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Autohellas Hertz readies for massive expansion and growth

After more than two decades as the number one car rental agency in Greece, Autohellas Hertz<.> is taking no chances. To ensure its first-place position, the company readies to invest 39 billion drachmas in expansion projects that will take until the end of 2001 to complete.
Some 12 billion drachmas will come from a capital increase via Autohellas…

After more than two decades as the number one car rental agency in Greece, Autohellas Hertz  is taking no chances. To ensure its first-place position, the company readies to invest 39 billion drachmas in expansion projects that will take until the end of 2001 to complete.
Some 12 billion drachmas will come from a capital increase via Autohellas’ new listing on the Athens bourse in late August, which was 125 times oversubscribed.
Theodoros Vasilakis, chairman of Autohellas, says his company will now begin to expand its activities at home and abroad through either buyouts or new subsidiaries.
He adds that immediate expansion projects include new, large branches at Kiffissia and the new Athens Airport at Spata, as well as on the island of Rhodes. More than nine billion drachmas will be spent on fleet expansion – the fleet now numbers more than 11,000 cars, all less than a year old – and the development of a new Autohellas data information system.
Autohellas opened on Crete in the mid 1960s with six ‘beetles’ and lots of debt. It expanded and purchased the rights for Greece from Hertz for $1 in 1974 and has yet to stop expanding. The company owns and controls 88 car rental offices in Greece, soon to number 100, and has the rights to the Hertz brand here until 2023.
For 1999, the company expects to post a profit of 2.5 billion drachmas on sales of 18.8 billion, or a 37.4% increase over 1998.

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