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The used car retailer that bought the ADESA auction group this year blames high used car prices and rising interest rates for sinking consumer demand.
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The company's total revenue for the quarter is $2.2 billion, up 19% from Q2 2021.
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Reporting its full-year 2020 Results, Europcar Mobility Group cited limited visibility on when rental car demand will recover; U.S. business a bright spot.
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Hertz CEO Paul Stone cited U.S. rental volume improvements since Labor Day and domestic revenue improvements of 14 points from July to September.
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While Europcar managed to generate positive adjusted corporate EBITDA on cost cutting, revenue fell to 537 million euros in the third quarter of 2020. Europcar no longer providing full-year guidance for 2020.
Read More →Avis will host a conference call for institutional investors to discuss these results Oct. 30 at 8:30 a.m. Eastern time.
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Sixt reports that business has already returned to pre-pandemic levels in German urban locations. In response the company is expanding carsharing and subscription programs as an alternative to public transport.
Read More →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.
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Avis anticipates revenues about 80% lower in April and May compared to the prior year, with a gradual recovery in June and improving thereafter.
Read More →Avis reduced the size of its global fleet beginning in March and continuing in April, and currently estimate that it will end June with over 20% fewer units than the prior year.
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