Hertz

Hertz Corporation (Nasdaq: HTZ) is one of the largest car rental companies in the world, with operations in over 150 countries across six continents. Founded in 1918 by Walter L. Jacobs in Chicago, Illinois, the company was acquired by John D. Hertz in 1923 and went through several ownership changes before being listed on Nasdaq following its emergence from bankruptcy in 2021. The company operates through its flagship Hertz brand, along with Dollar and Thrifty vehicle rental brands. As of the third quarter of 2023, Hertz reported quarterly revenue of USD 2.6 billion.

Hertz offers a comprehensive range of vehicle rental services through its various brands and programs:

• Vehicle Rental Services: A diverse fleet of vehicles including economy cars, luxury vehicles, SUVs, and specialty vehicles available for both business and leisure travelers through its network of airport and off-airport locations

• Hertz Gold Plus Rewards Program: A loyalty program offering benefits such as skip-the-counter service, bonus points earning, and vehicle upgrades across three tiers: Gold, Five Star, and President's Circle status

• Corporate and Business Solutions: Specialized rental programs and fleet management services for corporate clients, including customized solutions and corporate discount programs

• Electric Vehicle Rentals: A fleet of electric vehicles including models from Tesla, Polestar, and other manufacturers, though the company recently announced plans to reduce its EV fleet

In January 2024, Hertz announced plans to sell approximately 20,000 electric vehicles, representing about one-third of its EV fleet, citing operational challenges and depreciation costs. The company appointed Gil West as CEO in March 2024, replacing Stephen Scherr. Under new leadership, Hertz is implementing a 'back-to-basics' strategy and expects to complete its fleet refresh by the end of 2025.