Hertz ends talks to buy Ford truck-leasing unit

PARK RIDGE, N.J. (Dec. 20, 1999) — Hertz Corp., the world’s largest car-rental company, decided against buying Ford Motor Co.’s AMI Leasing because the unit’s focus on heavy trucks didn’t fit with Hertz’s strategy.

Hertz, owned principally by Ford, said it wants to add leasing businesses to provide stable earnings and revenue. Worcester, Mass.- based AMI Leasing, owned by Ford subsidiary Automotive Management Inc., had revenue of about $210 million in 1998, or less than 5% of Hertz’s $4.25 billion in revenue.

“In light of our decision to focus on our core competencies, AMI’s emphasis on heavy-truck leasing does not fit with our growth strategy,’ said Craig Koch, president and chief operating officer of Park Ridge, New Jersey-based Hertz, in a statement.