Rental Car Companies Have Inched Their Way Back From the Brink
Photo Credit: A promotional photo on Hertz's Facebook page. Hertz
Skift Take
Now that the car rental giants have sold off their extra cars, they can focus on continuing to grow revenue. But is there really a long-term future for rental cars in a world that has embraced ridesharing?
It's been a rough few years for the international car rental giants. Under pressure from shifting consumer trends and the global growth of ridesharing services, they bought too many cars at a time when car rental usage waned among vacationers and business travelers alike.
The companies have turned a corner by selling off their extraneous cars and offering better, and more profitable, products for consumers.
Both Hertz Global Holdings and Avis Budget Group have posted solid financial results for the first time in a year, the end result of a tough period realigning their fleet sizes with actual demand.
Hertz, in particular, more than doubled its net income from continuing operations year-over-year in the third qua
