Hertz Partners with Amazon to Sell Used Cars Online

Hertz Global (HTZ) and Amazon (AMZN) recently announced a deal where Hertz will sell used cars on Amazon’s website. This news caused Hertz’s share price to rise by 12.5% from $5.20 to $5.85. Investors are optimistic about the potential benefits of this partnership for Hertz’s business.

Hertz will list its used vehicles for sale on Amazon Autos in select metro areas. This partnership will provide Amazon Auto with a wider selection of car listings across different brands. For Hertz, the deal offers an opportunity to expand its car sales and revenue stream through an easier and more convenient online platform.

Hertz’s core rental business has been struggling, with declining sales and profitability. The company’s total revenue dropped by 7% to $2.2 billion in the second quarter. Despite the challenges, Hertz’s stock price has seen a 74% increase in the past year, with a low P/S ratio of 0.2.