Hertz Accounting Probe Delays Q2 Filing
Due to the ongoing financial records review for 2011, 2012 and 2013, Hertz Global Holdings has delayed the filing of its second quarter 2014 results.
Photo courtesy of Amy Winter.
Photo courtesy of Amy Winter.
Due to the ongoing financial records review for 2011, 2012 and 2013, Hertz Global Holdings has delayed the filing of its second quarter 2014 results.
According to a filing with the Securities and Exchange Commission, Hertz said it is “unable to timely file its quarter report for the period ended June 30, 2014 because of the ongoing nature of the company’s previously announced thorough review of its internal financial records for fiscal years 2011, 2012 and 2013.”
Due to the financial records review and its impact on Hertz’s 2014 financial results, Hertz couldn’t complete its quarterly report by the deadline of Aug. 11 without “undue effort and expense,” according to the SEC filing which was signed by Thomas C. Kennedy, Hertz’s senior executive vice president and chief financial officer.
While preparing for the first quarter 2014 report, Hertz identified certain errors from 2011, which refer to charges for certain non-fleet assets, allowances for doubtful accounts in Brazil and other items, Hertz stated in its press release from May 13.
Hertz’s Audit Committee of the Board of Directors found that the financial statements for 2011 could no longer be used and had to be restated. In addition, Hertz also needed to fix the 2012 and 2013 financial statements to reflect these errors.
The 2011 financial statements were used in the Form 10-K for the period ending Dec. 31, 2013, according to a SEC filing. Hertz had to modify the 10-K to correct the identified errors.
More Rental Operations
Clean on Paper: Red Flags in Exotic Car Rental Verification
A suspicious $45,000 Lamborghini booking reveals the strengths and limitations of renter verification, from forged insurance documents to coverage gaps and unauthorized drivers. (Part 2 of 3)
Read More →
Turo and Tesla Take the Next Step Toward Autonomous Car Rentals
The partnership brings Tesla's Full Self-Driving (Supervised) technology into the rental experience, offering a glimpse of how increasingly automated vehicles could change car rental.
Read More →
How Rental Operators Can Navigate Personalized Pricing Rules
As regulators scrutinize the use of customer data in pricing, rental operators need to know whether they can explain why one renter pays more than another.
Read More →
Direct, Broker or Hybrid? How Travel Retailers Source Rental Cars
As travel retailers weigh direct supplier relationships against third-party distribution, rental operators need to understand how those decisions affect their business.
Read More →
How Did This Independent Rental Operator Grow to 170 Vehicles in 4 Years?
With 170 vehicles across three Kentucky locations, Joel Price relies on an overseas team to handle reservations, payments, and after-hours customer service. It's one part of an unconventional approach to growing an independent rental operation.
Read More →
What Does It Take to Succeed in B2B Rentals?
The fundamentals may be familiar to daily car rental operators, but project-based truck rentals put different demands on the fleet and the business.
Read More →
NPR Builds on International Partnerships to Grow Rental Bookings
With Ana Laborde supporting broker development, NPR Auto Group is tailoring distribution strategies, rate packages, and partnerships to grow international reservations across its three brands.
Read More →
Advantage, Sixt Place Among Top Five in Annual Satisfaction Study
While Enterprise and National retain the top spots in JD Power’s 2026 rankings, the latest customer satisfaction results suggest renters can find competitive service beyond the biggest car rental names.
Read More →
The $100,000 Insurance Trap in Exotic Car Rentals
Exotic rental agencies often rely on customers’ personal auto policies to protect six-figure vehicles. But policy language can dramatically change the coverage for vehicles over $100,000 MSRP.
Read More →
The Booking Is Confirmed, But Is Your Customer Ready to Drive?
For international renters, a confirmed reservation doesn’t always mean they’re eligible to drive. Earlier checks can help operators catch documentation and payment issues before the customer reaches the counter.
Read More →