ESTERO,
Fla., Dec. 5, 2022 /PRNewswire/ -- Hertz Global
Holdings, Inc. (NASDAQ: HTZ) today announced the settlement of 364
pending claims relating to vehicle theft reporting, bringing
resolution to more than 95% of its pending theft reporting claims.
The company will pay an aggregate amount of approximately
$168 million by year-end to resolve
these disputes. The company believes it will recover a
meaningful portion of the settlement amount from its insurance
carriers.
"As I have said since joining Hertz earlier this
year, my intention is to lead a company that puts the
customer first. In resolving these claims, we are holding ourselves
to that objective," said Stephen
Scherr, CEO of Hertz. "While we will not always be perfect,
the professionals at Hertz will continue to work every day to
provide best-in-class service to the tens of millions of people we
serve each year. Moving forward, it is our intention to reshape the
future of our company through electrification, shared mobility and
a great digital-first customer experience."
Hertz does not expect the resolution of these claims
to have a material impact on its capital allocation plans for the
balance of 2022 and 2023.
About Hertz
The Hertz Corporation, a subsidiary of Hertz Global Holdings,
Inc., operates the Hertz, Dollar and Thrifty vehicle rental brands
throughout North America,
Europe, the Caribbean, Latin
America, Africa, the
Middle East, Asia, Australia and New
Zealand. The Hertz Corporation is one of the largest
worldwide vehicle rental companies, and the Hertz brand is one of
the most recognized globally. Additionally, The Hertz Corporation
operates the Firefly vehicle rental brand and Hertz 24/7 car
sharing business in international markets and sells vehicles
through Hertz Car sales. For more information about The Hertz
Corporation, visit www.hertz.com.
Forward Looking
Statements
This press release contains "forward-looking statements" within
the meaning of the federal securities laws. Words such as "will,"
"believe," "intention," "objective," "continue," "forward,"
"future," "expect" and similar expressions identify forward-looking
statements, which include but are not limited to statements related
to the timing and impact on Hertz of the settlement payments, the
availability of insurance coverage, the effectiveness of Hertz's
policies relating to theft reporting, Hertz's electrification and
mobility strategies, and any other statements regarding future
expectations, beliefs, plans, objectives, future events or
performance. We caution you that these statements are not
guarantees of future performance and are subject to numerous
evolving risks and uncertainties that we may not be able to
accurately predict or assess, including risks related to the
settlement and insurance coverage, Hertz's ability to expand its EV
fleet, as well as other factors identified in this cautionary note
and in the risk factors of Hertz's Annual Report on Form 10-K for
the year ended December 31, 2021, as
filed with the Securities and Exchange Commission (the "SEC") on
February 23, 2022 and any updates
thereto in subsequent filings with the SEC including in Hertz's
Quarterly Reports on Form 10-Q. We caution you not to place undue
reliance on our forward-looking statements, which speak only as of
their date, and Hertz undertakes no obligation to update this
information.
Contacts
Jonathan
Stern
Hertz
(312)
402-7167
Jonathan.stern@hertz.com
Gary
Koops
Sloane &
Company
(917)
225-6180
GKoops@sloanepr.com
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SOURCE Hertz Global Holdings, Inc.