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5	5	= BUSINESS =
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7		-Hertz Holdings (HTZ) 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.{{footnote}}https://fintel.io/doc/sec-htz-hertz-global-holdings-10k-2018-february-27-17947{{/footnote}}
	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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79	79	= Operations =
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81		-== Locations ==
	81	+**Locations**
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83	83	The company operate both airport and off airport locations which utilize common vehicle fleets, are supervised by common country, regional and local area management, use many common systems and rely on common maintenance and administrative centers. Additionally, its airport and off airport locations utilize common marketing activities and have many of the same customers. The company regard both types of locations as aspects of a single, unitary, vehicle rental business. Off airport revenues comprised approximately 33% of its worldwide rental vehicle revenues in 2017 and approximately 32% in 2016.
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85		-== Airport ==
	85	+**Airport**
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87	87	Hertz Global Holdings has approximately 1,600 airport rental locations in the U.S. and approximately 1,500 airport rental locations internationally. The company's international vehicle rental operations have company-operated locations in Australia, Belgium, Canada, the Czech Republic, France, Germany, Italy, Luxembourg, the Netherlands, New Zealand, Puerto Rico, Slovakia, Spain, the United Kingdom and the U.S. Virgin Islands. The company believe that its extensive U.S. and international network of company-operated locations contributes to the consistency of its service, cost control, vehicle utilization, yield management, competitive pricing and its ability to offer one-way rentals.
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91	91	The terms of its concessions typically do not forbid it from seeking, and in a few instances actually require it to seek, reimbursement from customers for concession fees the company pay; however, in certain jurisdictions the law limits or forbids its doing so. Where Hertz Global Holdings is required or permitted to seek such reimbursement, it is its general practice to do so. Certain of its concession agreements may require the consent of the airport's operator in connection with material changes in its ownership. A growing number of larger airports are building consolidated airport vehicle rental facilities to alleviate congestion at the airport. These consolidated rental facilities provide a more common customer experience and may eliminate certain competitive advantages among the brands as competitors operate out of one centralized facility for both customer rental and return operations, share consolidated busing operations and maintain image standards mandated by the airports. See Item 1A, "Risk Factors” in this 2017 Annual Report.
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93		-== Off Airport ==
	93	+**Off Airport**
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95	95	Hertz Global Holdings has approximately 2,600 off airport locations in the U.S. and approximately 4,500 off airport rental locations internationally. The company's off airport rental customers include people who prefer to rent vehicles closer to their home or place of work for business or leisure purposes, as well as those needing to travel to or from airports. The company's off airport customers also include people who have been referred by, or whose rental costs are being wholly or partially reimbursed by, insurance companies following accidents in which their vehicles were damaged, those expecting to lease vehicles that are not yet available from their leasing companies and replacement renters. In addition, its off airport customers
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161	161	(Airport/Off airport)
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163		-= Fleet =
	163	+==== Fleet ====
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165	165	The company believe Hertz Global Holdings is one of the largest private sector purchasers of new vehicles in the world. During the year ended December 31, 2017, the company operated a peak rental fleet in the U.S. of approximately 504,300 vehicles and a peak rental fleet in its international operations of approximately 201,500 vehicles, and in each case exclusive of its franchisees' fleet and Donlen's leasing fleet. During the year ended December 31, 2017, its approximate average holding period for a rental vehicle was 17 months in the U.S. and 14 months in its international operations.
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191	191	The company maintain automobile maintenance centers at or near certain airports and in certain urban and off airport areas, which provide maintenance for its vehicles. Many of these facilities include sophisticated vehicle diagnostic and repair equipment and are accepted by automobile manufacturers as eligible to perform and receive reimbursement for warranty work. Collision damage and major repairs are generally performed by independent contractors.
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193		-= Franchisees =
	193	+==== Franchisees ====
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195	195	In certain U.S. and international markets, Hertz Global Holdings has found it efficient to utilize independent franchisees, which rent vehicles that they own, primarily under its Hertz, Dollar, or Thrifty brands. In certain markets and under certain circumstances, franchisees are given the opportunity to acquire franchises for multiple brands.
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234	234	The commercial fleet market is one of the largest segments of the U.S. automotive industry, primarily consisting of vehicles utilized in a sales, service, or delivery application. The fleet management industry has experienced significant consolidation over the years and today its principal fleet management competitors in the U.S. and Canada are Enterprise, Automotive Resources International, Element Financial Corporation, Wheels, Inc. and LeasePlan Corporation N.V.
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236		-= EMPLOYEES =
	236	+==== EMPLOYEES ====
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238	238	As of December 31, 2017, the company employed approximately 37,000 persons, consisting of approximately 28,000 persons in its U.S. operations and approximately 9,000 persons in its international operations. International employees are covered by a wide variety of union contracts and governmental regulations affecting, among other things, compensation, job retention rights and pensions. Labor contracts covering the terms of employment of approximately 25% of its workforce in the U.S. (including those in the U.S. territories) are presently in effect under active contracts with local unions, affiliated primarily with the International Brotherhood of Teamsters and the International Association of Machinists. Labor contracts covering almost 15% of these employees will expire during 2018. Hertz Global Holdings has had no material work stoppage as a result of labor problems during the last ten years, and the company believe its labor relations to be good. Nevertheless, the company may be unable to negotiate new labor contracts on terms advantageous to it, or without labor interruption.
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