Travel Weekly - Hertz Global Holdings acquired a 20% stake in China's largest car-rental company, China Auto Rental, for an undisclosed amount.
In addition to its minority stake in China Auto Rental, Hertz gains a seat on that company's board.
China Auto Rental doubled its revenue last year to $250 million and has a fleet of 50,000 vehicles, more than four times that of China’s second-largest car-rental company, according to Hertz.
As part of the agreement, China Auto Rental gets a five-year license to operate Hertz-branded locations in China.
"Hertz is now uniquely positioned among American and European car rental brands to support the rapidly expanding Chinese rental market, as well as China Auto Rental's growth," Hertz CEO Mark Frissora said in a statement.
Hertz is investing in an Asia-Pacific car-rental market that is collectively about a quarter the size of the U.S.'s. PhoCusWright, in a 2011 report, forecast Asia-Pacific car-rental revenue to increase to $5.6 billion in 2012 from $4.9 billion two years earlier.
China Auto Rental was founded in 2007 and has about 700 locations.
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