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Advantage Rent A Car will be placed in Chapter 11 bankruptcy Tuesday, after its new owners logged huge auction losses and questioned the book value of 24,000 vehicles acquired from Hertz last year.
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FSNA opened new rental locations at Pittsburgh International Airport and Hilo International as in-terminal operations, and has also moved pre-existing off-airport operations at Raleigh-Durham International Airport and Charlotte Douglas International Airport to in-terminal operations.
Read More →As part of Hertz's divestiture of the Advantage brand to Franchise Services of North America (FSNA), this is one of the scheduled acquisitions of additional on- and off-airport locations.
Read More →The company will acquire all 26 of the on-airport locations that the FTC required Hertz to divest.
Read More →Tom McDonnell will be the company's sole chief executive officer and chairman. Sanford Miller, the former co-chief executive officer and co-chairman, will not continue in an executive capacity with the company but will continue to serve as a director.
Read More →As a result of the FTC consent order, Hertz will be required to provide the company, or another FTC-approved buyer, with the right to operate on-airport concessions at an additional 13 airports.
Read More →Hertz revised earlier statements on the number of on-airport Dollar Thrifty locations it will have to divest, but said it has completed purchasing 99.6% of the shares of Dollar Thrifty common stock.
Read More →According to the FTC’s complaint, Hertz’s original proposed acquisition of Dollar Thrifty would be anticompetitive and would violate both Section 5 of the FTC Act and Section 7 of the Clayton Act, in a number of airport car rental markets.
Read More →The tender offer is now scheduled to expire on Nov. 16, 2012.
Read More →Hertz said it is assisting the Federal Trade Commission in its review of the case by addressing ‘matters raised by the Commissioners and the staff.’
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