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5		-= BUSINESS =
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	7	+==== BUSINESS ====
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7	7	Hertz Holdings was incorporated in Delaware in 2015 to serve as the top-level holding company for Rental Car Intermediate Holdings, LLC, which wholly owns Hertz, Hertz Global's primary operating company. Hertz was incorporated in Delaware in 1967 and is a successor to corporations that have been engaged in the vehicle rental and leasing business since 1918.
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9	9	The company operate its vehicle rental business globally through the Hertz, Dollar and Thrifty brands from approximately 10,200 corporate and franchisee locations in North America, Europe, Latin America, Africa, Asia, Australia, The Caribbean, the Middle East and New Zealand. Hertz Global Holdings is one of the largest worldwide airport general use vehicle rental companies and its Hertz brand name is one of the most recognized in the world, signifying leadership in quality rental services and products. Hertz Global Holdings has an extensive network of rental locations in the U.S. and in all major European markets. The company believe that the company maintain one of the leading airport vehicle rental brand market shares, by overall reported revenues, in the U.S. and at major airports in Europe where data regarding vehicle rental concessionaire activity is available. Hertz Global Holdings is a leading provider of comprehensive, integrated vehicle leasing and fleet management solutions through its Donlen subsidiary.
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11		-== BUSINESS SEGMENTS ==
	13	+==== BUSINESS SEGMENTS ====
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13	13	Hertz Global Holdings has identified three reportable segments, which are organized based on the products and services provided by its operating segments and the geographic areas in which its operating segments conduct business, as follows:
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27	27	The company's U.S. and International RAC segments generated $6.0 billion and $2.2 billion, respectively, in revenues during the year ended December 31, 2017.
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29		-= Markets and Competition =
	31	+==== Markets and Competition ====
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31	31	Competition among vehicle rental industry participants is intense and is primarily based on price, vehicle availability and quality, service, reliability, rental locations, product innovation, competition from online travel agents and vehicle rental brokers. The company believe that the prominence and service reputation of the Hertz, Dollar and Thrifty brands, its extensive worldwide ownership of vehicle rental operations and its commitment to innovation and service provide it with a strong competitive foundation.
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33		-== U.S. ==
	35	+**U.S.**
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35	35	The U.S. represents approximately $29 billion in estimated annual industry revenues for 2017. The average number of vehicles in the U.S. vehicle rental industry decreased 5% in 2017 to about 2.2 million vehicles. U.S. industry revenue per unit per month was approximately $1,091 which was an improvement of 6.5% over 2016. Rentals by airline travelers at or near airports (‘‘airport rentals’’) are influenced by developments in the travel industry and particularly in airline passenger traffic (‘‘enplanements’’) as well as the Gross Domestic Product (‘‘GDP’’). Off airport rental volume is primarily driven by local business use, such as vehicle repair shops, leisure travel and insurance replacements.
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37	37	The company's principal vehicle rental industry competitors in the U.S. are Avis Budget Group, Inc. (“ABG”) which currently operates the Avis, Budget, ZipCar and Payless brands and Enterprise Holdings, which operates the Enterprise Rent-A-Car Company ("Enterprise"), National Car Rental and Alamo Rent A Car brands. There are also local and regional vehicle rental companies, and transportation network companies which provide ride-hailing services that have some overlap in customer use cases, which are largely used for short length trips in urban areas.
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39		-== Europe ==
	41	+**Europe**
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41	41	Europe represents approximately $16 billion in annual industry revenues. Europe has generally demonstrated a lower historical reliance on air travel. The European off airport vehicle rental market has been significantly more developed than it is in the U.S. Within Europe, the largest markets in which the company do business are France, Germany, Italy, Spain, and the United Kingdom. Throughout Europe, the company do business through company-operated rental locations as well as through its partners or franchisees to whom Hertz Global Holdings has licensed use of its brands.
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43	43	The company's principal pan-European competitors in the vehicle rental industry are Europcar, Enterprise Holdings, operating the Enterprise, National, Alamo brands and the Dooley, Citer and Atesa brands in Ireland, France and Spain, respectively, ABG operating the Avis, Budget, Payless and Zipcar brands and the Maggiore brand in Italy. In certain European countries, there are also other companies, and brands with substantial market shares, including Sixt SE, operating the Sixt brand in Austria, Belgium, France, Germany, Italy, Luxembourg, the Netherlands, Spain, Switzerland and the United Kingdom.
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45		-== Asia Pacific ==
	47	+**Asia Pacific**
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47	47	Asia Pacific, including Australia and New Zealand, represents approximately $13 billion in annual industry revenues. Within this region, the largest markets in which the company do business are Australia, China, Japan and South Korea. In each of these markets Hertz Global Holdings has company-operated rental locations or do business through its partners or franchisees to whom Hertz Global Holdings has licensed use of its brands.
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