Model Ts. Jacobs sold the company to John D. Hertz in nineteen twenty-three who named it to “Hertz drive yourself system”. Mr. Hertz was the president of Yellow Cab and Yellow Truck and Coach Manufacturing Company at the time of the transaction.

The company has passed through a number of hands, including General Motors, RCA, and United Airlines. Hertz was traded as a public company on the NYSE under the symbol HRZ until the purchase of outstanding stock by the Ford Motor Company. Currently, Hertz Corporation Technology Center is located in Oklahoma City, Oklahoma.

From the year nineteen ninety-four to two thousand five it was a wholly owned subsidiary of Ford Motor Company. On June thirteenth, two thousand five, Ford sent a notice that Hertz would be sold off in an initial public offering. On September thirteenth, two thousand five it was announced it was to be sold to a private equity group (composed of The Carlyle Group, Clayton Dubilier & Rice and Merrill Lynch Global Private Equity) for fifteen billion US dollars in cash and debt acquisition. The sale was finished on December twenty-second, two thousand five.

Because of the past affiliation with Ford, the rental fleets of most Hertz locations consist of Ford and Ford brands such as Mazda, Mercury and Lincoln. It is not uncommon, however, to find Hertz rental cars from other companies such as Toyota, Hyundai, Kia and General Motors.

In the early twenty-first century, Hertz debuted the Prestige Collection at several rental locations. This collection features cars from Ford's Premier Automotive Group, including specific reservable models from Volvo, Land Rover and Jaguar. Certain models from Mercedes-Benz, Audi, and several other luxury makes are also being offered in highly competitive rental locations such as the Los Angeles International airport.