The business of car renting started in 1918, when Walter L. Jacobs opened a small car rental business in Chicago with twelve Ford Model Ts. He later sold his business to John Hertz, who established the Hertz Corp. to expand the business. Today, there are hundreds of car rental locations in the United States.
If you are planning to rent a car for a day, you should understand the rules of the rental contract. You should be aware of the rental companies’ return policies and grace periods. If you do not return the car on time, you may be fined by the car rental company. You also need to make sure that you return the car with a full tank of gas. Some rental agencies have policies that require you to pay for any damage that you cause to the vehicle.
The car rental business has seen an explosive expansion in recent years. While there were only a few car rental companies in the early days, most now operate a nationwide network with franchised and owned locations. Some of these companies have even been publicly traded. The first car rental company to obtain financing was Hertz, which managed to negotiate a $40 million long-term loan from two major insurance companies without using its fleet as collateral. The car rental company also managed to secure $75 million in revolving credit from seven banks.
Another company offering car rental services is Turo. It is similar to Airbnb for renting out vehicles, but has an online rental system. Turo owners list their vehicles on Turo and rent them out to renters. Renters can search for available cars and make reservations online or through the phone app. The rental prices vary widely, but are usually far lower than those offered by traditional car rental services.