Hertz Car Rental has won an auction for assets of Denny Hecker’s Advantage Rent-A-Car, the Business Journal reports.
Advantage filed for Chapter 11 bankruptcy in December and was suffering from the weak economy and tight credit, the Wall Street Journal reports.
Hertz outbid Enterprise in an auction held Tuesday in Minneapolis, a lawyer tells Reuters. The company will pay $30.3 million for Advantage’s 25 leases and airport agreements, as well as its website and some trademarks.
Meanwhile, the Star Tribune reported this morning that cash flow problems have prompted Hecker’s dealership to cancel employees’ health insurance.