Hertz Ups Revenue, Profits in Second Quarter 2013
Hertz’s reports income growth driven by double-digit growth in U.S. off-airport car rental, leisure car rental, equipment rental and Donlen, its fleet leasing subsidiary. Growth tempered by residual value declines compared to a strong 2012.
Hertz Global Holdings Inc. reported second quarter 2013 worldwide revenues of $2.7 billion, an increase of 22% year-over-year. Worldwide car rental revenues for the quarter increased 23.3% year-over-year to $2.33 billion.
Corporate EBITDA for the second quarter of 2013 was $540.4 million, an increase of 32.5% from the same period in 2012, while second quarter 2013 adjusted net income was $204.4 million, versus $154.4 million in the same period of 2012.
Mark P. Frissora, the company's chairman and chief executive officer, said, "Our eighth consecutive quarter of record adjusted pre-tax income, which increased 34.5% year-over-year in the second quarter, was driven in part by double-digit revenue growth in four businesses: U.S. off-airport car rental, leisure car rental, HERC and Donlen. Hertz also achieved several other financial records this past quarter, the result of solid execution of balanced revenue, cost initiatives, and Dollar Thrifty synergies which are running ahead of plan."
The company achieved record transaction days for the quarter, which increased 22% over the second quarter of 2012 with most of the gains coming in the U.S. and largely due to the acquisition of Dollar Thrifty, partially offset by the Advantage divestiture.
U.S. off-airport total revenues for the second quarter increased 11.6% year-over-year, and transaction days increased 10.2% from the prior year period.
Higher income results were driven by stronger volumes and pricing, including the impact of the Dollar Thrifty acquisition, lower net depreciation per vehicle and lower interest expense as a percentage of revenues, Hertz reported.
Hertz noted that the second quarter was an unusually tough comparison for U.S. car rental due to second quarter 2012 residual values, which were at peak levels compared with the second quarter 2013. Therefore, the year-over-year margin improvement in the recently completed second quarter was impressive given the $45.8 million residual value hurdle, the company reported.
The worldwide average number of company-operated cars for the second quarter of 2013 was 830,300, an increase of 26.5% over the prior year period, largely as a result of the Dollar Thrifty acquisition.
The company reaffirms its full year 2013 guidance. In 2013, the company expects to generate worldwide revenues of $10.850 billion — $10.950 billion and adjusted net income of $830 million — $875 million.
More Rental Operations

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 →
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 →
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 →
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 →
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 →
