Hertz Acquires Remaining Stake in Navigation Solutions

Hertz Global Holdings Inc. announced in a Jan. 17 press release that it has acquired, from Thales Navigation, the remaining 35% stake in Navigation Solutions, the operational arm of Hertz's NeverLost customized, in-vehicle GPS system. Navigation Solutions will become a wholly-owned subsidiary of The Hertz Corp.

"NeverLost's GPS-based technology and customized travel content package has been an instrumental element of our strategy to differentiate the car rental experience and it will play a significant, strategic role in the future of car rental as we envision it. Now, coupled with our proprietary Eileo car sharing technology, NeverLost will enable Hertz to transform customer service by creating an unparalleled in-car rental experience," said Mark P. Frissora, Hertz chairman and CEO. "For well over a decade, including 2011, NeverLost revenues have grown solidly and generated strong profit margins. While Navigation Solution revenues are already fully reflected in our consolidated results, the acquisition will be accretive to earnings in 2012."

Almost one million Hertz Gold members include NeverLost as part of their profile preference, meaning they want the GPS navigation system every time they rent a car. Equipped with 3G communication capabilities, NeverLost has its own trip planning website, www.neverlost.com; provides concierge services, travel planning assistance and downloadable travel plans; is able to provide customized travel portals for commercial accounts; and has connected services designed specifically for travelers.

Today, with more than 80,000 units in service, NeverLost offers travelers to choose things to do, places to see, and trendy restaurants to enjoy, all specifically chosen and delivered wirelessly to NeverLost in the top 20 urban markets across America. Navigation Solutions' travel content team researches numerous sources, including convention and visitors bureaus and city magazines to select the most relevant and current travel data for each feature.

Hertz NeverLost is available for rent on Hertz full-size and above vehicles for $12.99 per day, and is complimentary in Hertz Prestige Collection cars, excluding Volvo S60.

Formed in 1998, Navigation Solutions was created to oversee the expansion and operation of NeverLost in rental cars throughout the U.S. and Canada. The company also installs, maintains, markets and advertises NeverLost throughout North America. Hertz first introduced NeverLost in 1995 with 600 units at major airport locations throughout the United States.

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