Hertz To Acquire Advantage Rent A Car

Hertz Global Holdings Inc has outbid Enterprise Rent-A-Car to purchase the assets of Advantage Rent A Car out of bankruptcy. Hertz has agreed to pay $33 million for Advantage. If the purchase is approved in bankruptcy court today, the deal could be completed as early as Wednesday.

The agreement would give Hertz certain rights, trademarks and copyrights to use the Advantage brand name, Web site and phone numbers. It also would give Hertz the rights to leases, fixed assets, airport concession agreements and other agreements. With about 20 locations, Advantage generated revenues of about $146 million in 2008, Hertz said.

[Denny] Hecker, embroiled in court disputes with Chrysler Financial, was forced to put Advantage into bankruptcy in December.

. . . In a statement, Enterprise said: "The auction process escalated the purchase price for the assets of Advantage to in excess of $30 million, higher than management of Enterprise deemed appropriate for the failed business." – AutoNews ($$)