Automotive Archives - Page 35 of 35

AutoZone was originally known as Auto Shack and was a part of the Malone & Hyde grocery chain. The grocery was sold to the Fleming Companies of Oklahoma City and the name Autozone came to be.

In 1984, the chain had 194 stores in 13 states. The company became the first auto parts retailer to create a quality control program for its parts, causing business to boom. The company grew quickly in the 80s and had 513 stores in 17 states by 1989.

The company went public in 1991 on the NYSE under the ticker symbol: AZO.

In 1995, the 1000th store was opened in Louisville, Kentucky. The following year the company opened their website.

In 1998, the company acquired Auto Palace, TruckPro, and Chief Auto Parts, which gave the chain over 150 extra locations.

In 2008, AutoZone opened its 4,000th store in Houston, Texas. Annual revenue that year hit $6.2 billion.

In September 2022, the company announced that it was buying back $2.5 billion in shares.

There was currently over 4400 locations in 48 US states and a total of 6003 in Mexico, Brazil, and the US. Annual revenue in 2017 was $10.89 billion, The Autozone corporate office is located in Memphis, Tennessee.

AutoZone

AutoZone was originally known as Auto Shack and was a part of the Malone & Hyde grocery chain. The grocery was sold to the Fleming Companies of Oklahoma City and the name Autozone came to be.

History

The company went public in 1991 on the NYSE under the ticker symbol: AZO.

In 1995, the 1000th store was opened in Louisville, Kentucky. The following year the company opened their website.

In 1998, the company acquired Auto Palace, TruckPro, and Chief Auto Parts, which gave the chain over 150 extra locations.

In 2008, AutoZone opened its 4,000th store in Houston, Texas. Annual revenue that year hit $6.2 billion.

In September 2022, the company announced that it was buying back $2.5 billion in shares.

The Hertz Corporation was founded in 1918 by Walter L. Jacobs. He started the business in Chicago, IL with 12 Ford Model T cars. Within 5 years, Jacobs company, simply called Rent A Car, had a fleet of 600 vehicles and an estimated annual revenue of $1 million.

In 1923, Jacobs sold the business to John D. Hertz who renamed the business to Hertz Drive-Ur-Self System.

In 1925, Hertz sold an interest in the company to General Motors. The remaining shares were sold to GM in 1943. General Motors opened the first car rental credit card in 1926 and the first airport car rental counter in 1932 at Chicago’s Midway airport.

In 1953, Jacobs purchased the company back from GM and took the company public on the NYSE.

In 1967, the company was purchased by RCA.

In 1987, Hertz was sold to the Ford Motor Company subsidiary Park Ridge Corporation.

In 2010, Hertz acquired British Car Auctions and in 2012, acquired rival Dollar-Thrifty Automotive Group.

In 2013, the company partnered with China’s largest rental company, China Auto Rental.

Currently, the company has 9,700 locations in 150 countries between the three brands; Hertz, Dollar, and Thrifty Rent a Car.

Hertz added approximately 335,000 2015 model-year vehicles to its fleet through September 30, 2015.

Annual revenue in the US alone is $9.3 billion for 2016.

Today the company operates in 145 countries worldwide. In May 2013, Florida Governor Rick Scott announced Hertz Global Holdings would relocate their worldwide headquarters from Park Ridge, New Jersey to Estero, Florida.

Due to the coronavirus crisis, Hertz filed for bankruptcy in May 2020.

Despite laying off thousands of employees, the company paid out $16.2 million in bonuses to executives just before filing for bankruptcy.

In December 2022, Hertz agreed to settle with nearly 370 clients who were falsely accused of stealing cars from Hertz.

Hertz