Enterprise buys Advantage rental car assets - Car Rental News
Enterprise buys Advantage rental car assets
Car Rental News - 05/03/2009
Auto mogul Denny Hecker said that Enterprise Rent-A-Car will buy some of the assets of his bankrupt Advantage Rent-A-Car
The proposed $19 million asset sale must be approved by the bankruptcy court, and if it is approved, it would close in April. At that time, Hecker, the owner and chairman of Advantage, would become a consultant to Enterprise, according to a statement issued by officials in the matter.
Advantage and Heckler would derive a measure of benefit from the sale, and it is the first upbeat news since the company went into bankruptcy protection last December. At that time it closed 22 airport locations and laid off 440 of its 900 employees.
Denny Hecker Family Ventures owns the balance of the operation, and is headquartered in Minneapolis, having eight locations, found in Denver, Orlando, Phoenix and Salt Lake City.
The statement issued by officials indicated that the Enterprise deal would also apply to other unnamed properties recently closed down.
Before entering bankruptcy protection, Advantage and its affiliates operated 48 locations in the U.S., in 16 states.
Heckler, in a statement issued on Tuesday, said, "I am excited by the sale of Advantage to Enterprise. I am confident that Advantage's loyal customers will enjoy the great service and the expanded network of locations offered by the Enterprise companies."