Hertz Global Holdings Reaches U.S. Supply Agreement with Lyft for Rental Cars

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Jun 30, 2016, 07:45 ET

ESTERO, Fla., June 30, 2016 /PRNewswire/ -- Hertz Global Holdings, Inc. (NYSE: HTZ) has reached an agreement with Lyft to supply its U.S. drivers with cars under specified rental agreements, expanding upon two pilot markets where Hertz and Lyft have partnered together since November 2015. Built on the model used in pilots in Las Vegas and Denver, the agreement provides set rental rates for drivers, who will be serviced from dedicated off-airport Hertz locations that give on-site support. The cars can be used for both Lyft business and personal driving.

In addition to Las Vegas and Denver, Hertz will begin renting cars to Lyft drivers in Los Angeles and San Francisco with more markets expected to follow as part of the national agreement.

"This agreement builds on the work we've been doing with Lyft for the past eight months," said John Tague, president and chief executive officer of Hertz Global Holdings. "Based on that experience, Hertz and Lyft were ready to take the next step, which resulted in this U.S. supply agreement.

"Utilizing cars that are rotating out of our consumer rental fleet creates a model that works for Hertz and for Lyft drivers by providing them with well-maintained, good condition cars. We consider this agreement to be largely complementary to our car rental business, and it enables us to leverage our fleet and distribution infrastructure to participate in the dramatic growth in the ride sharing, or e–hailing, segment."

About Lyft

Lyft was founded in June 2012 by Logan Green and John Zimmer to reconnect people and communities through better transportation. Lyft is the fastest growing rideshare company in the U.S and is available in more than 200 cities. Lyft is preferred by drivers and passengers for its safe and friendly experience, and its commitment to affecting positive change for the future of our cities.

Hertz Global

Hertz Global Holdings operates the Hertz, Dollar, Thrifty and Firefly car rental brands in approximately 10,000 corporate and licensee locations throughout approximately 150 countries in North America, Europe, Latin America, Asia, Australia, Africa, the Middle East and New Zealand. Hertz Global Holdings is the largest worldwide airport general use car rental company with approximately 1,635 airport locations in the U.S. and more than 1,320 airport locations internationally. Product and service initiatives such as Hertz Gold Plus Rewards, NeverLost®, Carfirmations, Mobile Wi-Fi and unique vehicles offered through the Adrenaline, Dream, Green and Prestige Collections set Hertz Global Holdings apart from the competition. Additionally, Hertz Global Holdings owns the vehicle leasing and fleet management leader Donlen Corporation, operates the Hertz 24/7 hourly car rental business in international markets and sells vehicles through its Rent2Buy program. For more information about Hertz Global Holdings, visit: www.hertz.com.

SOURCE Hertz Global Holdings, Inc.