Newspaper article THE JOURNAL RECORD

Chicago Entrepreneur Jacobs Set Pace for Later Hertz Corp

Newspaper article THE JOURNAL RECORD

Chicago Entrepreneur Jacobs Set Pace for Later Hertz Corp

Article excerpt

A dozen Model-T Fords, repaired and repainted by a 22-year-old Chicago entrepreneur - Walter L. Jacobs - represent the first rental fleet of what was to become Hertz Corp., now the world's leading vehicle renting organization with about 350,000 vehicles in more than 4,700 locations.

Jacobs set the pace for the company by expanding within five years to annual revenues of about $1 million.

By comparison, In 1986, under parent Allegis Corp. (parent to United Airlines Inc. and formerly called UAL, Inc.), Hertz reported revenues of $1.6 billion.

Hertz, which has changed hands a number of times, may find a new owner before long. Allegis announced in June its intention to sell the car-rental operation, as well as other non-airline subsidiaries, as part of a decision to abandon its goal of becoming the nation's premier travel conglomerate.

Meanwhile, Oklahoma City operations at the Hertz Data Center, 5601 Northwest Expressway and Worldwide Reservations Center, 10401 N. Pennsylvania Ave., are to continue as normal, Hertz officials have said.

The company has announced it has purchased a 33-acre site in Quail Springs Office Park North from W.P. "Bill" Atkinson, developer as part of its "master plan" for "future growth."

Growth in 1923, however, called for Jacobs to sell the car-rental concern to John Hertz, president of Yellow Car and Yellow Truck and Coach Manufacturing Co. Jacobs continued to serve as the Hertz top operating and administrative executive.

The business, known as Hertz Drive-Ur-Self system, was acquired two years later by General Motors Corp. when it bought Yellow Truck from John Hertz.

In 1953, the Hertz properties were bought from GM by the Omnibus Corp. …

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