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Hertz and Toyota Agree to Pursue Japanese Car Rental Business

20 January 1999

Hertz and Toyota Agree to Pursue Japanese Car Rental Business Partnership with an Intended April 1999 Start Date

    PARK RIDGE, N.J., Jan. 20 -- The Hertz Corporation
, the largest car rental company in the world, has announced that
it has signed a letter of intent to pursue a business partnership in Japan
with The Toyota Corporation's rent-a-car operation, the largest car rental
business in Japan, beginning in April 1999.
    Through customer referrals from Hertz, Toyota expects to increase its car
rental revenues, as well as increase the value-added benefits for Toyota Card
members by offering discounted rates when renting at Hertz rental locations
outside of Japan.  Through the use of Toyota's car rental network in Japan,
Hertz will be able to add car rental services in Japan to its worldwide
network, and through increased brand awareness in Japan increase usage of
Hertz car rental services outside of Japan.
    The key points of agreement concerning this business partnership are as
follows:

    1)  Hertz will promote Toyota's car rental services to customers wishing
        to rent in Japan.  These customers will be served by Toyota's
        65 rental/lease licensee companies, which will offer car rental
        services at 1,100 locations throughout Japan.

    2)  At Toyota's car rental locations in Japan, Hertz' corporate image
        signage will be displayed to promote the business relationship with
        Hertz.

    3)  Toyota's Toyota Card and Toyota Business Card members, and Hertz
        #1 Club and #1 Club Gold members will be offered special discounts, as
        well as other value-added promotions to encourage car rental usage.

    With the addition of Toyota's car rental locations in Japan, Hertz'
worldwide network will now be extended to over 6,600 locations in over
140 countries.