FORD Sells HERTZ

csv8 · 04-07-2005, 11:09 AM

Ford US to sell Hertz
Ford Motor Co. intends jettisoning its wholly-owned Hertz rental car agency. The automaker announced that a registration statement for an initial public offering covering its economic interest in Hertz had been filed. Alternatively, Ford still sell Hertz - the world's largest general use car rental company - to a third party.

It's consistent with the revitalization plan Ford launched in 2002. In addition to payroll downsizing and plant closures, Ford's plan called for the divestiture of businesses that are not integral to the manufacture and sale of cars and trucks.

At that time, Hertz's equipment rental division was targeted for divestiture, but Ford could not find a buyer.

Bossxr8 · 04-07-2005, 05:58 PM

I understand Ford US need some cash for development funds but selling off such a profitable business is just dumb.

**Full Noise** · 04-07-2005, 11:08 PM

Quote:

Originally Posted by Bossxr8

I understand Ford US need some cash for development funds but selling off such a profitable business is just dumb.

Profitable alright. I rented a BA sedan for eight days in Brisbane and they kindly offered to waive the $3000 excess (even if the accident wasn’t my fault) if I handed over a further $29 a day. I told them that I would spend the $232 at the local brothel and bring their car back undamaged. As far as I’m concerned that’s legalised extortion.

Cheers, Danny