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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Hertz Global Holdings Inc | NASDAQ:HTZ | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.09 | -1.81% | 4.88 | 4.90 | 5.24 | 1,043 | 09:24:08 |
Hertz Global Holdings Inc. said it reached new deals to rent cars to drivers for Uber Technologies Inc. and its rival Lyft, which could help the car rental company shore up its business as the ride-hailing services race to bulk up on drivers.
Shares of Hertz, which have fallen 24% so far this year through Wednesday's close, climbed 5.9% in premarket trading.
Hertz, in separate news releases Thursday, said its arrangement with Uber would start in Los Angeles before being expanded to other areas. With regard to Lyft, which has had a similar partnership with Hertz in Las Vegas and Denver since late last year, Hertz said it also would rent cars to drivers in L.A. and San Francisco.
The move comes as Lyft has tried to catch up with Uber in dozens of U.S. markets. The companies appear to be betting they can expand their ranks by trying to appeal to people who don't have a vehicle but might want to make extra cash driving a rental car.
"Utilizing cars that are rotating out of our consumer rental fleet creates a model that works for Hertz and for Lyft drivers by providing them with well-maintained, good condition cars," said John Tague, Hertz Global's chief executive. In a separate news release regarding Uber, Mr. Tague said the exact same quote except replaced "Lyft drivers" with "Uber partners."
The agreements provide set rates for drivers, who will be able to rent from specified off-airport Hertz locations that have on-site support. The cars can be used for personal driving as well as for Uber or Lyft business.
Hertz rents cars under the Hertz, Thrifty, Dollar and Firefly brands.
Write to Joshua Jamerson at joshua.jamerson@wsj.com
(END) Dow Jones Newswires
June 30, 2016 09:45 ET (13:45 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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