Hertz Global Holdings has entered into a stock and asset purchase agreement to sell substantially all of the assets of its wholly-owned fleet management subsidiary, Donlen, to Athene Holding, a leading financial services company. Graphics: Hertz Hertz Global Holdings has entered into a stock and asset purchase agreement to sell substantially all of the assets… Continue reading Hertz to Sell Donlen for at Least $875 Million
Author: Auto Rental International Online News
Envoy Raises $11M in Series A Funding
Envoy Technologies has secured an $11 million Series A round and a strategic vehicle financing facility to assist it to scale to thousands of vehicles, the company announced. The Series A was co-led by Shell Ventures and Building Ventures and included other notable investors: DENSO, Goodyear Ventures, GroundBreak Ventures, and the Los Angeles Cleantech Incubator Impact Fund. The… Continue reading Envoy Raises $11M in Series A Funding
Silvercar to End Airport Operations, Focus on Audi Dealerships
The strategy shift places more focus on local rental markets. Photo via Audi. Silvercar by Audi plans to close all of its airport locations in December, the company confirmed. In September, Silvercar announced that it would be expanding to Audi dealerships throughout the United States. The strategy shift places more focus on local rental markets.… Continue reading Silvercar to End Airport Operations, Focus on Audi Dealerships
Hertz Reports $222M Net Loss in Third Quarter, with Sequential Improvements
Throughout the third quarter, Hertz Global took advantage of a hot used car market to take average operating fleet down 34% through its remarketing channels. Photo via Depositphotos. Hertz Global Holdings yesterday reported results for its third quarter 2020 with revenue of $1.3 billion, a decline of 56% over the third quarter in 2019. Hertz reported… Continue reading Hertz Reports $222M Net Loss in Third Quarter, with Sequential Improvements
Hertz Secures $4B for Fleet Financing
Hertz expects to begin placing orders for deliveries of new vehicles that would commence in the first quarter of 2021. Photo via Enjosmith/Flickr. Hertz Global Holdings has secured commitments for fleet financing totaling $4 billion. The company has filed a motion for approval of The Hertz Corporation entering into the documentation for the financing by the U.S. Bankruptcy Court for… Continue reading Hertz Secures $4B for Fleet Financing
California Voters Side with Uber, Lyft in Battle over Gig Worker Labor Laws
Experts warn it could set an expectation that large companies can circumvent the government when legislation is passed that goes against their interests. Photo via Todd Lappin/Flickr. Millions of California voted to pass Proposition 22, classifying app-based drivers as gig workers, not employees. Backed by Uber, Lyft, and food delivery apps such as Postmates, Prop 22 exempts… Continue reading California Voters Side with Uber, Lyft in Battle over Gig Worker Labor Laws
Udrive Passes 1M Trips, Strengthens COVID Protocol
Each Udrive is equipped with the latest IOT technologies that digitize any car on its fleet and massively improve safety by removing all one to one human interaction when booking a vehicle, starting/ending a trip and entering/exiting the vehicle. Photo courtesy of Udrive. Udrive, a United Arab Emirate’s homegrown brand that provides pay-per-minute car rental service for… Continue reading Udrive Passes 1M Trips, Strengthens COVID Protocol
Hertz Obtains $1.65B in Debtor-In-Possession Financing
The financing will be provided by some of Hertz’s pre-petition first-lien lenders. Photo via Enjosmith/Flickr. Hertz Global Holdings Inc. today announced that it has secured commitments for debtor-in-possession (DIP) financing totaling $1.65 billion and has filed a motion for approval of the financing by the U.S. Bankruptcy Court for the District of Delaware. According to an 8-K SEC filing, Hertz… Continue reading Hertz Obtains $1.65B in Debtor-In-Possession Financing
Geotab Unveils Geotab Keyless, Paving Way for Fleet Vehicle Sharing
Geotab has established partnerships for Geotab Keyless with mobility technology companies Wunder Mobility, Ridecell, fleetster, Eccocar, and Moove Connected Mobility. Image courtesy of Geotab. Today global telematics provider Geotab unveiled Geotab Keyless, which integrates a secured digital key function with Geotab’s telematics data and fleet management platform. Announced at the company’s third annual Geotab Mobility Connect conference, the solution is designed to… Continue reading Geotab Unveils Geotab Keyless, Paving Way for Fleet Vehicle Sharing
Getaround Raises $140M, Announces C-Suite Hires
The money raised from this round will help fund connected car technology research, expand partnerships, and improve offerings to users. Photo via Depositphotos. Peer-to-peer carsharing group Getaround launched its $140 million Series E financing round, the company announced. This round is being led by PeopleFund and also includes financing from Reinvent Capital, Menlo Ventures, SoftBank, Braemar… Continue reading Getaround Raises $140M, Announces C-Suite Hires