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Hertz Closes Q3 with $2.8B Revenue
Hertz's Q3 earnings are a 7% increase from the same time last year.
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Hertz's Q3 earnings are a 7% increase from the same time last year.
Revenues grew to a record $2.8 billion in the third quarter on both higher volume and increased underlying pricing in the Americas.
Commercial sales increased 10.3% in October, while sales to government agencies increased 1%. Sales into daily rental increased 0.2%.
Matt Dyer was previously the managing director for LeasePlan UK, and has more than 20 years of experience working for the fleet management company.
Vehicles from fleet consignors followed the broader used-vehicle market downward in September, as wholesale prices struggled to keep up with last year's hurricane-driven demand and a now robust upstream market, said Tom Kontos, KAR Auction Services' chief economist.
The average value of used fleet vehicles increased 1.5% in August from the prior month and are now up 8.5% from a year ago, according to Tom Kontos, KAR Auction Services' chief economist.
The Mt. Vernon, N.Y., mayor alleges that a city bucket truck was repossessed because the city comptroller refused to pay the bills.
More SUVs, the retention of higher mileage vehicles, and new methods of remarketing are some trends fleets are observing in the wholesale market.
In the interim period prior to Jamere Jackson formally joining Hertz, Robin Kramer, currently Hertz's senior vice president and chief accounting officer, will assume the additional role of acting CFO effective immediately.
Vehicles that were taken out of commercial, government, and daily rental fleets and sold at auction in July were worth 8.1% more than they were a year ago and 0.4% more than in June, according to Tom Kontos, KAR Auction Services' chief economist.
Net income improved to $26 million and adjusted net income increased 84% to $46 million, or $0.57 per diluted share.
For the second quarter 2018, total revenues were $2.4 billion, a 7% increase versus the second quarter 2017.
The International Automotive Remarketers Alliance (IARA) has announced that Felipe Smolka, executive vice president of transformation for LeasePlan USA, will be providing a keynote presentation at the 2018 IARA Summer Roundtable.
Off-lease fleet vehicles sold in the wholesale market at auction fell 1% in value in June from the prior month but increased 7% from a year ago, according to Tom Kontos, KAR Auction Services' chief economist.
Wholesale vehicle prices for former fleet vehicles at auction increased 0.8% in May from April and have increased 6.8% from a year ago in a "seasonally strong" market, according to Tom Kontos, KAR Auction Services' chief economist.