Hertz Global Holdings received Federal Trade Commission (FTC) approval to acquire smaller rental car competitor Dollar Thrifty Automotive Group.
To gain FTC approval, Hertz, which in August agreed to buy Dollar Thrifty for $2.6 billion after a 28-month courtship, said on Thursday that it will sell its Advantage division to Macquarie Capital, which owns Rent-a-Wreck and U-Save Car & Truck Rental.
With the Dollar Thrifty acquisition, Hertz’s share of the U.S. rental car market will jump to about 26% from 19%, according to trade publication Auto Rental News. Closely-held Enterprise Holdings accounts for about half of the U.S. rental car market.
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