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Hertz has announced that it will sell off roughly 30%, or 20,000 vehicles, of its EV fleet. The move came after it announced a scale-back from its original goal of electrifying 25% of the rental fleet. Hertz's original goal was to acquire 100,000 Tesla and 65,000 from Polestar over five years. Teslas make up roughly 80% of the Hertz EV fleet. At the time of this writing, there are 631 Teslas for sale on Hertz's website and only 40 EVs from other brands. In a statement, Hertz cited substantially higher than average repair costs "for EVs" with extended wait times for parts availability. Additionally, Hertz reported that manufacturers' new lower retail prices hurt the resale values of the existing fleet, leading to substantial depreciation losses. Hertz is expecting to take a $245 million write-down on the vehicles, or an average loss of $12,250 per vehicle. Unlike other brands, Teslas purchased by Hertz were purchased at the same retail price the general public pays without any volume discount. Our take While many in the anti-EV crowd see this as an indictment against EVs, it is really more of an indictment against Tesla. Tesla's use of the Gigapress, while revolutionary technology, means that even minor collisions can be catastrophic to the vehicle. But this technology is coming to other brands as well. General Motors has purchased a Gigapress manufacturer and Volkswagen is planning on using Gigapress in their future vehicles. Additionally, Tesla does not have a deep reserve of spare parts, leading to long wait times for repairs. Tesla's erratic pricing moves have also made it difficult to accurately predict resale value of their vehicles. For an individual, it is an annoyance but for a corporation that buys 100,000 vehicles, it can cost hundreds of millions of dollars. But Hertz's loss could be your gain. If you have been looking at purchasing an EV but don't want to pay the high prices of a new one, a wave of Tesla Model-3 and Model-Y are about to hit the market. Couple that with a $4,000 tax credit for pre-owned EVs and there will be good deals to be had. Even if you do not buy one of the Teslas from Hertz, this move will likely drop the price of used EVs on the market, so keep your eyes open for a deal. View full article
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Hertz has announced that it will sell off roughly 30%, or 20,000 vehicles, of its EV fleet. The move came after it announced a scale-back from its original goal of electrifying 25% of the rental fleet. Hertz's original goal was to acquire 100,000 Tesla and 65,000 from Polestar over five years. Teslas make up roughly 80% of the Hertz EV fleet. At the time of this writing, there are 631 Teslas for sale on Hertz's website and only 40 EVs from other brands. In a statement, Hertz cited substantially higher than average repair costs "for EVs" with extended wait times for parts availability. Additionally, Hertz reported that manufacturers' new lower retail prices hurt the resale values of the existing fleet, leading to substantial depreciation losses. Hertz is expecting to take a $245 million write-down on the vehicles, or an average loss of $12,250 per vehicle. Unlike other brands, Teslas purchased by Hertz were purchased at the same retail price the general public pays without any volume discount. Our take While many in the anti-EV crowd see this as an indictment against EVs, it is really more of an indictment against Tesla. Tesla's use of the Gigapress, while revolutionary technology, means that even minor collisions can be catastrophic to the vehicle. But this technology is coming to other brands as well. General Motors has purchased a Gigapress manufacturer and Volkswagen is planning on using Gigapress in their future vehicles. Additionally, Tesla does not have a deep reserve of spare parts, leading to long wait times for repairs. Tesla's erratic pricing moves have also made it difficult to accurately predict resale value of their vehicles. For an individual, it is an annoyance but for a corporation that buys 100,000 vehicles, it can cost hundreds of millions of dollars. But Hertz's loss could be your gain. If you have been looking at purchasing an EV but don't want to pay the high prices of a new one, a wave of Tesla Model-3 and Model-Y are about to hit the market. Couple that with a $4,000 tax credit for pre-owned EVs and there will be good deals to be had. Even if you do not buy one of the Teslas from Hertz, this move will likely drop the price of used EVs on the market, so keep your eyes open for a deal. -
Yesterday, Hertz has announced that it reached partnership deals with both Uber and Lyft to provide vehicles to drivers. The deal will see Hertz proving drivers of the ride-sharing startups of vehicles that have been rotated out of their fleet. Drivers will get special rates on these vehicles. Hertz spokesman Bill Masterson says the rate for midsize vehicles will be $180 per week, including mileage and insurance. Why is Hertz making deals with Lyft and Uber? You only need to go back earlier this year when the company said ride-sharing services was limiting growth. Hertz thinks that if you work with and not against, you might have a shot of succeeding. “We consider this agreement to be largely complementary to our car-rental business, and it enables us to leverage our fleet and distribution infrastructure to participate in the dramatic growth in the ride sharing, or e-hailing, segment,” Hertz CEO John Tague said in a statement. It should be noted that Hertz and Lyft have worked together before on a pilot program in Las Vegas and Denver, where drivers were offered a similar deal. Source: Bloomberg, Hertz Press Release is on Page 2 Hertz Global Holdings Reaches U.S. Supply Agreement with Lyft for Rental Cars ESTERO, Fla., June 30, 2016 /PRNewswire/ -- Hertz Global Holdings, Inc. (NYSE: HTZ) has reached an agreement with Lyft to supply its U.S. drivers with cars under specified rental agreements, expanding upon two pilot markets where Hertz and Lyft have partnered together since November 2015. Built on the model used in pilots in Las Vegas and Denver, the agreement provides set rental rates for drivers, who will be serviced from dedicated off-airport Hertz locations that give on-site support. The cars can be used for both Lyft business and personal driving. In addition to Las Vegas and Denver, Hertz will begin renting cars to Lyft drivers in Los Angeles and San Francisco with more markets expected to follow as part of the national agreement. "This agreement builds on the work we've been doing with Lyft for the past eight months," said John Tague, president and chief executive officer of Hertz Global Holdings. "Based on that experience, Hertz and Lyft were ready to take the next step, which resulted in this U.S. supply agreement. "Utilizing cars that are rotating out of our consumer rental fleet creates a model that works for Hertz and for Lyft drivers by providing them with well-maintained, good condition cars. We consider this agreement to be largely complementary to our car rental business, and it enables us to leverage our fleet and distribution infrastructure to participate in the dramatic growth in the ride sharing, or e–hailing, segment." Hertz Global Holdings Reaches U.S. Supply Agreement with Uber Technologies for Rental Cars ESTERO, Fla., June 30, 2016 /PRNewswire/ -- Hertz Global Holdings, Inc. (NYSE: HTZ) has reached an agreement with Uber Technologies, Inc. to supply its U.S. partner drivers with cars under specified rental agreements. The agreement provides set rates for partners, who can rent from specified off-airport Hertz locations that give on-site support. The cars can be used for personal driving as well as for Uber business. Initially, Hertz is supplying partners in the Los Angeles area with other markets expected to follow as part of the national agreement. "This is a positive agreement for both Hertz and Uber," said John Tague, president and chief executive officer of Hertz Global Holdings. "Utilizing cars that are rotating out of our consumer rental fleet creates a model that works for Hertz and for Uber partners by providing them with well-maintained, good condition cars. We consider this agreement to be largely complementary to our car rental business, and it enables us to leverage our fleet and distribution infrastructure to participate in the dramatic growth in the ride sharing, or e–hailing, segment." -
Yesterday, Hertz has announced that it reached partnership deals with both Uber and Lyft to provide vehicles to drivers. The deal will see Hertz proving drivers of the ride-sharing startups of vehicles that have been rotated out of their fleet. Drivers will get special rates on these vehicles. Hertz spokesman Bill Masterson says the rate for midsize vehicles will be $180 per week, including mileage and insurance. Why is Hertz making deals with Lyft and Uber? You only need to go back earlier this year when the company said ride-sharing services was limiting growth. Hertz thinks that if you work with and not against, you might have a shot of succeeding. “We consider this agreement to be largely complementary to our car-rental business, and it enables us to leverage our fleet and distribution infrastructure to participate in the dramatic growth in the ride sharing, or e-hailing, segment,” Hertz CEO John Tague said in a statement. It should be noted that Hertz and Lyft have worked together before on a pilot program in Las Vegas and Denver, where drivers were offered a similar deal. Source: Bloomberg, Hertz Press Release is on Page 2 Hertz Global Holdings Reaches U.S. Supply Agreement with Lyft for Rental Cars ESTERO, Fla., June 30, 2016 /PRNewswire/ -- Hertz Global Holdings, Inc. (NYSE: HTZ) has reached an agreement with Lyft to supply its U.S. drivers with cars under specified rental agreements, expanding upon two pilot markets where Hertz and Lyft have partnered together since November 2015. Built on the model used in pilots in Las Vegas and Denver, the agreement provides set rental rates for drivers, who will be serviced from dedicated off-airport Hertz locations that give on-site support. The cars can be used for both Lyft business and personal driving. In addition to Las Vegas and Denver, Hertz will begin renting cars to Lyft drivers in Los Angeles and San Francisco with more markets expected to follow as part of the national agreement. "This agreement builds on the work we've been doing with Lyft for the past eight months," said John Tague, president and chief executive officer of Hertz Global Holdings. "Based on that experience, Hertz and Lyft were ready to take the next step, which resulted in this U.S. supply agreement. "Utilizing cars that are rotating out of our consumer rental fleet creates a model that works for Hertz and for Lyft drivers by providing them with well-maintained, good condition cars. We consider this agreement to be largely complementary to our car rental business, and it enables us to leverage our fleet and distribution infrastructure to participate in the dramatic growth in the ride sharing, or e–hailing, segment." Hertz Global Holdings Reaches U.S. Supply Agreement with Uber Technologies for Rental Cars ESTERO, Fla., June 30, 2016 /PRNewswire/ -- Hertz Global Holdings, Inc. (NYSE: HTZ) has reached an agreement with Uber Technologies, Inc. to supply its U.S. partner drivers with cars under specified rental agreements. The agreement provides set rates for partners, who can rent from specified off-airport Hertz locations that give on-site support. The cars can be used for personal driving as well as for Uber business. Initially, Hertz is supplying partners in the Los Angeles area with other markets expected to follow as part of the national agreement. "This is a positive agreement for both Hertz and Uber," said John Tague, president and chief executive officer of Hertz Global Holdings. "Utilizing cars that are rotating out of our consumer rental fleet creates a model that works for Hertz and for Uber partners by providing them with well-maintained, good condition cars. We consider this agreement to be largely complementary to our car rental business, and it enables us to leverage our fleet and distribution infrastructure to participate in the dramatic growth in the ride sharing, or e–hailing, segment." View full article
