Exhibit 99.1

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First quarter 2011 adjusted net loss(1)  was $14.2 million, versus a loss of $49.3 million in the same period of 2010, resulting in adjusted diluted loss per share for the quarter of $0.03, compared with a loss per share $0.12 for the first quarter of 2010. First quarter 2011 net loss attributable to Hertz Global Holdings, Inc. and Subsidiaries’ common stockholders, or “net loss,” on a GAAP basis, was $132.6 million or $0.32 per share on a diluted basis, compared with a net loss of $150.4 million, or $0.37 per share on a diluted basis, for the first quarter of 2010.

Mark P. Frissora, the Company’s Chairman and Chief Executive Officer, said, “We continued to make significant operational progress and balance sheet improvements in the first quarter of 2011.   U.S. car rental delivered record first quarter adjusted pre-tax income results despite unusually severe winter weather in January and February, and Europe car rental performed well again despite an unsettled economic environment.  Both businesses achieved their highest customer service ratings since we began measuring in 2007. HERC continued to rebound from a three-year recession, generating double digit revenue growth in a quarter for the first time since the last quarter of 2006.  In addition to almost $6 billion of debt refinancings in 2010, we executed transactions that refinanced over $4 billion of corporate debt in the first quarter.  Looking ahead, we are encouraged by a currently favorable outlook for the peak summer travel season in our major car rental markets, by increases in used car residual values, and by general improvement in overall macro conditions which bodes well for HERC’s ongoing recovery,” Frissora concluded.

INCOME MEASUREMENTS, FIRST QUARTER 2011 & 2010

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The Company ended the first quarter of 2011 with total debt of $10.75 billion and net corporate debt(1) of $3.76 billion, compared with total debt of $11.3 billion and net corporate debt of $3.36 billion as of December 31, 2010. Total debt decreased in the first quarter of 2011 primarily due to the redemption of our 10.5% Senior Subordinated Notes and a portion of our 8.875% Senior Notes, partly offset by the issuance of $500 million of 6.75% Senior Notes in March 2011, which were used during the current quarter to redeem an additional portion of our 8.875% Senior Notes, and an increase in fleet debt related to seasonality.  Net corporate debt increased primarily due to the timing of issuances and redemptions of corporate debt which had a net impact of decreasing cash and cash equivalents and decreasing corporate debt during the quarter.  Net cash provided by operating activities was $165.6 million in the first quarter of 2011, compared to $284.7 million in the same period last year, a decrease of $119.1 million primarily related to the premiums paid to redeem debt in 2011, timing of interest payments, the increased cost of gasoline and parts inventory and, in 2010, a reimbursement received from a fleet supplier which was not repeated this year.

WORLDWIDE CAR RENTAL

Worldwide car rental revenues were $1.5 billion for the first quarter of 2011, an increase of 6.2% (a 5.1% increase excluding the effects of foreign currency) from the prior year period. Transaction days for the quarter increased 5.4% over first quarter 2010 [4.4% U.S.; 8.0% International]. U.S. off-airport total revenues for the first quarter increased 13.1% year-over-year, and transaction days increased 11.5% from the prior year period. Rental rate revenue per transaction day(1) (“RPD”) for the quarter decreased 1.0% [(1.5)% U.S.; (0.2)% International] from the prior year period.

Worldwide car rental adjusted pre-tax income for the first quarter of 2011 was $61.3 million, an increase of $34.2 million from $27.1 million in the prior year period.  The result was driven by increased volume and strong cost management performance. As a result, worldwide car rental achieved an adjusted pre-tax margin of 4.1% for the quarter, versus 1.9% in the prior year period.

The worldwide average number of Company-operated cars for the first quarter of 2011 was 427,400, an increase of 2.3% over the prior year period.

WORLDWIDE EQUIPMENT RENTAL

Worldwide equipment rental revenues were $268.2 million for the first quarter of 2011, a 13.2% increase (an 11.9% increase excluding the effects of foreign currency) from the prior year period.

Adjusted pre-tax income for worldwide equipment rental for the first quarter of 2011 was $10.2 million, an improvement of $15.2 million from a loss of $5.0 million in the prior year period, primarily attributable to the effects of increased volume and cost management initiatives.  Worldwide equipment rental achieved an adjusted pre-tax margin of 3.8%, and a Corporate EBITDA margin of 34.1% for the quarter.

The average acquisition cost of rental equipment operated during the first quarter of 2011 decreased by 0.8% year-over-year and net revenue earning equipment as of March 31, 2011 was $1,687.1 million, a 1.0% decrease from December 31, 2010.

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OUTLOOK

The Company has increased its full year 2011 guidance for revenues, Corporate EBITDA, adjusted pre-tax income and adjusted net income as follows:

The adjusted diluted number of shares outstanding is estimated to fluctuate within a range of 413 million to 450 million through the year.  For example, based on 440 million adjusted diluted shares outstanding, the Company’s full year 2011 guidance for adjusted diluted earnings per share is $0.90 at the upper end of the guidance range.  The Company will continue to provide an estimate of forecasted adjusted diluted shares outstanding on a quarterly basis.

The Company noted that, consistent with past practices, its current guidance is conservative due to ongoing uncertainty regarding future macro-economic conditions. The Company also noted that variations as small as 1% in transactions or pricing can have a substantial impact on financial results.

RESULTS OF THE HERTZ CORPORATION

The Company’s operating subsidiary, The Hertz Corporation (“Hertz”), posted the same revenues for the first quarter of 2011 as the Company.  Hertz’s first quarter 2011 pre-tax loss was $146.7 million versus the Company’s pre-tax loss of $158.9 million.  The difference between Hertz’s and the Company’s results is primarily due to additional interest expense recognized by the Company on its 5.25% Convertible Senior Notes issued in May and June 2009.

(1)          Adjusted pre-tax income/loss, Corporate EBITDA, adjusted net income, adjusted diluted earnings/loss per share, net corporate debt and rental rate revenue per transaction day are non-GAAP measures.  See the accompanying Tables and Exhibit for the reconciliations and definitions for each of these non-GAAP measures and the reason the Company’s management believes that these measures provide useful information to investors regarding the Company’s financial condition and results of operations.

(2)          Management believes that Corporate EBITDA, adjusted pre-tax income, adjusted net income and adjusted diluted earnings per share are useful in measuring the comparable results of the Company period-over-period.  The GAAP measures most directly comparable to Corporate EBITDA, adjusted pre-tax income, adjusted net income and adjusted diluted earnings per share are (i) pre-tax income and cash flows from operating activities, (ii) pre-tax income, (iii) net income, and (iv) diluted earnings per share, respectively.  Because of the forward-looking nature of the Company’s forecasted Corporate EBITDA, adjusted pre-tax income, adjusted net income and adjusted diluted earnings per share specific quantifications of the amounts that would be required to reconcile forecasted cash flows from operating activities, pre-tax income and net income are not available.  The Company believes that there is a degree of volatility with respect to certain of the Company’s GAAP measures, primarily related to fair value accounting for its financial assets (which includes the Company’s derivative financial instruments), its income tax reporting and certain adjustments made to arrive at the relevant non-GAAP measures, which preclude the Company from providing accurate forecasted GAAP to non-GAAP reconciliations.   Based on the above, the Company believes that providing estimates of the amounts that would be required to reconcile the range of the non-GAAP Corporate EBITDA, adjusted pre-tax income, adjusted net income and adjusted diluted earnings per share to forecasted cash flows from operating activities, pre-tax income, net income and diluted earnings per share would imply a degree of precision that would be confusing or misleading to investors for the reasons indentified above.

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CONFERENCE CALL INFORMATION

The Company’s first quarter 2011 earnings conference call will be held on Wednesday, April 27, 2011, at 10:00 a.m. (EDT). To access the conference call live, dial 800-288-8967 in the U.S. and 612-332-0342 for international callers using the passcode: 199009 or listen via webcast at www.hertz.com/investorrelations. The conference call will be available for replay one hour following the conclusion of the call until May 11, 2011 by calling 800-475-6701 in the U.S. or 320-365-3844 for international callers with the passcode: 199099.   The press release and related tables containing the reconciliations of non-GAAP measures will be available on our website, www.hertz.com/investorrelations.

ABOUT THE COMPANY

Hertz is the world’s largest general use car rental brand, operating from approximately 8,500 locations in approximately 150 countries worldwide. Hertz is the number one airport car rental brand in the U.S. and at 83 major airports in Europe, operating both corporate and licensee locations in cities and airports in North America, Europe, Latin America, Asia, Australia and New Zealand. In addition, the Company has licensee locations in cities and airports in Africa and the Middle East. Product and service initiatives such as Hertz #1 Club Gold®, NeverLost® customized, onboard navigation systems, SIRIUS XM Satellite Radio, and unique cars and SUVs offered through the Company’s Adrenaline, and Green Traveler Collections, set Hertz apart from the competition. In 2008, the Company launched Connect by Hertz, entering the global car sharing market in London, New York City and Paris. Hertz also operates one of the world’s largest equipment rental businesses, Hertz Equipment Rental Corporation, offering a diverse line of equipment, including tools and supplies, as well as new and used equipment for sale, to customers ranging from major industrial companies to local contractors and consumers from approximately 320 branches in the United States, Canada, China, France, Spain and Italy.

CAUTIONARY NOTE CONCERNING FORWARD-LOOKING STATEMENTS

Certain statements contained in this press release and in related comments by our management include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include information concerning the Company’s outlook, anticipated revenues and results of operations, as well as any other statement that does not directly relate to any historical or current fact. These forward-looking statements often include words such as “believe,” “expect,” “project,” “anticipate,” “intend,” “plan,” “estimate,” “seek,” “will,” “may,” “would,” “should,” “could,” “forecasts” or similar expressions. These statements are based on certain assumptions that the Company has made in light of its experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors that the Company believes are appropriate in these circumstances. We believe these judgments are reasonable, but you should understand that these statements are not guarantees of performance or results, and our actual results could differ materially from those expressed in the forward-looking statements due to a variety of important factors, both positive and negative.

Among other items, such factors could include:  levels of travel demand, particularly with respect to airline passenger traffic in the United States and in global markets; significant changes in the competitive environment, including as a result of industry consolidation, and the effect of competition in our markets, including on our pricing policies or use of incentives; occurrences that disrupt rental activity during our peak periods; our ability to achieve cost savings and efficiencies and realize opportunities to increase productivity

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and profitability; an increase in our fleet costs as a result of an increase in the cost of new vehicles and/or a decrease in the price at which we dispose of used vehicles either in the used vehicle market or under repurchase or guaranteed depreciation programs; our ability to accurately estimate future levels of rental activity and adjust the size of our fleet accordingly; our ability to maintain sufficient liquidity and the availability to us of additional or continued sources of financing for our revenue earning equipment and to refinance our existing indebtedness; safety recalls by the manufacturers of our vehicles and equipment; a major disruption in our communication or centralized information networks; financial instability of the manufacturers of our vehicles and equipment; any impact on us from the actions of our licensees, franchisees, dealers and independent contractors; our ability to maintain profitability during adverse economic cycles and unfavorable external events (including war, terrorist acts, natural disasters and epidemic disease); shortages of fuel and increases or volatility in fuel costs; our ability to successfully integrate future acquisitions and complete future dispositions; our ability to maintain favorable brand recognition; costs and risks associated with litigation; risks related to our indebtedness, including our substantial amount of debt and our ability to incur substantially more debt and increases in interest rates or in our borrowing margins; our ability to meet the financial and other covenants contained in our senior credit facilities, our outstanding unsecured senior notes and certain asset-backed and asset-based funding arrangements; changes in accounting principles, or their application or interpretation, and our ability to make accurate estimates and the assumptions underlying the estimates, which could have an effect on earnings; changes in the existing, or the adoption of new laws, regulations, policies or other activities of governments, agencies and similar organizations where such actions may affect our operations, the cost thereof or applicable tax rates; changes to our senior management team; the effect of tangible and intangible asset impairment charges; the impact of our derivative instruments, which can be affected by fluctuations in interest rates and commodity prices; and our exposure to fluctuations in foreign exchange rates.  Additional information concerning these and other factors can be found in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

The Company therefore cautions you against relying on these forward-looking statements. All forward-looking statements attributable to the Company or persons acting on the Company’s behalf are expressly qualified in their entirety by the foregoing cautionary statements. All such statements speak only as of the date made, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Tables and Exhibit:

Table 1:            Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2011 and 2010

Table 2:            Condensed Consolidated Statements of Operations As Reported and As Adjusted for the Three Months Ended March 31, 2011 and 2010

Table 3:           Segment and Other Information for the Three Months Ended March 31, 2011 and 2010

Table 4:            Selected Operating and Financial Data as of or for the Three Months Ended March 31, 2011 compared to March 31, 2010 and Selected Balance Sheet Data as of March 31, 2011 and December 31, 2010

Table 5:            Non-GAAP Reconciliations of Adjusted Pre-Tax Income (Loss), Adjusted Net Income (Loss) and Adjusted Diluted Earnings (Loss) per Share for the Three Months Ended March 31, 2011 and 2010

Table 6:            Non-GAAP Reconciliations of EBITDA, Corporate EBITDA, Unlevered Pre-Tax Cash Flow, Levered After-Tax Cash Flow Before Fleet Growth and Corporate Cash Flow for the Three Months Ended March 31, 2011 and 2010

Table 7:            Non-GAAP Reconciliations of Operating Cash Flows to EBITDA for Three Months Ended March 31, 2011 and 2010, Net Corporate Debt, Net Fleet Debt and Total Net Debt as of March 31, 2011, 2010 and 2009 and December 31, 2010 and 2009, Car Rental Rate Revenue per Transaction Day and Equipment Rental and Rental Related Revenue for the Three Months Ended March 31, 2011 and 2010

Exhibit 1: Non-GAAP Measures: Definitions and Use/Importance

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Table 1

HERTZ GLOBAL HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except per share amounts)

Unaudited

Table 2

HERTZ GLOBAL HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions)

Unaudited

(a)          Represents the increase in amortization of other intangible assets, depreciation of property and equipment and accretion of certain revalued liabilities relating to purchase accounting.  For the three months ended March 31, 2011 and 2010, also includes restructuring and restructuring related charges of $4.5 million and $11.4 million, respectively.

(b)         Represents the increase in depreciation of revenue earning equipment based upon its revaluation relating to purchase accounting.

(c)          Represents an increase in depreciation of property and equipment relating to purchase accounting. For the three months ended March 31, 2011and 2010, also includes restructuring and restructuring related charges of $0.8 million and $4.6 million, respectively.  For all periods presented, also includes other adjustments which are detailed in Table 5.

(d)         Represents non-cash debt charges relating to the amortization of deferred debt financing costs and debt discounts.  For the three months ended March 31, 2010, also includes $20.9 million associated with the amortization of amounts pertaining to the de-designation of our interest rate swaps as effective hedging instruments.

(e)          Represents premiums paid to redeem our 10.5% Senior Subordinated Notes and a portion of our 8.875% Senior Notes.

(f)            Represents a provision for income taxes derived utilizing a normalized income tax rate (34% for 2011 and 2010).

Table 3

HERTZ GLOBAL HOLDINGS, INC.

SEGMENT AND OTHER  INFORMATION

(In millions, except per share amounts)

Unaudited

Table 4

HERTZ GLOBAL HOLDINGS, INC.

SELECTED OPERATING AND FINANCIAL DATA

Unaudited

Selected Balance Sheet Data (in millions)

Table 5

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATION OF GAAP TO NON-GAAP EARNINGS MEASURES

(In millions, except per share amounts)

Unaudited

ADJUSTED PRE-TAX INCOME (LOSS), ADJUSTED NET INCOME (LOSS) AND
ADJUSTED DILUTED EARNINGS (LOSS) PER SHARE

(a)          Represents the purchase accounting effects of the acquisition of all of Hertz’s common stock on December 21, 2005 on our results of operations relating to increased depreciation and amortization of tangible and intangible assets and accretion of workers’ compensation and public liability and property damage liabilities. Also represents the purchase accounting effects of subsequent acquisitions on our results of operations relating to increased amortization of intangible assets.

(b)         Represents non-cash debt charges relating to the amortization of deferred debt financing costs and debt discounts. For the three months ended March 31, 2010, also includes $20.9 million associated with the amortization of amounts pertaining to the de-designation of our interest rate swaps as effective hedging instruments.

(c)          Amounts are included within direct operating and selling, general and administrative expense in our statement of operations.

(d)         Amounts are included within selling, general and administrative expense in our statement of operations.

(e)          Represents premiums paid to redeem our 10.5% Senior Subordinated Notes and a portion of our 8.875% Senior Notes. These costs are included within other (income) expense, net in our statement of operations.

Table 6

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATION OF GAAP TO NON-GAAP EARNINGS MEASURES

(In millions)

Unaudited

EBITDA, CORPORATE EBITDA, UNLEVERED PRE-TAX CASH FLOW,

LEVERED AFTER-TAX CASH FLOW BEFORE FLEET GROWTH AND CORPORATE CASH FLOW