National car rental chain Hertz is slated to replace the former site of Budget Rent-A-Car in Malibu, according to building owner Jim Davidson.
Hertz is shooting for a Nov. 1 opening date, Davidson said, after Budget Rent-A-Car closed down at the end of August.
Davidson denied rumors of a lease dispute with Budget and said the economic downturn had hurt Budget's business significantly, with few locations on the west side near Malibu making rentals more challenging.
"[Budget] no longer have a Santa Monica office, so Malibu became about an hour drive from their next nearest office at LAX [Airport]," Davidson said.
Hertz has big plans for Malibu, Davidson said, with possible exotic and antique car rentals in the works, in addition to typical rental services. The chain will also replace the old Budget sign with its own and hopefully install LED backlighting, he said.
Davidson has owned the property located just east of the Malibu Pier since 1985.