Sinking Fund Debenture Bond, issued/canceled1970'sSecurity-Columbian / United States Bank Note CompanyThe item shown is representative of the one you will receive
In September of 1918, the pioneer of auto renting, Walter L. Jacobs, at the age of 22, opened a car-rental operation in Chicago. Starting with a dozen Model T Fords, which he repaired and repainted himself, Jacobs expanded his operation to the point where, within five years, the business generated annual revenues of about $1 million.
In 1923, Jacobs sold his car-rental concern to John Hertz, President of Yellow Cab and Yellow Truck and Coach Manufacturing Company. Jacobs continued as Hertz' top operating and administrative executive This rental business, called Hertz Drive-Ur-Self System, was acquired in 1926 by General Motors Corporation
when it bought Yellow Truck from John Hertz.
In 1932, Hertz opened the first rent-a-car facility at Chicago's Midway Airport. Later that same year, to further facilitate the world's adjustment to travel by air, Hertz introduced the first Fly/Drive car rental program.
In 1953, the Hertz properties were bought from GMC by the Omnibus Corporation, which divested itself of its bus interests and concentrated solely on car and truck renting and leasing. A year later, a new name was taken -- The Hertz Corporation -- and it was listed for the first time on the New York Stock Exchange. Jacobs became Hertz' first President and served in that post until his retirement in 1960. He died in 1985 at the age of 88.
In 1954, the new corporation bought Metropolitan Distributors, a pioneer in New York truck leasing dating back to the World War I and the largest concern of its kind in any one city. In the process, the head of Metropolitan Leon C. Greenbaum, became Vice Chairman of the Hertz Board of Directors; he later became Chairman, and in 1960, Chief Executive Officer.
In 1967, The Hertz Corporation became a wholly owned subsidiary of RCA Corporation
. In 1985, Hertz joined UAL, Inc (the parent company of United Air Lines
). On December 30, 1987, Hertz was sold to Park Ridge Corporation, a company formed by Ford Motor Company
and certain members of Hertz senior management for the purpose of purchasing Hertz. In 1988, Volvo North America Corporation joined Ford and Hertz management as an investor in Park Ridge Corporation. In 1994, Park Ridge Corporation was merged into The Hertz Corporation. In 1994, Ford purchased the outstanding shares of Hertz and Hertz' became an independent, wholly owned subsidiary of Ford. On March 9, 2001, Hertz became a wholly owned subsidiary of Ford when Ford reacquired the outstanding 18.5% of Hertz' stock. In December, 2005 Hertz was acquired by three leading private equity investment companies: Clayton, Dubilier & Rice; The Carlyle Group and Merrill Lynch
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