I would remove the tail light and then just take a 4'- 2x4 and wedge the end between the fender and the tire where the deep V crease is. Try to get to to lay as flat against the bent part of the fender as possible. You might also have to take a small 2x4 block and screw it to the 4' 2x4 to get up under the crease. Now start putting some pressure on the fender to bent the V in thefender back up and out. Don't over do it. Now take a rubber mallot and start tapping along the crease. If it is too tough for the rubber mallot, use small 2lb sledge or 2lb ball pein hammer. Don't just hit the metal fender with metal hammers, get some help and use a second block on the top of the crease and hit the block with the hammers. Now when you have the V crease out somewhat. Stop and cut two 2x4 blocks to fit inside the fender and also over the V crease. Take two or three 6" C clamps and clamp the V crease in the fender back into shape. Use the blocks to help keep the metal from being damaged by the clamps. Now reset on the main crease and C clamp it back into shape.
I won't be perfect, but if you take your time and study the metal how it was bent you can greatly help it become un bent by working on each little part of the bent fender that are keeping it from bending back out into shape. You may actually be able to use the C clamp method to do the whole thing.