Avis Budget Group’s average rental fleet in the Americas increased 32% to 500,653 units, remarkable in that the U.S. car rental industry overall bought 32% fewer vehicles in the first half of 2022 compared to 2021. Photo: Atomic Taco/flickr For the second quarter of 2022, Avis Budget Group shattered all major revenue and income records… Continue reading Avis Posts Quarterly Records for Revenue, Income
Author: Auto Rental International Online News
IARA Readies for Record Turnout at Summer Roundtable
Joe Miller, the executive vice president of client success at AutoIMS, will emcee the 2022 IARA Summer Roundtable in Nashville, Aug. 16-18. He’s pictured here at the 2022 Conference of Automotive Remarketing held in March in Las Vegas. Photo: Bobit The leading trade group for consignors anticipates the strongest turnout to date for its annual… Continue reading IARA Readies for Record Turnout at Summer Roundtable
What Are Europeans’ Favorite U.S. Destinations?
According to Jetcost, a large majority of tourists have opted for California at the top of Europeans’ searches, with Los Angeles as the second most wanted city in the U.S. for German and Italian tourists. Photo: Pixabay / acheii Price search engine provider Jetcost announced in a statement that searches for flights on its website have increased by 250%,… Continue reading What Are Europeans’ Favorite U.S. Destinations?
Hertz Posts Q2 Revenue of $2.3B, Net Income $940M
Hertz’s revenues in the Americas segment jumped 20% quarter over quarter, while adjusted EBITDA rose 16%. Image: Hertz For the second quarter of 2022 Hertz Global Holdings reported record results of revenue of $2.3 billion in overall revenue, a net income of $940 million, and adjusted corporate EBITDA of $764 million, a 33% margin. The revenue… Continue reading Hertz Posts Q2 Revenue of $2.3B, Net Income $940M
Car Market Shows Signs of More Buyer-Seller Balance
The auction used vehicle market appears to “finding equilibrium” after more than a decade of economic recovery and stimulus-fueled growth, the report concludes. Graphic: AutoIMS The auction vehicle market appears to be finding a balance between buyers and sellers as a long upward pressure on prices may be leveling off, according to trends in the… Continue reading Car Market Shows Signs of More Buyer-Seller Balance
How Will a Recession Affect Fleet Sales?
Today’s market is characterized by pent-up demand restrained by a dramatic lack of labor and supply shortages. A modest increase in unemployment will still leave a healthy consumer, which is a positive barometer for travel and vehicle sales. Image: Pixabay / Mohamed Hassan The new and used car markets today feel like The Beatles song,… Continue reading How Will a Recession Affect Fleet Sales?
July Auto Sales Drop as Headwinds Slow Recovery
Compact cars is the only vehicle segment expected to see a rise in the July 2022 new vehicle sales forecast. Source: Cox Automotive July U.S. auto sales are expected to show very little change from June’s results as a lack of supply continues to batter the new-vehicle market, according to the Cox Automotive forecast released… Continue reading July Auto Sales Drop as Headwinds Slow Recovery
Used Vehicle Market Hints at Normalcy Again
Used vehicles, such as this 2017 Chrysler 300, should be seeing more normal wholesale and retail markets in the months ahead with a balance between buyers and sellers. Photo: Bobit Earlier this month, during our quarterly Manheim Used Vehicle Value Index (MUVVI) conference call, there were many questions related to the health of the U.S.… Continue reading Used Vehicle Market Hints at Normalcy Again
Cadillac Reveals All-Electric CELESTIQ Show Car
The show car previews some of the materials technologies and details that express Cadillac’s vision. Highlights include five high-definition, advanced LED interactive displays, including a 55-inch-diagonal advanced LED display, along with a variable-transmission smart glass roof and Ultra Cruise, General Motors’ available hands-free driver assistance technology which Cadillac plans to offer on CELESTIQ. Photo: Cadillac… Continue reading Cadillac Reveals All-Electric CELESTIQ Show Car
Lyft to Close Rental Car Business
Lyft’s car rental business had five locations. Photo: Chris Brown Lyft plans to shut down its car rental business and cut about 60 jobs, according to a report by Bloomberg. The company confirmed the news last week and it was first reported by The Wall Street Journal. The layoffs affect less than 2% of Lyft’s… Continue reading Lyft to Close Rental Car Business