Hertz takes minority stake in China Auto Rental
Skift Take
The Hertz Corp. (HTZ) announced that it will invest in China Auto Rental or CAR, China's largest car rental service provider.
Hertz will acquire a stake of approximately 20%, on a fully diluted basis, in CAR and hold a seat on CAR's Board.
Under the agreement, CAR will be granted a license for an initial 5 year term to operate on behalf of Hertz in China.
Hertz and CAR will be co-branded at the latter's full service rental locations countrywide, and Hertz's car rental locations and operations in China, which will provide premium rental services in key cities, will be contributed to CAR.
Hertz said it will continue to manage its outbound sales team in China, and its equipment rental business in the country is unaffected by the new agreement. For comments and feedback: contact editorial@rttnews.com
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