Financially struggling automaker Ford Motor Co. is taking steps to sell off its wholly owned car rental agency Hertz as well as its equipment rental division, Hertz Equipment Rental Corp., North America’s third-largest equipment rental company.

The Dearborn, Mich.-based Ford announced last week that a registration statement for an initial public offering covering its economic interest in Hertz has been filed with the Securities and Exchange Commission. The move follows Ford’s April 20 announcement that it was evaluating long-term strategic objectives for Hertz.

In 2002, Ford put its equipment rental division on the market in accordance with a strategic plan to divest businesses that were not essential parts of its core business, the manufacture and sale of cars and trucks. Unsatisfied with the offers it received, Ford withdrew the company from the market after several months.

Ford can sell Hertz before or after the proposed IPO, through which the company might sell as much as $100 million of Class A common stock. In its filing, Ford said it plans to sell its remaining interest in Hertz after the IPO, although it could sell the company to a third party before the potential offering.

Hertz is seeking a New York Stock Exchange listing under the symbol HTZ and has hired JP Morgan, Citigroup and Goldman Sachs & Co. to underwrite the IPO, according to the filing.

Analysts close to the situation expect Ford to sell Hertz, car rental and equipment, as a complete entity, which could bring as much as $6 billion, after which the buyer could sell the HERC division separately.