Photo courtesy of Hertz Corp.
Over the weekend of Dec. 19 to Dec. 21, Hertz Global Holdings Inc. announced that it increased U.S. retail prices for all Hertz, Dollar and Thrifty car rentals reserved for pick-up on or after Jan. 1, 2015.
This price increase was driven by fleet depreciation increases, primarily related to residual value declines, says the company.
"Fleet costs are escalating due to declining residual values and, as a result, we have implemented price increases across our car rental brands in the U.S.,” said John Tague, Hertz's chief executive officer and president. “The company is pursuing cost reduction opportunities in addition to its previously announced program to cut expenses $100 million annually, while also increasing investment to improve our customers' rental experience, including refreshing the car rental fleet."