Hertz Global Holdings hikes car-rental prices for its brands for 2015

Article by Christian A., on December 28, 2014

Rental prices have been increased for cars of Hertz Global Holdings Inc. to be picked up on Jan. 1 or later. The company raised the prices Dec. 19 to 21, 2014, for the Hertz, Dollar and Thrifty brands. Hertz Global chief executive John Tague said in a statement that the increases were to cover fleet costs that have been rising due to dropping residual values.

The company tapped Tague last month to help restore confidence in the rental giant, which has been hounded by an aging fleet and sloppy accounting. Tague succeeded Mark Frissora, who Hertz said in September resigned for personal reasons. Hertz Global is now seeking to cut costs by over $100 million annually, while increasing investment to refresh its fleet.

Hertz has yet to report any financial result this year and has even told investors not to depend on its last three years of financial statements. It announced in November that its board’s audit committee was “looking into the tone at the top” and management’s influence over accounting errors.

The company was also under investigation by the United States Securities and Exchange Commission. Hertz Global said it found that its internal controls had at least one material weakness and that it had ineffective procedures as of Dec. 31, 2013.

Hertz Global is one the three rental-car companies that controlled around 98 percent of airport car rentals in the US, the Federal Trade Commission said in 2012.

If you liked the article, share on:

Topics: hertz

Comments

Recommended

A classic Porsche evolved and optimized by modern engineering techniques and technologies – this is the Singer DLS Porsche 911. Taking part at the highly prestigious 2018 Goodwood Festival of...
by - July 18, 2018
Noble Automotive has been building the Noble M600 supercar since 2010. Featured in Top Gear, the M600 is currently Noble’s only model in production. That may change in the near...
by - July 18, 2018
Lanzante Motosport is taking advantage of the 2018 Goodwood Festival of Speed to showcase its latest conversion project – the McLaren P1 GT By Lanzante. Allegedly commissioned by a rich...
by - July 17, 2018
Aston Martin Cygnet was best known as the rebadged version of the Toyota iQ city car. Initially sold in the United Kingdom, the Cygnet was considered a failure in terms...
by - July 17, 2018
The Audi R8 isn't your ordinary car. Bred with motorsport DNA, the R8 is a supercar that promises to fulfill the performance cravings of many. Now, Audi is introducing the...
by - July 16, 2018