FindaHireCar.com, the car hire comparison website, is pleased to report that Hertz, one of the key car rental partners in our network of 550 leading car rental suppliers, reported first quarter 2011 worldwide revenues of $1.8 billion, an increase of 7.2% year-over-year.

Mark P. Frissora, the Company’s Chairman and Chief Executive Officer, said, “We continued to make significant operational progress and balance sheet improvements in the first quarter of 2011. U.S. car rental delivered record first quarter adjusted pre-tax income results despite unusually severe winter weather in January and February, and Europe car rental performed well again despite an unsettled economic environment. Both businesses achieved their highest customer service ratings since we began measuring in 2007. HERC continued to rebound from a three-year recession, generating double digit revenue growth in a quarter for the first time since the last quarter of 2006. In addition to almost $6 billion of debt refinancings in 2010, we executed transactions that refinanced over $4 billion of corporate debt in the first quarter. Looking ahead, we are encouraged by a currently favorable outlook for the peak summer travel season in our major car rental markets, by increases in used car residual values, and by general improvement in overall macro conditions which bodes well for HERC’s ongoing recovery,” Frissora concluded.

Worldwide car rental revenues were $1.5 billion for the first quarter of 2011, an increase of 6.2% from the prior year period. Transaction days for the quarter increased 5.4% over first quarter 2010 [4.4% U.S.; 8.0% International]. U.S. off-airport total revenues for the first quarter increased 13.1% year-over-year, and transaction days increased 11.5% from the prior year period. Rental rate revenue per transaction day for the quarter decreased 1.0% from the prior year period.
The worldwide average number of Company-operated cars for the first quarter of 2011 was 427,400, an increase of 2.3% over the prior year period.

Hertz is the world’s largest general use car rental brand, operating from approximately 8,500 locations in approximately 150 countries worldwide. Hertz is the number one airport car rental brand in the U.S. and at 83 major airports in Europe. Product and service initiatives such as Hertz #1 Club Gold®, NeverLost® customized, onboard navigation systems, SIRIUS XM Satellite Radio, and unique cars and SUVs offered through the Company’s Adrenaline, and Green Traveler Collections, set Hertz apart from the competition. In 2008, the Company launched Connect by Hertz, entering the global car sharing market in London, New York City and Paris.

FindaHirecar.com was founded in 2008 with the intention of offering our customers a wide choice of cheap high quality car hire. By utilizing the technology of CarTrawler, we offer the cheapest fully inclusive rates to our customers from the largest selection of car rental from over 550 leading and independent car rental suppliers including Avis, Alamo, Budget Car Hire, Dollar Rent-A-Car, Enterprise Rent-A-Car, Europcar, Fox Rent A Car, Payless Car Rental, Sixt Holiday Cars, Thrifty Rental and many more trusted global brands.

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