MT. VERNON, N.Y. – Joseph L. Torrisi Jr., owner of Money's Worth Car & Truck Rental, has reached an agreement to purchase the Affiliated Car Rental franchise system from owners Joe Stazzone and Bob Williams of Williams & Stazzone Insurance Agency.
Money's Worth has seven locations in New York and one location in Bridgeport, Conn.
Torrisi said Affiliated's corporate head-quarters will continue to operate in Matewan, N.J., and Charles Vitale will remain as the system's vice president. Torrisi will be president.
"We will be building on Affiliated's strong support network of insurance services and adding to it our years of marketing experience in the car and truck rental business," Torrisi said.
Williams & Stazzone Insurance will act as the agent of record for Affiliated, with Empire Fire & Marine Insurance Co. remaining as the system's major carrier, Torrisi added.
Torrisi started in the vehicle rental business in 1988, as a Ryder truck rental dealer. The business later became a Penske dealer and added some of its own trucks. From 1998 to 2003, Torrisi was a Budget licensee, with rental locations in New York's Westchester and Bronx counties. In the summer of 2002, he acquired Money's Worth from Richard Aronow.
"Coming from a strong background in trucks, we look forward to developing a new brand for the portfolio of franchises currently offered by Affiliated," Torrisi said. "Money's Worth will be a truck rental-based franchise that will concentrate on building a national brand and a regional one-way truck rental program that our licensees can participate in and actually be one-way fleet owners."