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1918: Any rental car you want, as long as it's black Hertz Rental has come a long way since it opened in 1918 with a fleet that consisted of 12 Model T Fords. By 1923, when John Hertz purchased the fledgling renter, it was pulling in revenues of about $1 million. More recently, during the record-setting final quarter of 1998 alone, the company was making $1.06 billion. For the year, Hertz made $4.2 billion, and revenues have continued to rise since. Remember O.J.? Hertz, now the world's largest rental car agency, has always been an innovator. In 1933, John Hertz introduced the prototype of the inter-city "rent it here/leave it there" plan, which is familiar to travelers today. The company introduced the plan to Europe in 1950. In 1972, Hertz broke more travel ground with the first frequent-renter's club, which allows a customer to arrange a rental agreement before reaching the counter. To publicize its No. 1 Club, Hertz launched an ad campaign in 1975 featuring O.J. Simpson-- then a benign Buffalo Bills football star--hurtling through an airport. Cars, trucks, insurance, and phones Ford Motor owns 81 percent of Hertz. Hertz, in turn, runs the world's most lucrative car rental business and a leading construction rental business, Hertz Equipment Rental Corporation (HERC). In December 1999, HERC expanded by acquiring Service Pump & Compressor Inc. Another subsidiary, Hertz Claim Management, administers third-party liability claims, while Hertz Technologies provides 800-numbers, calling cards, voice mail, and other telecommunications services to small and mid-sized companies. Conquering the Japanese and European markets In 1999, Hertz announced a cross-promotion deal with Toyota's car rental business. In exchange for promoting Toyota's car rental business to customers interested in renting cars in Japan, Toyota agreed to promote the Hertz name in its stores. Members of Toyota and Hertz's preferred member clubs would also enjoy special discounts. In January 1999, Hertz announced it was buying German van line Yello Truck, with $15.3 million in 1998 earnings. It also announced the purchase of SST, a French car rental agency with 1998 revenues of $4.4 million. The three deals pushed Hertz's international presence to 550,000 vehicles in more than 140 countries at 6100 locations. Additionally, in April 2000. Hertz acquired France's Cardella Group of Equipment Rental Companies, a company with $9 million of 1999 earnings. Moving online In mid-2000, Hertz launched an aggressive advertising campaign to promote its Internet site. Seeking to boost online reservations, the ads introduce two advantages of booking through hertz.com: double frequent-flier miles, and a free, one-year membership to Hertz' No. 1 Club.
The company's web site, www.hertz.com, lists job openings in eight different job categories. Each listing contains qualifications, the city and state of the listing, and an address to which resumes can be sent. Hertz also offers a special training program for MBA graduates called the Advanced Management Development Program. MBA graduates in the program train in Boston, New York, Philadelphia, Atlanta, Orlando, Detroit, Chicago, Denver, or Los Angeles. While trainees' first jobs will be in the area, subsequent career advancements typically require a willingness to move.
Contrary to what you might think about the car rental business, Hertz employees insist they do more than just hand out keys. "The industry is very exciting and no two days are ever alike," insists one employee. "There are great management opportunities for good, hardworking people," says another insider. Costs and expectations Playing king of the mountain comes with certain costs and expectations. "Hertz is number one in what they do, and they are determined to stay there," says one Hertzee. Many young people start out in operations, managing a particular city. At the ground level, the pressure to perform can be high. "Hertz demands positive revenue. They will not hesitate to fire any managers who they feel are not making the grade. I have had many friends that were managers that got terminated due to poor revenue showings," declares an insider. "It's generally very demanding, and the hours starting out are not great, but this is the way you start out in the rent business," says one management veteran. Upward mobility means paying your dues "Hertz is a big, dynamic company with many opportunities in the corporate finance area," says an insider. That rise isn't easy, however: "Upward mobility means paying your dues with longer hours at entry-level salaries," says one employee. Nevertheless, employees can experience rapid career advancement and "many opportunities for promotion;" one employee reports. "I was promoted five times in eight years," says one insider. Though the company states otherwise an employee says that at Hertz, "the higher your level, the fewer hours you work and the more money you make." The dress is conservative with casual Fridays throughout the year. Salaries are competitive and the "standard hours are 8:15 to 4:30." Perks include "good benefits" and "a lot of travel," which increase once an employee is past the entry level.
Human Resources
Car rental;Construction;Car leasing More Company Profiles For more career information, go to Vault.com ©2000, Vault.com Inc
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