Auto Rental News
MenuMENU
SearchSEARCH

Hertz Earnings: A Tale of Two Half Quarters

In the U.S., year-to-date February 2020 revenue was up 8% from the same period in 2019 on both higher price and volume. By March 31, revenues had eroded 9.7% for the entire quarter compared to last year.

May 12, 2020
Hertz Earnings: A Tale of Two Half Quarters

All three brands — Hertz, Dollar, and Thrifty — contributed to a 2% increase in Total RPD in the first quarter, which partially offset the volume impact to revenue.

Photo via Depositphotos.

2 min to read


Hertz Global Holdings, Inc. reported results yesterday for the first quarter of 2020.

Total revenues of $1.923 for the first quarter represent a 9.7% drop compared to last year’s first quarter of $2.107 billion. Net loss was $356 million, compared to a loss of $147 million in the first quarter of 2019.

Ad Loading...

In the U.S., year-to-date February 2020 revenue for the segment was up 8% from the same period in 2019 on both higher price and volume. Travel bans and shelter-in-place orders throughout the country severely impacted volume in March which drove an 11% decline in transaction days for the quarter.

Utilization dropped to 66% in this quarter from 75% last year. Revenue per day was a bright spot, coming in at $42.35 compared to $42.25 in last year’s quarter. However, revenue per month dropped from $934 to $846 this year.

All three brands — Hertz, Dollar, and Thrifty — contributed to a 2% increase in Total RPD in the first quarter, which partially offset the volume impact to revenue.

Depreciation per unit, per month was impacted by residual values on certain vehicle models and lower year-over-year retail sales volume as a result of the COVID-19 shut-down of retail lots.

"We started the year with positive momentum, extending the strong growth trajectory of the past three years, reflecting consistent increases in both price and volume, productivity improvements and best-in-class fleet management," said CEO and President, Kathryn V. Marinello, in a statement.

Ad Loading...

"Yet in just two months, the outbreak of the coronavirus created a major business disruption as global travel demand dropped to almost zero and the U.S. used-car market effectively shut down. We immediately shifted our business priorities to focus on employee and customer safety, expense mitigation and preserving liquidity."

Hertz underwent aggressive cost-cutting measures in the quarter, including shedding a third of its global workforce. The company ended with about $1 billion of unrestricted cash and cash equivalents at March 31.

While the company missed lease payments due April 27, it was given a temporary lifeline until May 22 by lenders. While Hertz says it is reviewing options to preserve liquidity, “there can be no assurance that the company will be able to successfully negotiate any relief past May 22.”

More Rental Operations

thumbnail of title and photo of Joel Price and Chris Brown
Rental Operations•by Chris Brown•October 20, 2026

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 →
thumbnail what does it take to succeed in b2b rentals
Rental Operations•by Chris Brown•October 12, 2026

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 →
Photo of Ana Laborde and world map
Rental Operations•by Chris Brown•October 12, 2026

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 →
Ad Loading...
Rental car agent shows woman her choice of rental car
Rental Operations•by Chris Brown•October 7, 2026

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 →
an exotic car wrapped in an insurance policy
Rental Operations•October 1, 2026

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 →
globe of world and drivers license from UK
Rental Operations•September 28, 2026

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 →
Ad Loading...
Scenes from Car Rental Shows past
Rental Operations•by Staff•September 23, 2026

ICRS 2027 Opens Call for Papers

The International Car Rental Show seeks session proposals on the business, operational, and technology issues facing car rental operators. Submissions are due Jan. 15.

Read More →
hand holding phone and Turo logo
Rental Operations•by Staff•September 21, 2026

Turo to Launch Vehicle Delivery Service

Turo Delivered will let travelers search for vehicles that hosts can deliver directly to hotels, homes, airports, train stations, and other locations.

Read More →
plane, palm trees, car rental sign
Rental Operations•by Chris Brown•September 15, 2026

Palm Beach Airport Code Change Creates Car Rental Distribution Gap

A test of rental searches under the old PBI and new DJT airport codes returned largely different sets of brands and vehicles, highlighting a potential distribution problem for rental operators.

Read More →
Ad Loading...
Team members of U-Save's new franchise
Rental Operations•by Staff•September 15, 2026

U-Save Continues Dominican Republic Expansion with Launch in Punta Cana

The new franchise location builds on U-Save’s existing Santo Domingo operation and will begin taking reservations for October 2026.

Read More →
Ad Loading...