Hertz Enters Vehicle Insurance Replacement Market In The UK Following USA Success
Acquisition of CCL, a leading national accident management services provider, accelerates Hertz's entry to the US $1.5 billion car and van insurance replacement market in the UK
LONDON, June 11, 2013 /PRNewswire/ -- The Hertz Corporation (NYSE: HTZ), the world's largest general use car rental brand, announced that Hertz UK Limited has acquired CCL Vehicle Rentals Ltd (CCL), a leading national accident management provider headquartered in Dorset, UK. The move positions Hertz for huge growth potential in the £1 billion (US$1.5 billion) car and van insurance replacement market in the UK. In addition, Hertz builds upon its strong track record of success in the United States where it has served the insurance replacement industry for more than 10 years.
CCL offers a comprehensive range of services to the authorized and credit hire market place. CCL will operate as a wholly-owned Hertz subsidiary, with its customers benefiting from the car rental provider's extensive fleet and network of locations across the UK as well its range of innovative products and services. With the financial backing of Hertz, CCL will continue investing in state-of-the-art insurance rental and electronic processing systems while building further relationships with insurers, brokers, body shops, and vehicle manufacturers and dealerships.
"Hertz's entry to the UK vehicle insurance replacement market via the acquisition of CCL brings greater choice and an exceptional and comprehensive service to the industry. Already worth £1 billion in the UK, this segment continues to evolve and we're excited to be a part of it, especially as it complements our significant off airport expansion plans," commented Michel Taride, Group RAC President at Hertz International. "Building on our existing leasing replacement services and extensive infrastructure in the UK, we will offer a convenient and competitive alternative to the current dominant players. We are excited to welcome CCL's existing management team to ensure the consistency of service delivery and support plans for growth."
Neil Cunningham, General Manager, UK & Europe Off Airport at Hertz UK Limited added: "Hertz and CCL are a powerful combination to meet the needs of insurers and the wider market. Hertz has nearly one hundred years of experience in the vehicle rental market and a track record of innovation and customer service. CCL has a reputation for quality service in accident management. Its dedicated workforce brings the expertise needed to effectively manage the end-to-end insurance services process – essential for exceptional service provision today and in the future."
CCL is a leading national provider in the UK, with extensive experience in accident management services to the authorized hire and credit hire market. The company posted a turnover in excess of US$ 32 million (£21 million) in 2012. Having built a reputation for exceptional customer service the company now employs approximately 200 people across six UK locations. Following the acquisition, CCL will continue to utilize its bespoke and innovative technological solutions, but will also benefit from the support of the growing network of Hertz locations and wide range of quality vans and cars.
Within the US, Hertz is the recognized supplier to more than 90% of the 200 largest US insurance companies, and boasts approximately 2,400 neighbourhood locations nationwide.
The Hertz Corporation (www.hertz.com) operates its car rental business through the Hertz, Dollar and Thrifty brands from approximately 10,400 corporate, licensee and franchisee locations in North America, Europe, Latin America, Asia, Australia, Africa, the Middle East and New Zealand. Hertz is the largest worldwide airport general use car rental brand, operating from approximately 8,800 corporate and licensee locations in 150 countries. Hertz is the number one airport car rental brand in the U.S. and at 111 major airports in Europe. Dollar and Thrifty have approximately 1,580 corporate and franchisee locations in 80 countries.
Hertz is in its 95th year of delivering quality car rental solutions to leisure and corporate customers. Product and service innovations such as Hertz #1 Club Gold, Worldwide Online Check-in, specially designed NeverLost® satellite navigation systems, and unique cars offered through the company's Prestige, Family, Fun/Adrenaline and Green Collections, set Hertz apart from the competition.
Hertz Press Contact
SOURCE The Hertz Corporation
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