|August 26, 1999|
HERTZ SIGNS LETTER OF INTENT WITH CHINA NATIONAL AUTO ANHUA
|Today, The Hertz Corporation signed a letter of intent with China National Auto Anhua (Tianjin) International Trade Co., Ltd. (CNAA) to establish in the People's Republic of China a licensee operation under the Hertz name. This is Hertz' first representation in mainland China.|
"We have been very selective in establishing a presence in China and we're pleased about the prospect of entering this market with CNAA, a joint-venture company backed by very established joint-venture partners," commented Brian J. Kennedy, Executive Vice President, Marketing for Hertz. "Furthermore, this will position Hertz as the first global car rental company to establish an operation and presence in this emerging market."
The car rental operations are scheduled to begin operation in 2000 in Beijing, Shanghai, Tianjin, Guangzhou Province and Xiamen with an initial fleet of several hundred vehicles, pending any necessary government approvals.
The new licensee will offer chauffeur-drive, self-drive, and short-term and long-term rentals.