To make the car, Penske Racing combined elements of Ford's Shelby GT500 Mustang with the more powerful Laguna Seca version.
The new car features several performance upgrades, including a special air intake and quad-tip exhaust, hotter engine tuning with more aggressive gear ratios and Brembo brakes.
Final power and torque figures haven’t been disclosed, but expect the 5.0-litre V8 engine to deliver more than the standard 314kW.
Exterior upgrades include black paint with 'Hertz Yellow' racing stripes, Boss 302 front splitter and a custom graphics package.
Inside is a pair of black Recaro seats, custom floor mats and door sills, a limited-edition plaque and touchscreen entertainment with satellite navigation and rear-view camera.
The new high-performance version of the Mustang will join the rental agency’s Adrenalin Collection of cars, which includes the Chevrolet Camaro SS and Dodge Challenger R/T that rent at premium rates.
The Hertz Penske GT is the third such ‘hot’ Mustang from Hertz, after creating the GT350H Mustang with the late Carroll Shelby in 1966, and the GT-H in 2006 and 2007.