FTC Seeks Public Comment on Franchise Services of North America’s Application to Sell Two Former Advantage Rental Car Locations to Avis Budget Group and Sixt Rent-A-Car

The Federal Trade Commission is seeking public comment on an application submitted by Franchise Services of North America, Inc. (FSNA) to approve the sale of two former Advantage rental car locations in Portland, Oregon and San Jose, California, neither of which is currently operating, to Avis Budget Group and  Sixt Rent-A-Car, respectively.

FSNA acquired the Advantage locations from Hertz Global Holdings, Inc. under a 2012 FTC settlement that required Hertz to sell its Advantage rental car business and other assets to a Commission-approved buyer to resolve charges that its proposed $2.3 billion acquisition of Dollar Thrifty Automotive Group, Inc. would have been anticompetitive. Under the terms of the FTC order, for a period of three years following the entry of the order, any sale of divested assets by FSNA requires Commission approval.

On November 5, 2013, FSNA, through a subsidiary, filed for Chapter 11 bankruptcy protection, and sought to sell Advantage, which continued to operate during the proceedings. Following a bankruptcy auction held in December 2013, the bankruptcy court approved Catalyst’s acquisition of Advantage, subject to FTC approval, obtained on January 30, 2014.

Catalyst ultimately decided to operate at 40 of the Advantage locations, and it purchased these assets from FSNA on April 30, 2014. FSNA then ceased operations at the remaining 28 locations and sold the majority of them after obtaining FTC approval. In this petition, FSNA is seeking FTC approval to sell two of the non-transferred locations.

The Commission will decide whether to approve the sales after expiration of a 30-day public comment period. Public comments may be submitted until August 12, 2014. Written comments should be sent to: FTC Office of the Secretary, 600 Pennsylvania Ave., N.W., Washington, DC 20580. Comments can also be submitted electronically.

Copies of the application can be found on the FTC’s website and as a link to this press release. (FTC File No. 131-0163, Docket No. C-4376; the staff contact is Daniel P. Ducore, Bureau of Competition, 202-326-2526)

The FTC’s Bureau of Competition works with the Bureau of Economics to investigate alleged anticompetitive business practices and, when appropriate, recommends that the Commission take law enforcement action. To inform the Bureau about particular business practices, call 202-326-3300, send an e-mail to antitrust{at}ftc{dot}gov, or write to the Office of Policy and Coordination, Bureau of Competition, Federal Trade Commission, 600 Pennsylvania Ave., NW, Room CC-5422, Washington, DC 20580. To learn more about the Bureau of Competition, read Competition Counts. Like the FTC on Facebook, follow us on Twitter, and subscribe to press releases for the latest FTC news and resources.

IR Press

Share
Published by
IR Press

Recent Posts

Treasury Issues Final Rule Expanding CFIUS Coverage of Real Estate Transactions Around More Than 60 Military Installations

WASHINGTON – Today, the U.S. Department of the Treasury (Treasury), as Chair of the Committee…

3 days ago

U.S. Department of the Treasury’s CDFI Fund and Federal Housing Finance Agency Collaborate to Bolster CDFI Access to Capital

WASHINGTON—Today, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) and…

3 days ago

Report on U.S. Portfolio Holdings of Foreign Securities at Year-End 2023

Washington – The findings from the annual survey of U.S. portfolio holdings of foreign securities…

4 days ago

READOUT: U.S. Department of the Treasury Hosts Roundtable Discussion on the Financial Sector’s Response to Recent Hurricanes

WASHINGTON – The U.S. Department of the Treasury hosted a roundtable on October 30 with…

4 days ago

READOUT: Sixth Meeting of the Financial Working Group Between the United States and the People’s Republic of China

WASHINGTON – The United States and the People’s Republic of China held the sixth meeting…

4 days ago

Treasury Sanctions Key Members of La Linea, a Group Involved in Trafficking Fentanyl into the United States

WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned…

4 days ago