Hertz, Penske Finalize Indiana Franchise Agreement

March 6, 2013

March 6, 2013—The Hertz Corp. and Penske Automotive Group Inc. have completed a franchisee agreement for Penske to become the operator of Hertz car rental locations in certain markets throughout Indiana.

The partnership is part of Hertz’s company-wide initiative aimed at increasing its presence in targeted car rental markets. Penske Automotive Group has purchased the assets of Hertz in select Indiana markets, including more than 20 Hertz airport and off-airport locations.

"Hertz's partnership with Penske Automotive in the Memphis market has proven successful, and extending our relationship to Indiana was the logical next step," said Mark Frissora, chairman and CEO of Hertz. "The Penske team is creating the most valued car rental experience in the Memphis market and we're confident they will bring the same commitment to the Indiana car rental business. With this expanded partnership, we're confident we'll be able to accelerate our growth throughout the region and continue our expansion into the neighborhood market."