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.
The company's total revenue for the quarter is $2.2 billion, up 19% from Q2 2021.
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.
Hertz CEO Paul Stone cited U.S. rental volume improvements since Labor Day and domestic revenue improvements of 14 points from July to September.
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.
Avis will host a conference call for institutional investors to discuss these results Oct. 30 at 8:30 a.m. Eastern time.
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.
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.
Avis anticipates revenues about 80% lower in April and May compared to the prior year, with a gradual recovery in June and improving thereafter.
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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