Hertz Enters Low Cost Market in Australasia by Acquiring Ace Rental Cars

The Hertz Corporation HTZ has entered the low cost car rental market in Australia and New Zealand by acquiring Ace Rental Cars, the second largest discount car rental company in New Zealand. Ace will continue to operate under its existing brand as an independent subsidiary. "At the price-conscious end of the value brand market, Ace will make an excellent addition to the Hertz family of brands, and will allow us to capture a significant share of New Zealand's growing leisure sector," said Mark Frissora, Hertz Chairman and CEO.