Hertz Acquires Dollar Thrifty Retal Car Operation for $1.27 billion

Hertz has acquired rival Dollar Thrifty Automotive Group for $1.27 billion in cash and stock.

The industry struggled desperately during the recession as businesses and families eliminated travel to save money. Consolidation has been ongoing for several years.

Rental car companies are seeing some light as they were ordering new vehicles from automakers, particularly in the first quarter, to rejuvenate their aging fleets.