Rental car giant Hertz is set to buy rival rental agency DollarThrifty for $1.17 billion in cash and stock, in a deal that would see Hertz add another 1,500 locations and cut $180 million in costs.
DollarThrifty saw its stock dip below $1 in early 2009, due to low demand and uncertainly regarding its main vehicle supplier, Chrysler. DollarThrifty’s stock is currently trading at $40 as of Monday, on the strength of the Hertz deal.
While Hertz’s yellow signs are familiar to travelers the world over, Hertz has had a long history of renting out-of-the-ordinary fare, including the famous “Rent-A-Racer” Shelby Mustangs of the 1950’s, and their modern “Prestige”, “Green” and “Fun” collections, which feature luxury, hybrid and sports cars respectively. General Motors also produced a special edition Corvette ZHZ for Hertz rental outlets (above), featuring the companies signature yellow and black motif. Hertz quoted Autoguide $140.14 per day for the ZHZ, slightly less than it would cost to rent a Chevrolet Cobalt for an entire week.