Hertz
Global Holdings, Inc. (NYSE: HTZ) recently announced it has acquired the assets
of Automoti Group, Inc., an online marketplace for consumers to directly
purchase used cars at discounted prices. Automoti's end-to-end solutions are
currently utilized by the Hertz Rent2Buy program which enables consumers to
rent a car for up to three days prior to purchase. Terms of the acquisition
were not disclosed.
Mark P.
Frissora, Chairman and Chief Executive Officer of Hertz, said, "A key
element to Hertz's reengineering has been its fleet sales, with an overall
strategy of diversifying the sales channels used to sell vehicles. Automoti.com
provides user-friendly technology that will enable Hertz to leverage an e-commerce
platform to further develop our Rent2Buy program. By acquiring Automoti's
technology, we will now own the best online car sales system, enabling Hertz to
pre-sell vehicles while still on rent which will increase the revenue earned
per vehicle sold."
John Thomas,
Executive Vice President, Global Supply Chain Management of Hertz, said,
"Hertz's newly developed Rent2Buy program is a fast-growing retail sales
channel designed to be customer friendly, with a 3-day, try-before-you-buy test
drive. Through Hertz Rent2Buy, we can extend our product offering by providing
customers with a financially attractive solution for purchasing late model used
vehicles in a simple, streamlined way."
Car buyers
interested in a quality, used vehicle simply need to select and reserve a
vehicle of their choice for up to three days. If the customer decides to buy
the car, they keep it, complete the purchase process and the rental cost is
credited against the purchase price of the car. If the customer decides not to
buy the car, they return it to the renting location and the transaction is
treated like a standard rental.
Hertz Rent2Buy provides customers with
substantial savings off of retail prices and a no hassle, one price buying
experience. Hertz Rent2Buy is currently available in 8 states:
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