Excel analysis After going public in $2006,$ Hertz grew from a single brand with an on$-$airport focus on business

travelers to a multi$-$brand operation$\mathrm{.}4$ The company acquired the $$1\mathrm{.}5$ billion annual revenue business

of Dollar Thrifty in November $2012.$ Hertz$$s addition of the rental brands Dollar Rent A Car and Thrifty

Car created an immediate leadership position in the budget$-$friendly leisure market. In $2013,$ Hertz

launched a deep value brand, Firefly, focused on price conscious leisure travelers. That same year,

Hertz expanded into the Chinese car rental market by acquiring a $20\%$ stake in China Auto Rental, the

largest car rental company in China. U$.$S$.$ and international car rental revenue in $2013$ totaled $$6\mathrm{.}3$

billion and $$2\mathrm{.}4$ billion, respectively $($Exhibit $4).$