Hertz Acquires Remaining Stake in Navigation Solutions
PARK RIDGE, N.J., Jan. 17, 2012 /PRNewswire via COMTEX/ --
Hertz Global Holdings, Inc. (NYSE: HTZ) announced today that it has acquired, from Thales Navigation, the remaining 35% stake in Navigation Solutions, the operational arm of Hertz's award winning NeverLost customized, in car GPS system. Navigation Solutions will become a wholly-owned subsidiary of The Hertz Corporation.
"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," commented Mark P. Frissora, Hertz Chairman and Chief Executive Officer. "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 1 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 surpasses other portable navigation and smartphone devices with its ability to deliver customized content; has its own, unique 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 exclusive Explore and Special Events functionality which allow 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. The Explore and Special Events features are akin to having a personal travel guide and are supported by NeverLost's free on-demand Travel Services Desk and Online Trip Planning website. 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. NeverLost customers receive free trip planning services on demand when they call the Travel Services Desk toll-free 800-823-2547 from 6:30 a.m. to 12:00 a.m CDT every day for customized trips, trip changes, directions, or even to find "Best in Class" hotels and restaurants. Personalized travel information is sent wirelessly at no charge to NeverLost within minutes of a request.
Formed in 1998, Navigation Solutions was created to oversee the expansion and operation of NeverLost in rental cars throughout the US 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.
The Hertz Corporation is the world's largest general use car rental brand, operating from approximately 8,500 locations in 150 countries worldwide. Hertz is the number one airport car rental brand in the U.S. and at 94 major airports in Europe, operating both corporate and licensee locations in cities and airports in North America, Europe, Latin America, Asia, Australia and New Zealand. In addition, the Company has licensee locations in cities and airports in Africa and the Middle East. Product and service initiatives such as Hertz Gold® Plus Rewards, NeverLost® customized, onboard navigation systems, SIRIUS XM Satellite Radio, and unique cars and SUVs offered through the company's Prestige, Adrenaline and Green Traveler Collections, set Hertz apart from the competition. In 2008, the Company entered the global car sharing market in London, New York City and Paris. Hertz also operates one of the world's largest equipment rental businesses, Hertz Equipment Rental Corporation, offering a diverse line of equipment, including tools and supplies, as well as new and used equipment for sale, to customers ranging from major industrial companies to local contractors and consumers from approximately 320 branches in the United States, Canada, France, Spain, Italy, China and Saudi Arabia, as well as through its international licensees. Hertz also owns Donlen Corporation, based in Northbrook, Illinois, which is a leader in fleet leasing and management services.
SOURCE Hertz Corporation
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