trump and Regulations: An Alt-Fuel View With 2025 emissions targets back in review, manufacturers, alt-fuel, and alt-power suppliers weigh in on the potential impacts of Trump’s initiatives. Why GM’s Telematics Announcement is a Really Big Deal Enabling a telematics connection at the factory — and not through an aftermarket hardware installation — is a game changer for fleets. view all posts Popular Tags Airport Rentals Avis Avis Budget Group Awards Carsharing Customer Service Dollar Thrifty Automotive Group Enterprise Holdings Enterprise Rent-A-Car Europcar Financial Report Hertz International Rentals Mobile Apps National Car Rental Online Booking Rental Rates Sixt Travel Industry Zipcar view all tags Job Finder: Access Top Talent. Fill Key Positions. Fleet and Commercial Sales Manager San Marcos, TX Chuck Nash Auto Group Fleet Service Coordinator Orlando, FL Orange County Sheriff's Office Offshore Fleet Manager Channelview, TX Harley Marine Gulf Commercial Fleet Motor Underwriter Birmingham, West Midlands AXA Sr. Analyst, Fleet Information Rockville, MD American President Lines View All Jobs > http://www.autorentalnews.com/news/story/2009/04/hertz-wins-303m-bid-for-advantage-a... 4/16/2017 Hertz Wins $30.3M Bid for Advantage Assets - News - Auto Rental News Page 5 of 5 • Topics • Home • Fleet Acquisition • Remarketing • Rental Software • Telematics • Fleet Insurance • Rental Operations • Essentials • News • Auto Focus Blog • Magazine • Read the Latest Digital Issue • ARN Past Issues • Whitepapers • Directory • Legal & Legislative • Research & Statistics • International Car Rental Show • Auto Rental Summit • Photo Galleries • Services • Subscribe • Advertise • About Us • Contact Us • Online Store • Privacy • Site Map • Follow Us • Facebook • Twitter • LinkedIn • Google+ • Job Finder • Newsletter • RSS Copyright © 2017 Auto Rental News. All rights reserved. http://www.autorentalnews.com/news/story/2009/04/hertz-wins-303m-bid-for-advantage-a... 4/16/2017.
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