HERTZ is to raise its car rental rates as from January 1, citing the depreciating value of its fleet.
‘Fleet costs are escalating due to declining residual values and, as a result, we have implemented price increases across our car rental brands in the US,’ Hertz's CEO John Tague said in a statement. ‘The company is pursuing cost reduction opportunities in addition to its previously announced programme to cut expenses while also increasing investment to improve our customers' rental experience, including refreshing the car rental fleet.’
The price increase is across the board for Hertz, Dollar, and Thrifty brands.
While its aging fleet played a role in its decision, what was left unsaid by Hertz was its ongoing accounting issues.
The company announced in June that its financial statements for 2011, 2012 and 2013 would need to be re-stated and should no longer be relied upon. Hertz still hasn’t reported its financial results for 2014.
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