Hertz Global Holdings has outbid Enterprise Rent-A-Car to acquire the assets of Advantage Rent-A-Car, which declared bankruptcy late last year.
Hertz on Tuesday agreed to pay $30.3 million for assets including leases and airport concession agreements, and the court will consider approval of the sale on Friday,
Reuters reported today. Enterprise last month had announced its intentions to purchase Advantage's assets, including its eight remaining U.S. rental locations, the right to lease its fleet and ownership of Advantage's customer lists and "certain Advantage corporate accounts"
(BTNonline, March 4).
Advantage's locations had dwindled from about 50 in the United States to eight—in Denver, Orlando, Salt Lake City and Phoenix—by the time it declared bankruptcy in December 2008. Prior to that, it had launched an initiative to secure small and midsize corporate accounts
(BTNonline, June 25, 2008).