The Hertz Corp. and Penske Automotive Group Inc. announced today the completion of a franchisee agreement for Penske Automotive Group to become the operator of Hertz Car Rental locations in certain markets throughout Indiana. The partnership is part of Hertz's company-wide initiative aimed at increasing its presence in targeted car rental markets, a recent press statement said.

"Hertz's partnership with Penske Automotive in the Memphis market has proven successful, and extending our relationship to Indiana was the logical next step," commented Mark P. Frissora, chairman and CEO for Hertz Corp. "The Penske team is creating the most valued car rental experience in the Memphis market and we're confident they will bring the same commitment to the Indiana car rental business. With this expanded partnership, we're confident we'll be able to accelerate our growth throughout the region and continue our expansion into the neighborhood market."

Penske Automotive Group purchased the assets of Hertz in select Indiana markets, providing the opportunity to operate more than 20 Hertz airport and off-airport locations, including the three principal airports of Indianapolis, Fort Wayne, and South Bend.

"We are thrilled with the opportunity to expand our relationship with Hertz to the Indiana market," said Bud Denker, president of the Penske Car Rental operations. "This acquisition is a logical progression in our relationship. With the lasting heritage of the Penske name in motorsports, particularly in Indianapolis, combined with the strong legacy of the Hertz brand, I am confident in our ability to bring a high level of customer service and satisfaction to these locations throughout Indiana. Our expansion will allow us to begin scaling our operations with the Hertz locations we currently operate in the Memphis, Tennessee market and will help Hertz accelerate its growth in a key market."

The agreement with Penske is part of Hertz's strategy to transition select corporate markets to franchisee operations, according to the press statement.