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The declining resale values of electric rental fleet vehicles and consumer reluctance is generating financial headwinds for the global car rental company.
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The latest decision follows a one-third cut in Hertz's existing EV fleet as customers and consumers are not embracing EVs as much as expected.
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In another sign of EV hesitancy, a new survey shows only 1% of business travelers always rent them when using auto rental companies.
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Electric vehicles may seem buggy and expensive now, but prices will inevitably come down as battery technology evolves and EV infrastructure becomes more commonplace.
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The industry's first EV-specific valuation algorithm includes proprietary analytics from 100 million real-world EV battery data points.
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In another high profile indicator of consumer EV skepticism, the auto rental giant will sell off the EVs to avoid further financial losses.
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The technologies ready to streamline and strengthen the car rental industry also come with uncertainties and challenges.
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Manheim expects constrained growth with a volume increase of less than 1% in 2024, indicating a return to a more normal market.
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Column: With the passing of Joe Knight, we give pause to reflect on his contributions to the industry and to the growth of ACRA, and our commitment to continuing the work for a stronger industry.
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EV inventory is stacking up on dealer lots as consumers spooked by high prices and sparse charging stations second-guess or resist buying them.
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