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Hertz Global Holdings
Hertz Global Holdings operates a fleet of roughly 500,000 vehicles across 160 countries through its Hertz, Dollar, and Thrifty brands.
Hertz Global Holdings
Hertz Global Holdings was founded in 1918 by Walter L. Jacobs in Chicago with a dozen Model T Fords. The company was purchased by John D. Hertz in 1923 and grew into the first national car-rental network. Today the firm operates under the Hertz, Dollar, and Thrifty brands from its headquarters in Estero, Florida, serving corporate travelers, leisure renters, and rideshare drivers across approximately 12,000 corporate and franchise locations in 160 countries. The firm's strategy turns on fleet financing and residual-value management. Hertz acquires vehicles directly from automakers, typically at high volume discounts, and holds them for an average of 18 to 24 months before selling them back into the wholesale used-car market or to consumers. Its known fleet composition includes significant positions in internal-combustion vehicles alongside a publicly scrutinized electric-vehicle order book. In 2021, Hertz announced a plan to order 100,000 Teslas, a deal that drew immense public attention (per the firm, October 2021). The company subsequently announced a decision to right-size its EV fleet, selling approximately 20,000 EVs and reinvesting in gas-powered vehicles, citing elevated repair costs and lower utilization rates (per SEC filings, January 2024). Hertz's geographic footprint is dominated by its Americas segment, which generates the majority of its revenue, followed by its International operations across Europe, Asia-Pacific, and Latin America. Hertz's Chapter 11 restructuring, finalized in June 2021, is a defining structural event. A group of creditors led by Certares and Knighthead Capital Management injected $5.9 billion in new equity to take the company private through its bankruptcy exit. The firm relisted on the Nasdaq in November 2021 under the ticker HTZ. The leadership team has since cycled: Stephen Scherr, a former Goldman Sachs CFO, served as CEO from 2022 until his departure in March 2024. Gil West, an operations veteran from Delta Air Lines, succeeded him (per the firm, March 2024). As of early 2025, a significant number of the company's approximately 27,000 employees are focused on airport operations and fleet logistics. Hertz is structurally distinct as a publicly traded fleet-management company wearing a consumer brand. Unlike asset-light mobility platforms, Hertz's balance sheet carries raw, depreciating physical assets, which ties its cost of capital to ABS market conditions and the used-vehicle price cycle. Its governance centers on a board led by Certares and Knighthead appointees, embedding private-equity-style capital allocation discipline inside a public-company chassis.
General information
Firm type
Asset Manager
Year founded
1918
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Estero
Corporate office
Estero, FL, United States
Principals
Lauren Fritts
Senior Vice President, Chief Investor Relations Officer
Sector focus
Frequently asked questions
Who runs investment decisions at Hertz?
Hertz is an operating company, not an investment manager. Fleet acquisition and capital allocation decisions are made by the CEO, CFO, and operational leadership team in coordination with the board of directors, which includes representatives from Certares and Knighthead Capital Management, the firms that led the company's 2021 equity recapitalization.
How is Hertz's fleet financed?
Hertz finances its vehicle fleet primarily through asset-backed securities (ABS) issued via its Hertz Vehicle Financing entities, along with secured credit facilities and commercial paper. The structure is designed to match the duration of vehicle assets with the duration of the debt used to acquire them. The cost and availability of this ABS market financing is a core determinant of the company's profitability, as disclosed in its quarterly SEC filings.
What is Hertz's relationship with Certares and Knighthead?
Certares Management and Knighthead Capital Management led the group of creditors that acquired control of Hertz upon its emergence from Chapter 11 bankruptcy in June 2021. They remain significant shareholders and have placed appointees on the company's board, influencing capital allocation strategy, executive selection, and the pace of the fleet-electrification initiative.
How does Hertz manage residual-value risk on its vehicles?
Hertz manages residual-value risk through ongoing 'Program Car' repurchase agreements with automakers, which guarantee a buy-back price after a set period, and by selling vehicles through its own retail channel, Hertz Car Sales, in addition to wholesale auctions. The mix of these channels shifts based on used-car market conditions, and a downturn in the Manheim Used Vehicle Value Index directly compresses fleet disposal margins.
What is Hertz's known posture on fleet electrification?
Hertz's electrification strategy has shifted significantly. After announcing an order for 100,000 Teslas in October 2021, the company later flagged that EV repair costs and lower rideshare utilization were pressuring margins. In early 2024, Hertz disclosed it would sell approximately 20,000 EVs from its US fleet and reinvest a portion of the proceeds into internal-combustion-engine vehicles (per SEC filings, January 2024). The firm stated it remains committed to electrification over the long term, but at a moderated pace.
Does Hertz operate only under the Hertz brand?
No. Hertz Global Holdings operates three principal rental-car brands: Hertz, Dollar, and Thrifty. Hertz serves the premium and business-travel segments, while Dollar and Thrifty target the value-conscious leisure sector. The company also operates a fire and emergency response vehicle rental business through Hertz Equipment Rental Corporation.
What structural differentiators matter to an institutional investor looking at Hertz?
Hertz is fundamentally a fleet-management and ABS-issuing entity wrapped in a consumer-facing mobility brand. Its financial performance is driven less by rental-day pricing than by the spread between its vehicle depreciation cost and the proceeds from used-car disposals. This makes the company a proxy for both the used-vehicle cycle and credit-market access, differentiating it sharply from asset-light travel platforms or traditional industrial companies.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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