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Wikipedia

Hertz Global Holdings

October 24, 2023

This article is about the American car rental company. For the unit measure, see Hertz.

Hertz Global Holdings (formerly The Hertz Corporation), known as Hertz, is an American car rental company based in Estero, Florida. The company operates its namesake Hertz brand, along with the brands Dollar Rent A Car, Firefly Car Rental and Thrifty Car Rental.

Hertz Global Holdings
TypePublic company
IndustryCar rental and leasing
Founded1918; 105 years ago (1918) in Chicago, Illinois, U.S.
FounderWalter L. Jacobs
Headquarters
Estero, Florida
,
U.S.
Key people
Revenue US$7.336 billion (2021)
US$2.035 billion (2021)
US$366 million (2021)
Total assets US$19.783 billion (2021)
Total equity US$2.977 billion (2021)
Number of employees
23,000 (2021)
Subsidiaries
Websitehertz.com

It is one of the three big rental car holding companies in the United States, holding a 36% market share, placing it ahead of both Enterprise Holdings and the Avis Budget Group.[1] As one of the largest worldwide vehicle rental companies by sales, locations, and fleet size, Hertz operates in 160 countries in North America, Europe, Latin America, Africa, Asia, Australia, the Caribbean, the Middle East and New Zealand.[2]

Hertz was ranked 326th in the 2020 Fortune 500 list.[3] The company filed for bankruptcy on May 22, 2020, citing a sharp decline in revenue and future bookings caused by the COVID-19 pandemic.[4][5] As of December 31, 2021, the company had revenues of $7.3 billion, assets of $19.7 billion, and 23,000 employees.[6] As of July 1, 2021, the company is no longer in Chapter 11 bankruptcy.[7]

History Edit

The company's early years Edit

Hertz Global Holdings, originally known as Rent-a-Car Inc., was founded by Chicago, Illinois native Walter L. Jacobs in 1918.[8] This small car rental operation began with a dozen Model T Ford cars.[9][10] Within five years, Jacobs' fleet expanded to 600 vehicles—generating annual revenues of approximately US$1 million.[10] John D. Hertz, owner of Yellow Truck and Coach Manufacturing Company, developed an interest in the brand, leading to him purchasing the company in 1923.[11] It was then renamed to Hertz Drive-Ur-Self System.[10] Jacobs continued to serve as president and chief operating officer of Hertz Drive-Ur-Self System until 1961.[8]

After three years of ownership, John Hertz sold the rental car brand to General Motors Corporation in 1926. GM purchased the rest of Yellow Truck and Coach Manufacturing Company in 1943.[10][12] Under the ownership of General Motors, the company released the first rental car charge card in 1926, opened its first rental car location at Chicago's Midway Airport in 1932, and introduced the first one-way rental plan in 1933.[10][13] Hertz Drive-Ur-Self System expanded services to Canada in 1938 and Europe (France) in 1950.[10][14]

Development of the corporation Edit

 
Street view of a Hertz location in Denver, Colorado in 1959

John Hertz repurchased the brand from General Motors in 1953 through his other company, The Omnibus Corporation,[14] which he renamed to The Hertz Corporation. In 1954, its stock began trading on the New York Stock Exchange,[14] and it purchased a New York-based truck leasing company, Metropolitan Distributors, including a fleet of 4,000 trucks. This acquisition increased The Hertz Corporation's fleet to 15,500 trucks and 12,900 passenger cars.[10] During the General Motors ownership, the company had sold many local Hertz franchises to independent business entities. With the financial backing of investment bankers Lehman Brothers, led by Lehman partner and Hertz director, Frank J. Manheim, Hertz began a buyback program for the franchises in the US, then expanded globally. Manheim predicted the global growth and devised the strategy which made “Hertz” a household name and led to dynamic growth in the company's market capitalization from $7 million in 1953 to $100 million in 1965.[15]

The company expanded to South America in 1961.[10] In 1967, The Hertz Corporation became a subsidiary of Radio Corporation of America.[16] In 1985, the car rental company was sold to UAL Corporation, later known as Allegis Corporation, for a cash deal of US$587.5 million.[17] This acquisition expanded Hertz's vehicle renting and leasing, with nearly 400,000 cars and trucks in 120 countries across the globe.[18]

In the summer of 1987, Allegis Corporation chairman and president Frank A. Olson announced the company would be selling Hertz due to internal changes.[19][20] Park Ridge Corporation, which was owned and operated under Ford Motor Company, purchased Hertz in October 1987 for US$1.3 billion,[20] and Hertz relocated its headquarters from Midtown Manhattan to Park Ridge, New Jersey in 1988.[21]

In 2002, Hertz became the first international car rental company to open in China.[22] In 2013, Hertz began partnering with China's largest car rental company, China Auto Rental. In 2016, it reduced its ownership stake but announced a continuing commercial relationship through 2023.[23]

By the second quarter of 2005, Hertz produced about ten percent of Ford's overall pre-tax profit.[24] However, after 18 years of ownership, the Ford Motor Company announced it would be selling the Hertz brand with the intent to focus more on building Ford cars and trucks.[25] Private equity firms Clayton, Dubilier & Rice, The Carlyle Group, and Merrill Lynch Global Private Equity agreed to purchase all shares of common stock in Hertz for an estimated US$15 billion, including debt, and the business itself for US$5.6 billion in 2005.[25]

The Clayton, Dubilier & Rice consortium took Hertz Global Holdings public again on the New York Stock Exchange in November 2006, and Hertz began to expand through Europe.

Hertz launched subbrand "Simply Wheelz" in September 2007 for economy-minded and leisure-market audiences. By 2008, the service expanded to airports in California, Florida, and the McCarran International Airport in Las Vegas, Nevada.[26] Once an online reservation was made, customers were able to choose one of six types of vehicles at self-service rental kiosks.[26] Simply Wheelz was rebranded as Advantage Rent-a-Car in the fall of 2009.[27]

In late December 2009, Clayton, Dubilier & Rice announced the acquisition of used cars dealer British Car Auctions (BCA) from London-based equity firm Montagu Private Equity for an estimated £390 million.[28] BCA was subsequently sold to Haversham Holdings, an investment business, without ever being integrated into Hertz.[29]

Dollar Thrifty and Advantage transactions Edit

In November 2012, Hertz Global Holdings Chairman and CEO Mark P. Frissora announced the company's purchase of Dollar Thrifty Automotive Group, a U.S.-based car rental brand with headquarters in Tulsa, Oklahoma, for US$2.3 billion.[30][31] The business transaction included Hertz paying $87.50 per share of the Dollar Thrifty stock.[27] The deal was finalized on November 19, 2012, and resulted in a combined 10,400 locations in approximately 150 countries.[21] Before the merge, Dollar Thrifty was the fourth-largest car rental company.[30]

In December 2012, Hertz announced it would sell its Advantage Rent a Car unit to Franchise Services of North America and Macquarie Capital after the acquisition of Dollar Thrifty Automotive Group was finalized.[27]

There have been widespread allegations [1] of systemic fraud conducted by sales counter agents whereby upsells including unnecessary insurance, roadside assistance, toll passes are added to customer bills against their will and without clear consent. Despite multiple class action lawsuits [2], Dollar and Thrifty locations continue this practice which is targeted towards families with young children and the elderly [3]. See: Thrifty Car Rental.

Modern corporate changes Edit

In May 2013, Frissora and Florida Governor Rick Scott announced Hertz Global Holdings would relocate their worldwide headquarters from Park Ridge, New Jersey to Estero, Florida.[21] Relocation to Southwest Florida was influenced by the state's travel and tourism industry, proximity to Orlando and Miami, to condense corporate offices, and to increase efficiency of Hertz Global brands.[21] A temporary office building in Naples, Florida housed 640 employees until construction of a new facility was completed in 2015.[32][33]

John P. Tague replaced Frissora as chief executive officer and president of The Hertz Corporation in November 2014.[34]

Kathryn V. Marinello, former CEO of Stream Global Services, was appointed president and chief executive officer of The Hertz Corporation on January 2, 2017, following John Tague's retirement.[35][36][37]

Marinello resigned as CEO on May 18, 2020, and Hertz announced that Paul Stone as new president and chief executive. Stone previously served as Hertz's executive vice president and chief retail operations officer for North America.[38]

On Oct. 5, Hertz announced it has named Mark Fields interim CEO and Paul Stone president and chief operations officer.[39]

In February 2022, Stephen M. Scherr was named Chief Executive Officer of Hertz.[40]

Bankruptcy Edit

As a result of the COVID-19 pandemic, on April 30, 2020, Hertz announced that it had missed lease payments on its fleet and was seeking support from its lenders, including activist investor Carl Icahn, in an attempt to avoid bankruptcy.[41] Marinello resigned as CEO on May 18, 2020, and Hertz announced that Paul Stone would be the new president and chief executive. Stone previously served as Hertz's executive vice president and chief retail operations officer for North America.[42] On May 22, 2020, the Wall Street Journal reported that Hertz was preparing to file for bankruptcy because it did not reach an agreement with top lenders.[43] That same day, the company filed for Chapter 11 bankruptcy.[44] Carl Icahn held 39% of Hertz's shares when it filed for bankruptcy on May 22, 2020, and he controlled three board seats. He invested a total of $2.3 billion into Hertz shares from 2014 to 2020.[45]

Hertz financed itself mostly by taking out loans secured by its fleet of cars, and if the cars fell in value, Hertz's lenders had the right to demand an immediate payment, reducing the amount of the loan, so they were still comfortably covered by the cars’ now-lower value.[46] Because of the crisis, used-car values and sales volumes fell right as Hertz lost most of its customers.[46] The bankruptcy filing started a 60-day clock, during which Hertz's secured lenders must wait before they can foreclose on the 400,000 U.S. cars that were financed through such arrangements.[46]

Despite the bankruptcy filing, Hertz announced on June 11 that it was seeking to raise up to $1 billion in new equity (with disclaimers that there is a "risk that the common stock could ultimately be worthless").[47] The Wall Street Journal characterized the potential stock sale as a "seemingly unprecedented move for a large bankrupt company eager to capitalize on market anomalies,"[47] as its stock price rose nearly 1000% from a low of 59 cents after its bankruptcy filing to $5.50 a share.[48] Hertz's stock has been heavily traded by retail investors, becoming one of the most-traded stocks.[49] Hertz sold $29 million in stock before the Securities Exchange Commission halted further sales.[50] The stock was delisted from the New York Stock Exchange in October 2020.[51]

On July 1, 2021, Hertz emerged from Chapter 11 bankruptcy and changed its ticker symbol from HTZGQ to HTZZ.[7]

In October 2021, Mark Fields was named interim CEO of Hertz with a focus on forward looking investments.[52] On October 25, 2021, Fields announced that Hertz will buy 100,000 Tesla vehicles citing his goal of fleet electrification and that Tesla is the "only manufacturer that can produce EVs at scale".[53]

In November 2021, the company went public again on the Nasdaq with symbol HTZ.[54]

In February 2022, Stephen M. Scherr was named CEO of Hertz.[40]

Accusing customers of car theft Edit

Since 2019, Hertz has been embroiled in a mounting controversy where numerous reports have emerged of Hertz falsely accusing its customers of having stolen automobiles which were under an active rental agreement. Many of the victims report having been arrested in full view of their families and at gun point. Victims reported being jailed for months before being released, resulting in loss of licensure, professional credentials and employment while their falsely filed felonies languish through the system, depriving them of income and their rights. Victims also reported that Hertz claims that outdated computer systems are to blame, local and corporate systems "not communicating correctly", but victim profiles have indicated that these false arrests are more likely to happen to minority groups.[55][56][57][58] In February 2022, a judge forced Hertz to reveal that it reports about 3,365 of its customers to the police every year for theft. Hertz claims that such instances are only a "rare situation" as this is only 0.014% of their 25 million annual transactions in the United States.[59] According to reports, 47 customers have filed lawsuits against Hertz for misreporting cars as stolen resulting in many false arrests and imprisonment.[60] In December 2022, Hertz announced the settlement of 364 pending claims relating to vehicle theft reporting, bringing resolution to more than 95% of its pending theft reporting claims. In this settlement, Hertz agreed to pay approximately $168 million by year-end to resolve these disputes.[61]

Car rental locations and operation Edit

 
Hertz location in Richmond Hill, Ontario

Hertz has approximately 12,000 corporate and franchisee locations in 160 countries throughout North America, Europe, Latin America, Africa, Asia, Australia, the Caribbean, the Middle East and New Zealand.[2]

History of franchising Edit

Wilford Gwilliam of Overland West purchased a portion of Hertz franchise in 1941.[62] Overland West is the largest Hertz franchise licensee in North America, operating 27 car rental and four car sales locations in eight states.[63] Gwilliam sold it to Devere J. Sparrow, who led the organization until selling it to his son-in-law, Jerry H. Petersen, in 1976.[64] As the current owner, president and CEO, Petersen oversees franchises and employees.[65]

Rental fleet Edit

The Hertz rental car fleet has consisted of a variety of vehicle manufacturers, ranging from BYD, Mercedes, Infiniti, Cadillac, Land Rover, BMW, Porsche, Jaguar, Mazda, Volvo, Toyota, Jeep, and Lincoln, along with various others. By December 2012, the company had over 490,000 cars in the United States.[66] As of 2014, 78 percent of Hertz's fleet includes vehicles that reach 28 miles per gallon or more on the highway.[67]

Specialty cars Edit

In 1966, Hertz engaged racing and automotive designer Carroll Shelby to develop an exclusive version of his modified Ford Mustang.[68] The objective was to attract more customers to Hertz and the Hertz fleet would tempt car renters to buy a Mustang or a Shelby-Mustang.[69] One thousand GT350H Mustangs were built as rental cars, although urban legend also maintains that many were missing original engines when returned.[70] The "Rent-a-Racer" program was available in selected locations during the late 1960s for a limited time. The fleet has included Corvettes, Jaguar XK-Es, and AMC AMXs.[68][71]

In 2006, Hertz partnered with Shelby to rent specially-modified Ford Mustang GT-H Coupes as a tribute to the original 1966 Ford Mustang Shelby GT350-H.[72] These 500 cars in 2006 were followed by convertibles in 2007. In 2008, Hertz began to rent modified Chevrolet Corvette (C6) "ZH-Z" Coupes, followed by convertibles in 2009.

Hertz reintroduced the program in 2016, and includes vehicles such as Hendrick Motorsports-modified Chevrolet Corvette (C7) Stingray Z/06 and Chevrolet Camaro SS and ZL-1, and a Shelby-modified Ford Mustang GT.[73]

New technologies Edit

In 2000, Hertz introduced SiriusXM Satellite Radio to its North America rental fleet.[74]

In 2007, the company began testing hourly car rentals at three locations in New York City.[75] It launched a global carsharing service under the name Connect by Hertz in December 2008,[76] serving customers who paid a fee to rent cars by the hour in Park Ridge, New York, Orlando, London, Paris, and Sydney.[76][77] Later branded as Hertz on Demand and Hertz 24/7, operation in the United States ceased in September 2015.[77]

In 2009, it began testing a photo system to record damage to its rental cars.[78]

It introduced ExpressRent kiosks at various rental locations in November 2011. This was the first introduction of large-scale car rental kiosks in the United States that used a live agent through video chat.[79]

The Green Collection Edit

Hertz launched its Green Collection of rental cars in September 2006. This fleet of environmentally friendly vehicles has included the Toyota Prius, Ford Fusion, Buick LaCrosse, Toyota Camry, and Hyundai Sonata.[78][80] In the US vehicles within this group feature Environmental Protection Agency (EPA) highway fuel efficiency ratings of 28 miles per gallon-highway. Different models and different standards apply in other markets.[67][78] The Green Collection was introduced in Singapore in 2014.[81]

Electric Vehicle Rental Fleet Edit

In October 2021, Hertz announced it was investing in electric vehicles with the purchase of 100,000 Teslas, primarily Tesla Model 3 sedans.[82] In March 2022, Tesla Model Y crossovers were added to the order.[83] The Hertz Tesla fleet will have access to Tesla’s supercharger network as Hertz develops their own vehicle charging infrastructure.[84]

Hertz and Uber announced a partnership in October 2022 where Hertz will offer up to 50,000 Tesla vehicles for rent to Uber drivers.[85][86]

In April 2022, Hertz announced its intent to purchase up to 65,000 Polestar 2 vehicles over 5 years from electric carmaker Polestar.[87]

In September 2022, Hertz unveiled a deal with General Motors to purchase up to 175,000 electric vehicles from Chevrolet, Buick, GMC, Cadillac and BrightDrop over a period of 5 years.[88][89]

As part of its investment in electrification, Hertz announced in September 2022 a memorandum of understanding (MOU) for the development of a national network of EV charging stations powered by bp pulse, bp’s global electrification and charging solution brand.[90][91]

In February 2023, Hertz stated that it plans to make a quarter of its total vehicle fleet electric.[92]

Heavy equipment rentals Edit

Hertz opened a heavy equipment rental division in 1965, the Hertz Equipment Rental Corporation, with its first location in Houston, Texas and headquarters in Park Ridge, New Jersey.[93] HERC became an independently publicly traded company called Herc Rentals Inc. on July 1, 2016.[94] Herc Rentals wasn't affected by its former parent's bankruptcy on May 22, 2020.

Advertising Edit

Let Hertz Put You in the Driver's Seat Edit

In 1959, the advertising firm of Norman, Craig & Kummel (NCK) was selected as the new advertising agency for Hertz. NCK developed the slogan "Hertz puts you in the driver's seat", which was first used commercially in September 1959. NCK changed the wording to "Let Hertz put you in the driver's seat" by October 1959. Popular a cappella quartet The Hi-Lo's sang the Hertz song for the commercials. Hertz used the line in the early 1960s in print, signs, and television. The series is listed as number 65 in the top 100 advertising campaigns of the 20th century by Advertising Age magazine.[95]

O.J. Simpson Edit

Former football player O. J. Simpson appeared as a spokesperson in Hertz ads. Simpson's place in advertising is said to have sparked black athletes being featured in film and television.[96] One spot from the mid-1970s showed Simpson, at that point an American football player, running through an airport terminal, dressed in business attire, leaping over rows of seats to get to his Hertz rental car. A woman yelled, "Go, O. J., Go!" The tagline of the ad, as spoken by Simpson, was "Hertz, the superstar in rent-a-car". Through the 1980s and 1990s, Simpson appeared with golfer Arnold Palmer and actress Jamie Lee Curtis. After O.J. Simpson's Ford Bronco chase and his murder trial, Hertz cut all ties to him.

References Edit

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October 24, 2023
hertz, global, holdings, this, article, about, american, rental, company, unit, measure, hertz, formerly, hertz, corporation, known, hertz, american, rental, company, based, estero, florida, company, operates, namesake, hertz, brand, along, with, brands, dolla. This article is about the American car rental company For the unit measure see Hertz Hertz Global Holdings formerly The Hertz Corporation known as Hertz is an American car rental company based in Estero Florida The company operates its namesake Hertz brand along with the brands Dollar Rent A Car Firefly Car Rental and Thrifty Car Rental Hertz Global HoldingsTypePublic companyTraded asNasdaq HTZS amp P 400 componentIndustryCar rental and leasingFounded1918 105 years ago 1918 in Chicago Illinois U S FounderWalter L JacobsHeadquartersEstero Florida U S Key peopleStephen Scherr CEO Paul Stone President and COO RevenueUS 7 336 billion 2021 Operating incomeUS 2 035 billion 2021 Net incomeUS 366 million 2021 Total assetsUS 19 783 billion 2021 Total equityUS 2 977 billion 2021 Number of employees23 000 2021 SubsidiariesDollar Rent A CarFirefly Car RentalThrifty Car RentalWebsitehertz comIt is one of the three big rental car holding companies in the United States holding a 36 market share placing it ahead of both Enterprise Holdings and the Avis Budget Group 1 As one of the largest worldwide vehicle rental companies by sales locations and fleet size Hertz operates in 160 countries in North America Europe Latin America Africa Asia Australia the Caribbean the Middle East and New Zealand 2 Hertz was ranked 326th in the 2020 Fortune 500 list 3 The company filed for bankruptcy on May 22 2020 citing a sharp decline in revenue and future bookings caused by the COVID 19 pandemic 4 5 As of December 31 2021 the company had revenues of 7 3 billion assets of 19 7 billion and 23 000 employees 6 As of July 1 2021 the company is no longer in Chapter 11 bankruptcy 7 Contents 1 History 1 1 The company s early years 1 2 Development of the corporation 1 3 Dollar Thrifty and Advantage transactions 1 4 Modern corporate changes 1 5 Bankruptcy 1 6 Accusing customers of car theft 2 Car rental locations and operation 2 1 History of franchising 3 Rental fleet 3 1 Specialty cars 3 2 New technologies 3 3 The Green Collection 3 4 Electric Vehicle Rental Fleet 3 5 Heavy equipment rentals 4 Advertising 4 1 Let Hertz Put You in the Driver s Seat 4 2 O J Simpson 5 References 6 External linksHistory EditThe company s early years Edit Hertz Global Holdings originally known as Rent a Car Inc was founded by Chicago Illinois native Walter L Jacobs in 1918 8 This small car rental operation began with a dozen Model T Ford cars 9 10 Within five years Jacobs fleet expanded to 600 vehicles generating annual revenues of approximately US 1 million 10 John D Hertz owner of Yellow Truck and Coach Manufacturing Company developed an interest in the brand leading to him purchasing the company in 1923 11 It was then renamed to Hertz Drive Ur Self System 10 Jacobs continued to serve as president and chief operating officer of Hertz Drive Ur Self System until 1961 8 After three years of ownership John Hertz sold the rental car brand to General Motors Corporation in 1926 GM purchased the rest of Yellow Truck and Coach Manufacturing Company in 1943 10 12 Under the ownership of General Motors the company released the first rental car charge card in 1926 opened its first rental car location at Chicago s Midway Airport in 1932 and introduced the first one way rental plan in 1933 10 13 Hertz Drive Ur Self System expanded services to Canada in 1938 and Europe France in 1950 10 14 Development of the corporation Edit nbsp Street view of a Hertz location in Denver Colorado in 1959John Hertz repurchased the brand from General Motors in 1953 through his other company The Omnibus Corporation 14 which he renamed to The Hertz Corporation In 1954 its stock began trading on the New York Stock Exchange 14 and it purchased a New York based truck leasing company Metropolitan Distributors including a fleet of 4 000 trucks This acquisition increased The Hertz Corporation s fleet to 15 500 trucks and 12 900 passenger cars 10 During the General Motors ownership the company had sold many local Hertz franchises to independent business entities With the financial backing of investment bankers Lehman Brothers led by Lehman partner and Hertz director Frank J Manheim Hertz began a buyback program for the franchises in the US then expanded globally Manheim predicted the global growth and devised the strategy which made Hertz a household name and led to dynamic growth in the company s market capitalization from 7 million in 1953 to 100 million in 1965 15 The company expanded to South America in 1961 10 In 1967 The Hertz Corporation became a subsidiary of Radio Corporation of America 16 In 1985 the car rental company was sold to UAL Corporation later known as Allegis Corporation for a cash deal of US 587 5 million 17 This acquisition expanded Hertz s vehicle renting and leasing with nearly 400 000 cars and trucks in 120 countries across the globe 18 In the summer of 1987 Allegis Corporation chairman and president Frank A Olson announced the company would be selling Hertz due to internal changes 19 20 Park Ridge Corporation which was owned and operated under Ford Motor Company purchased Hertz in October 1987 for US 1 3 billion 20 and Hertz relocated its headquarters from Midtown Manhattan to Park Ridge New Jersey in 1988 21 In 2002 Hertz became the first international car rental company to open in China 22 In 2013 Hertz began partnering with China s largest car rental company China Auto Rental In 2016 it reduced its ownership stake but announced a continuing commercial relationship through 2023 23 By the second quarter of 2005 Hertz produced about ten percent of Ford s overall pre tax profit 24 However after 18 years of ownership the Ford Motor Company announced it would be selling the Hertz brand with the intent to focus more on building Ford cars and trucks 25 Private equity firms Clayton Dubilier amp Rice The Carlyle Group and Merrill Lynch Global Private Equity agreed to purchase all shares of common stock in Hertz for an estimated US 15 billion including debt and the business itself for US 5 6 billion in 2005 25 The Clayton Dubilier amp Rice consortium took Hertz Global Holdings public again on the New York Stock Exchange in November 2006 and Hertz began to expand through Europe Hertz launched subbrand Simply Wheelz in September 2007 for economy minded and leisure market audiences By 2008 the service expanded to airports in California Florida and the McCarran International Airport in Las Vegas Nevada 26 Once an online reservation was made customers were able to choose one of six types of vehicles at self service rental kiosks 26 Simply Wheelz was rebranded as Advantage Rent a Car in the fall of 2009 27 In late December 2009 Clayton Dubilier amp Rice announced the acquisition of used cars dealer British Car Auctions BCA from London based equity firm Montagu Private Equity for an estimated 390 million 28 BCA was subsequently sold to Haversham Holdings an investment business without ever being integrated into Hertz 29 Dollar Thrifty and Advantage transactions Edit In November 2012 Hertz Global Holdings Chairman and CEO Mark P Frissora announced the company s purchase of Dollar Thrifty Automotive Group a U S based car rental brand with headquarters in Tulsa Oklahoma for US 2 3 billion 30 31 The business transaction included Hertz paying 87 50 per share of the Dollar Thrifty stock 27 The deal was finalized on November 19 2012 and resulted in a combined 10 400 locations in approximately 150 countries 21 Before the merge Dollar Thrifty was the fourth largest car rental company 30 In December 2012 Hertz announced it would sell its Advantage Rent a Car unit to Franchise Services of North America and Macquarie Capital after the acquisition of Dollar Thrifty Automotive Group was finalized 27 There have been widespread allegations 1 of systemic fraud conducted by sales counter agents whereby upsells including unnecessary insurance roadside assistance toll passes are added to customer bills against their will and without clear consent Despite multiple class action lawsuits 2 Dollar and Thrifty locations continue this practice which is targeted towards families with young children and the elderly 3 See Thrifty Car Rental Modern corporate changes Edit In May 2013 Frissora and Florida Governor Rick Scott announced Hertz Global Holdings would relocate their worldwide headquarters from Park Ridge New Jersey to Estero Florida 21 Relocation to Southwest Florida was influenced by the state s travel and tourism industry proximity to Orlando and Miami to condense corporate offices and to increase efficiency of Hertz Global brands 21 A temporary office building in Naples Florida housed 640 employees until construction of a new facility was completed in 2015 32 33 John P Tague replaced Frissora as chief executive officer and president of The Hertz Corporation in November 2014 34 Kathryn V Marinello former CEO of Stream Global Services was appointed president and chief executive officer of The Hertz Corporation on January 2 2017 following John Tague s retirement 35 36 37 Marinello resigned as CEO on May 18 2020 and Hertz announced that Paul Stone as new president and chief executive Stone previously served as Hertz s executive vice president and chief retail operations officer for North America 38 On Oct 5 Hertz announced it has named Mark Fields interim CEO and Paul Stone president and chief operations officer 39 In February 2022 Stephen M Scherr was named Chief Executive Officer of Hertz 40 Bankruptcy Edit As a result of the COVID 19 pandemic on April 30 2020 Hertz announced that it had missed lease payments on its fleet and was seeking support from its lenders including activist investor Carl Icahn in an attempt to avoid bankruptcy 41 Marinello resigned as CEO on May 18 2020 and Hertz announced that Paul Stone would be the new president and chief executive Stone previously served as Hertz s executive vice president and chief retail operations officer for North America 42 On May 22 2020 the Wall Street Journal reported that Hertz was preparing to file for bankruptcy because it did not reach an agreement with top lenders 43 That same day the company filed for Chapter 11 bankruptcy 44 Carl Icahn held 39 of Hertz s shares when it filed for bankruptcy on May 22 2020 and he controlled three board seats He invested a total of 2 3 billion into Hertz shares from 2014 to 2020 45 Hertz financed itself mostly by taking out loans secured by its fleet of cars and if the cars fell in value Hertz s lenders had the right to demand an immediate payment reducing the amount of the loan so they were still comfortably covered by the cars now lower value 46 Because of the crisis used car values and sales volumes fell right as Hertz lost most of its customers 46 The bankruptcy filing started a 60 day clock during which Hertz s secured lenders must wait before they can foreclose on the 400 000 U S cars that were financed through such arrangements 46 Despite the bankruptcy filing Hertz announced on June 11 that it was seeking to raise up to 1 billion in new equity with disclaimers that there is a risk that the common stock could ultimately be worthless 47 The Wall Street Journal characterized the potential stock sale as a seemingly unprecedented move for a large bankrupt company eager to capitalize on market anomalies 47 as its stock price rose nearly 1000 from a low of 59 cents after its bankruptcy filing to 5 50 a share 48 Hertz s stock has been heavily traded by retail investors becoming one of the most traded stocks 49 Hertz sold 29 million in stock before the Securities Exchange Commission halted further sales 50 The stock was delisted from the New York Stock Exchange in October 2020 51 On July 1 2021 Hertz emerged from Chapter 11 bankruptcy and changed its ticker symbol from HTZGQ to HTZZ 7 In October 2021 Mark Fields was named interim CEO of Hertz with a focus on forward looking investments 52 On October 25 2021 Fields announced that Hertz will buy 100 000 Tesla vehicles citing his goal of fleet electrification and that Tesla is the only manufacturer that can produce EVs at scale 53 In November 2021 the company went public again on the Nasdaq with symbol HTZ 54 In February 2022 Stephen M Scherr was named CEO of Hertz 40 Accusing customers of car theft Edit Since 2019 Hertz has been embroiled in a mounting controversy where numerous reports have emerged of Hertz falsely accusing its customers of having stolen automobiles which were under an active rental agreement Many of the victims report having been arrested in full view of their families and at gun point Victims reported being jailed for months before being released resulting in loss of licensure professional credentials and employment while their falsely filed felonies languish through the system depriving them of income and their rights Victims also reported that Hertz claims that outdated computer systems are to blame local and corporate systems not communicating correctly but victim profiles have indicated that these false arrests are more likely to happen to minority groups 55 56 57 58 In February 2022 a judge forced Hertz to reveal that it reports about 3 365 of its customers to the police every year for theft Hertz claims that such instances are only a rare situation as this is only 0 014 of their 25 million annual transactions in the United States 59 According to reports 47 customers have filed lawsuits against Hertz for misreporting cars as stolen resulting in many false arrests and imprisonment 60 In December 2022 Hertz announced the settlement of 364 pending claims relating to vehicle theft reporting bringing resolution to more than 95 of its pending theft reporting claims In this settlement Hertz agreed to pay approximately 168 million by year end to resolve these disputes 61 Car rental locations and operation Edit nbsp Hertz location in Richmond Hill OntarioHertz has approximately 12 000 corporate and franchisee locations in 160 countries throughout North America Europe Latin America Africa Asia Australia the Caribbean the Middle East and New Zealand 2 History of franchising Edit Wilford Gwilliam of Overland West purchased a portion of Hertz franchise in 1941 62 Overland West is the largest Hertz franchise licensee in North America operating 27 car rental and four car sales locations in eight states 63 Gwilliam sold it to Devere J Sparrow who led the organization until selling it to his son in law Jerry H Petersen in 1976 64 As the current owner president and CEO Petersen oversees franchises and employees 65 Rental fleet EditThe Hertz rental car fleet has consisted of a variety of vehicle manufacturers ranging from BYD Mercedes Infiniti Cadillac Land Rover BMW Porsche Jaguar Mazda Volvo Toyota Jeep and Lincoln along with various others By December 2012 the company had over 490 000 cars in the United States 66 As of 2014 78 percent of Hertz s fleet includes vehicles that reach 28 miles per gallon or more on the highway 67 Specialty cars Edit In 1966 Hertz engaged racing and automotive designer Carroll Shelby to develop an exclusive version of his modified Ford Mustang 68 The objective was to attract more customers to Hertz and the Hertz fleet would tempt car renters to buy a Mustang or a Shelby Mustang 69 One thousand GT350H Mustangs were built as rental cars although urban legend also maintains that many were missing original engines when returned 70 The Rent a Racer program was available in selected locations during the late 1960s for a limited time The fleet has included Corvettes Jaguar XK Es and AMC AMXs 68 71 In 2006 Hertz partnered with Shelby to rent specially modified Ford Mustang GT H Coupes as a tribute to the original 1966 Ford Mustang Shelby GT350 H 72 These 500 cars in 2006 were followed by convertibles in 2007 In 2008 Hertz began to rent modified Chevrolet Corvette C6 ZH Z Coupes followed by convertibles in 2009 Hertz reintroduced the program in 2016 and includes vehicles such as Hendrick Motorsports modified Chevrolet Corvette C7 Stingray Z 06 and Chevrolet Camaro SS and ZL 1 and a Shelby modified Ford Mustang GT 73 New technologies Edit In 2000 Hertz introduced SiriusXM Satellite Radio to its North America rental fleet 74 In 2007 the company began testing hourly car rentals at three locations in New York City 75 It launched a global carsharing service under the name Connect by Hertz in December 2008 76 serving customers who paid a fee to rent cars by the hour in Park Ridge New York Orlando London Paris and Sydney 76 77 Later branded as Hertz on Demand and Hertz 24 7 operation in the United States ceased in September 2015 77 In 2009 it began testing a photo system to record damage to its rental cars 78 It introduced ExpressRent kiosks at various rental locations in November 2011 This was the first introduction of large scale car rental kiosks in the United States that used a live agent through video chat 79 The Green Collection Edit Hertz launched its Green Collection of rental cars in September 2006 This fleet of environmentally friendly vehicles has included the Toyota Prius Ford Fusion Buick LaCrosse Toyota Camry and Hyundai Sonata 78 80 In the US vehicles within this group feature Environmental Protection Agency EPA highway fuel efficiency ratings of 28 miles per gallon highway Different models and different standards apply in other markets 67 78 The Green Collection was introduced in Singapore in 2014 81 Electric Vehicle Rental Fleet Edit In October 2021 Hertz announced it was investing in electric vehicles with the purchase of 100 000 Teslas primarily Tesla Model 3 sedans 82 In March 2022 Tesla Model Y crossovers were added to the order 83 The Hertz Tesla fleet will have access to Tesla s supercharger network as Hertz develops their own vehicle charging infrastructure 84 Hertz and Uber announced a partnership in October 2022 where Hertz will offer up to 50 000 Tesla vehicles for rent to Uber drivers 85 86 In April 2022 Hertz announced its intent to purchase up to 65 000 Polestar 2 vehicles over 5 years from electric carmaker Polestar 87 In September 2022 Hertz unveiled a deal with General Motors to purchase up to 175 000 electric vehicles from Chevrolet Buick GMC Cadillac and BrightDrop over a period of 5 years 88 89 As part of its investment in electrification Hertz announced in September 2022 a memorandum of understanding MOU for the development of a national network of EV charging stations powered by bp pulse bp s global electrification and charging solution brand 90 91 In February 2023 Hertz stated that it plans to make a quarter of its total vehicle fleet electric 92 Heavy equipment rentals Edit Hertz opened a heavy equipment rental division in 1965 the Hertz Equipment Rental Corporation with its first location in Houston Texas and headquarters in Park Ridge New Jersey 93 HERC became an independently publicly traded company called Herc Rentals Inc on July 1 2016 94 Herc Rentals wasn t affected by its former parent s bankruptcy on May 22 2020 Advertising EditLet Hertz Put You in the Driver s Seat Edit In 1959 the advertising firm of Norman Craig amp Kummel NCK was selected as the new advertising agency for Hertz NCK developed the slogan Hertz puts you in the driver s seat which was first used commercially in September 1959 NCK changed the wording to Let Hertz put you in the driver s seat by October 1959 Popular a cappella quartet The Hi Lo s sang the Hertz song for the commercials Hertz used the line in the early 1960s in print signs and television The series is listed as number 65 in the top 100 advertising campaigns of the 20th century by Advertising Age magazine 95 O J Simpson Edit Former football player O J Simpson appeared as a spokesperson in Hertz ads Simpson s place in advertising is said to have sparked black athletes being featured in film and television 96 One spot from the mid 1970s showed Simpson at that point an American football player running through an airport terminal dressed in business attire leaping over rows of seats to get to his Hertz rental car A woman yelled Go O J Go The tagline of the ad as spoken by Simpson was Hertz the superstar in rent a car Through the 1980s and 1990s Simpson appeared with golfer Arnold Palmer and actress Jamie Lee Curtis After O J Simpson s Ford Bronco chase and his murder trial Hertz cut all ties to him References Edit How Consolidation in the Car Rental Industry Is Likely to Overhaul Ground Transportation GEP Retrieved June 23 2021 a b 2020 Annual Report Form 10 K Hertz Global Holdings Inc February 26 2021 Retrieved April 21 2021 Hertz Global Holdings Fortune Retrieved April 21 2021 Chris Isidore May 22 2020 Hertz files for bankruptcy CNN Retrieved May 23 2020 Chokshi Niraj May 22 2020 Hertz Car Rental Pioneer Files for Bankruptcy Protection The New York Times Retrieved May 23 2020 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Form 10 K Hertz Global Holdings Inc 2021 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Retrieved September 19 2022 a b Lipschultz Bailey July 1 2021 Hertz Stock Rages On After Bankruptcy With Surge Then Plunge Bloomberg a b Walter L Jacobs 88 Rent a Car Pioneer Los Angeles Times 1985 Retrieved August 4 2017 Walter L Jacobs 88 Chicago native who in 1918 founded Chicago Tribune 1985 Retrieved August 4 2017 a b c d e f g h The Hertz Corporation Harvard Business School 1961 Retrieved August 4 2017 Fowler Glenn 1985 W L JACOBS DIES EX HEAD OF HERTZ The New York Times Retrieved August 4 2017 Hertz Corp Advertising Age 2013 Retrieved August 4 2017 Hertz rental car founder born A amp E Television Networks 2017 Retrieved August 4 2017 a b c McDonough John 1997 The Advertising Age Encyclopedia of Advertising 42 No 5 ed Routledge Wechsberg Joseph July 28 2014 Merchant Bankers Dover Publications p 294 ISBN 978 0 486 78118 1 R C A Hertz Agree on Merger Chicago Tribune 1966 Retrieved August 6 2017 Ritcher Paul 1985 General Electric Will Buy RCA for 6 28 Billion LA Times Retrieved August 6 2017 Cole Robert J 1985 UNITED AIRLINES SET TO BUY HERTZ FROM RCA IN 587 MILLION DEAL The New York Times Retrieved August 6 2017 Day Kathleen 1985 RCA Agrees to Sell Its Hertz Unit to UAL Inc for 587 Million Cash The New York Times Retrieved August 6 2017 a b Dallos Robert E 1987 Hertz Team Ford Agree to Buy Car Rental Firm From Allegis in 1 3 Billion Deal Los Angeles Times Retrieved August 6 2017 a b c d No mystery anymore Hertz moving HQ to Estero NBC2 2013 Archived from the original on August 5 2017 Retrieved August 4 2017 Hertz Car Rental Company History Bargain Wheels 2017 Retrieved August 6 2017 Hertz Reduces Shares of China Auto Rental Auto Rental News 2016 Retrieved August 6 2017 permanent dead link Sorkin Andrew 2005 Private Investors to Buy Hertz for 15 Billion The New York Times Retrieved August 6 2017 a b Ford sells Hertz for 5 6B USA Today 2005 Retrieved August 6 2017 a b Hertz Expands Simply Wheelz to California Florida and Nevada Auto Rental News 2008 Retrieved August 7 2017 a b c De La Merced Michael J Lattam Peter August 26 2012 After Long Pursuit Hertz to Buy Dollar Thrifty for 2 3 Billion The New York Times Retrieved September 19 2019 Hertz owner buys British Car Auctions The Scotsman December 28 2009 Retrieved June 19 2023 British Car Auctions bought by Haversham Holdings AM Online March 25 2015 Retrieved November 30 2017 a b Evatt Robert 2013 FTC clears final hurdle for Hertz and Dollar Thrifty merger Tulsa World Archived from the original on August 13 2018 Retrieved August 6 2017 Terlep Sharon Dezember Ryan 2012 Hertz Wins Bid to Buy Dollar Thrifty Wall Street Journal Retrieved August 6 2017 A look into construction at Hertz s new headquarters NBC2 2015 Archived from the original on August 13 2018 Retrieved August 6 2017 Form 8 K for Hertz Global Holdings Inc The Hertz Corporation U S Securities and Exchange Commission 2014 Retrieved August 6 2017 Hertz Global Holdings Inc Bloomberg 2017 Retrieved August 6 2017 Hertz CEO John Tague to step down in January FOX Business Carl Icahn Is Excited About New Hertz CEO Kathryn Marinello Fortune 2016 Retrieved August 7 2017 Hertz Global Holdings Fortune 2017 Archived from the original on March 24 2019 Retrieved August 7 2017 Sebastian Dave May 18 2020 Hertz Names Paul Stone as CEO as Firm Fights for Survival Amid Covid 19 Wall Street Journal ISSN 0099 9660 Retrieved September 19 2022 Bookmark Auto Rental News Staff Hertz Names Mark Fields Interim CEO Paul Stone COO www autorentalnews com Retrieved September 19 2022 a b Chokshi Niraj February 4 2022 Delta s chief executive asks U S to bar unruly passengers from flying The New York Times ISSN 0362 4331 Retrieved September 19 2022 Welch David April 30 2020 Hertz in push to avoid bankruptcy Business down 80 since pandemic took hold SFGate Retrieved May 1 2020 Dave Sebastian May 18 2020 Hertz Names Paul Stone as CEO as Firm Fights for Survival Amid Covid 19 The Wall Street Journal Retrieved May 18 2020 Gladstone Alexander Lombardo Cara May 22 2020 Hertz Preparing Bankruptcy Filing as Soon as This Weekend Wall Street Journal Dow Jones Retrieved May 22 2020 Hertz files for U S bankruptcy protection as car rentals evaporate in pandemic Reuters May 22 2020 Retrieved May 22 2020 Isidore Chris May 28 2020 Carl Icahn lost 2 billion betting on Hertz cnn com CNN Retrieved May 28 2020 a b c Hertz Is Bankrupt and the Effects Will Flow Throughout the Car Business New York Magazine 28 May 2020 a b Al Muslim Peg Brickley Becky Yerak and Aisha June 12 2020 Bankrupt Hertz Can Tap Market Frenzy to Sell Potentially Worthless Stock Wall Street Journal ISSN 0099 9660 Retrieved June 13 2020 a href Template Cite news html title Template Cite news cite news a CS1 maint multiple names authors list link Gladstone Alexander June 10 2020 Looming Hertz Delisting Pulls Shares Back to Earth Wall Street Journal ISSN 0099 9660 Retrieved June 13 2020 Hertz seeks unusual 1bn share sale while in bankruptcy Financial Times June 12 2020 Retrieved June 12 2020 Yerak Becky August 10 2020 Hertz Sold 29 Million in Stock Before SEC Stepped In WSJ Wall Street Journal Hertz Delisted from NYSE What Does it Mean Auto Rental News October 30 2020 Hertz names ex Ford CEO Mark Fields as interim CEO CNBC October 5 2021 Hertz under interim CEO Mark Fields orders 100 000 Tesla vehicles for end of 2022 Tesla shares surge Automotive News October 25 2021 Wayland Michael November 9 2021 Shares of Hertz fall 9 8 on first day of Nasdaq relisting CNBC Hertz customers claim they were arrested some jailed and even held at gunpoint after false theft reports CBS News December 10 2021 Retrieved December 13 2021 Dozens of customers allege Hertz had them falsely arrested over rental cars reported stolen It was just terrifying CBS News November 4 2021 Retrieved December 13 2021 Werner Anna February 10 2022 Hertz files thousands of car theft complaints against customers every year A judge ruled they have to make that data public CBS News Iati Marisa February 11 2022 Hertz claims thousands of renters steal cars Customers argue they ve been falsely accused Washington Post Wedell Katie March 2 2022 If you ve rented a car from Hertz there could be a warrant out for your arrest USA Today Retrieved March 5 2022 Hertz faces lawsuit from 47 customers claiming false arrests CNN July 15 2022 Hertz Announces Settlement Agreements Related to Past Legal Claims Press release Overland West Inc Better Business Bureau 2017 Retrieved August 7 2017 About Us Overland West 2015 Retrieved August 7 2017 Arizona Daily Sun from Flagstaff Arizona Arizona Daily Sun 1977 Retrieved August 7 2017 Lots of hard work pays off for owner of Hertz franchises Deseret News Business 2001 Retrieved August 7 2017 Form 10 K for Hertz Global Holdings Inc US Securities and Exchange Commission 2014 Retrieved August 7 2017 a b Hertz Rental Car Fleet Gets Greener With Higher Average Fuel Economy Green Car Reports 2014 Retrieved August 7 2017 a b Rent a Racer Hertz and the Muscle Car Era Fossil Cars March 17 2015 Archived from the original on October 29 2017 Retrieved March 13 2018 Gunnell John 2005 American Cars of the 1960s A Decade of Diversity Krause Publications ISBN 978 0 89689 131 9 Retrieved March 13 2018 Stone Matt 2014 James Garner s Motoring Life Grand Prix the movie Baja The Rockford Files and More CarTech ISBN 978 1 61325 136 2 Retrieved March 13 2018 Urban legend also maintains that more than a few were returned to the rental lot with the fresh 289 Hi Po V 8 having been replaced by a tired garden variety low performance Mustang or Falcon engine after a weekend engine swap Few Hertz renters will confirm or deny 1968 AMX Hertz Rent A Racer 1968hertzamx com Archived from the original on May 24 2013 Retrieved August 8 2020 Auto Editors of Consumer Guide March 5 2007 2006 Ford Mustang and Ford Shelby GT H HowStuffWorks Archived from the original on June 1 2020 Retrieved March 24 2023 a href Template Cite web html title Template Cite web cite web a CS1 maint bot original URL status unknown link Woodyard Chris May 20 2016 Hertz brings back Shelby s Ford Mustang GT H Rent A Racer USA Today Retrieved March 13 2018 Hertz Neverlost Enters Smartphone App Market With First Mobile Application PDF Press release Hertz 2010 Retrieved August 6 2017 More companies rent cars by the hour USA Today 2017 Retrieved August 6 2017 a b Hertz Will Try to Connect With the Carless The New York Times 2008 Retrieved August 7 2017 a b Hertz to cease car sharing services in U S Travel Weekly 2015 Retrieved August 7 2017 a b c Batallas Tanya August 19 2009 Hertz testing photo system to record damages NJ com Retrieved September 19 2019 Collet Stacy 2012 Hertz Improves Customer Experience With Friendlier Kiosks CIO Archived from the original on September 29 2018 Retrieved August 6 2017 Grant John 1997 The Green Marketing Manifesto John Wiley amp Sons Hertz introduces Green Traveler Collection in Singapore Car Mart 2014 Retrieved August 7 2017 Lewis Michelle October 25 2021 Hertz orders 100 000 Teslas the single largest EV purchase ever with Tom Brady campaign Electrek Retrieved October 31 2022 Lambert Fred March 23 2022 Hertz adds Tesla Model Y to its fleet after giant deal for 100 000 Model 3s Electrek Retrieved October 31 2022 Schatzker Erik October 25 2021 Hertz Order for 100 000 EVs Sends Tesla Value to 1 Trillion Bloomberg Bursztynsky Jessica October 27 2021 Uber will offer up to 50 000 Teslas to its drivers through Hertz rental deal CNBC Retrieved October 31 2022 Bellon Tina October 27 2021 Uber partners with Hertz to offer 50 000 Tesla rentals to U S ride hail drivers Reuters Retrieved October 31 2022 Korn Jennifer April 4 2022 Hertz to buy up to 65 000 electric cars from Polestar CNN Business CNN Retrieved October 31 2022 Valdes Dapena Peter September 22 2022 Hertz is buying up to 175 000 electric vehicles from GM CNN Business CNN Retrieved October 31 2022 Hertz to purchase 175 000 General Motors EVs over the next five years Engadget Retrieved October 31 2022 Hertz ties up with BP for EV charger installations in North America Reuters September 27 2022 Retrieved October 31 2022 Garsten Ed Hertz Follows Big GM EV Deal With BP Pulse Charge Station Tie up Forbes Retrieved October 31 2022 House The White February 15 2023 FACT SHEET Biden Harris Administration Announces New Standards and Major Progress for a Made in America National Network of Electric Vehicle Chargers The White House Retrieved February 15 2023 Company Overview of Hertz Rentals Inc Bloomberg 2017 Retrieved August 7 2017 Hertz to separate into 2 publicly traded companies on July 1 Marketwatch 2016 Retrieved August 7 2017 Ad Age Advertising Century Top 100 Campaigns AdvertisingAge Crain Communications March 29 1999 Retrieved December 29 2012 Boyd Todd 2008 African Americans and Popular Culture Theater film and television Abc Clio pp 86 87 ISBN 978 0 313 06408 1 Retrieved January 27 2011 External links Edit nbsp Wikimedia Commons has media related to Hertz Corporation Official website nbsp Business data for Hertz Global Holdings Inc BloombergGoogleReutersSEC filingsYahoo Retrieved from https en wikipedia org w index php title Hertz Global Holdings amp oldid 1177319807, wikipedia, wiki, book, books, library,

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