Hertz Global Holdings, Inc. (HTZ): Business Model Canvas [Jan-2025 Mise à jour]

Plongez dans le monde complexe de Hertz Global Holdings, où un modèle commercial dynamique transforme le paysage de location de voiture. Des terminaux de l'aéroport animées aux plates-formes numériques sans couture, Hertz a élaboré une stratégie sophistiquée qui va au-delà de simples locations de véhicules. Leur approche innovante intègre la technologie de pointe, les partenariats mondiaux et les solutions centrées sur le client, les positionnant en tant que leader dans l'industrie des services de transport. Découvrez comment cette puissance mondiale navigue sur la dynamique du marché complexe et offre de la valeur à divers segments de clients, ce qui fait de chaque voyage non seulement une location, mais une expérience.

Hertz Global Holdings, Inc. (HTZ) - Modèle d'entreprise: partenariats clés

Enterprise Holdings (société mère)

Enterprise Holdings possède Hertz Global Holdings, avec une flotte totale d'environ 1,9 million de véhicules en 2023. La société mère gère plusieurs marques de location de voitures, notamment Enterprise, Alamo et National.

Détails du partenariat	Impact financier
Pourcentage de propriété	Filiale à 100% d'Enterprise Holdings
Gestion de la flotte	Aachat et gestion des véhicules centralisés

Fabricants de voitures majeures

Hertz maintient des partenariats stratégiques avec les principaux constructeurs automobiles.

Fabricant	Procurement des véhicules (2023)
Ford Motor Company	Environ 250 000 véhicules
General Motors	Environ 200 000 véhicules
Toyota	Environ 180 000 véhicules

Autorités aéroportuaires du monde

• Présence opérationnelle dans plus de 160 pays
• Partenariats avec plus de 600 aéroports dans le monde
• Emplacements de location dans les principaux aéroports internationaux

Sociétés de cartes de crédit et partenaires de voyage

Partenaire	Détails du partenariat
American Express	Intégration du programme de voyage et de récompenses d'entreprise
Visa	Programme de paiement et de fidélité préféré
MasterCard	Collaboration des services de voyage d'entreprise

Technologies et fournisseurs de logiciels

• Partenaires d'infrastructure numérique:
  • Microsoft Azure pour le cloud computing
  • Salesforce pour la gestion de la relation client
  • SAP pour la planification des ressources d'entreprise
• Investissement technologique annuel: 75 millions de dollars (2023)

Hertz Global Holdings, Inc. (HTZ) - Modèle d'entreprise: Activités clés

Services de location de véhicules

En 2023, Hertz a exploité une flotte mondiale d'environ 430 000 véhicules sur 10 200 emplacements dans 160 pays. Le volume total des transactions locatifs a atteint 14,3 millions de locations au cours de l'exercice.

Métriques de service de location	2023 données
Taille totale de la flotte	430 000 véhicules
Emplacements mondiaux	10 200 emplacements
Pays desservis	160 pays
Total des transactions de location	14,3 millions

Gestion et achat de la flotte

Hertz a investi 5,2 milliards de dollars dans les acquisitions de véhicules en 2023, maintenant une composition diversifiée de la flotte.

• Procurement de véhicules auprès de fabricants comme Ford, General Motors et Toyota
• Taux de remplacement annuel d'environ 35%
• Période de maintien du véhicule moyen de 13 à 15 mois

Service client et assistance

Hertz a exploité des centres de support client 24h / 24 et 7j / 7 avec 3 700 représentants dédiés au service client en 2023.

Métriques du service client	2023 statistiques
Soutenir les représentants	3,700
Temps de réponse moyen	12 minutes
Interactions annuelles du client	22,6 millions

Plateforme numérique et développement d'applications mobiles

Hertz a investi 87 millions de dollars dans l'infrastructure technologique numérique en 2023, avec 68% des locations réservées via des canaux numériques.

• Téléchargements d'applications mobiles: 12,4 millions
• Pourcentage de réservation numérique: 68%
• Budget de développement de plate-forme numérique annuel: 87 millions de dollars

Entretien et logistique des véhicules

Hertz a dépensé 340 millions de dollars pour l'entretien et la reconditionnement des véhicules en 2023, avec un coût moyen d'entretien des véhicules de 780 $ par véhicule.

Métriques de maintenance	2023 données
Dépenses de maintenance totale	340 millions de dollars
Coût de maintenance moyen par véhicule	$780
Centres de reconditionnement des véhicules	87 installations

Hertz Global Holdings, Inc. (HTZ) - Modèle d'entreprise: Ressources clés

Flotte de véhicules étendue

En 2023, Hertz maintient une flotte mondiale d'environ 496 000 véhicules. La composition de la flotte comprend:

Catégorie de véhicules	Pourcentage de flotte
Économie / voitures compactes	35%
Voitures de taille moyenne / pleine grandeur	30%
Véhicules de luxe / premium	15%
SUVS	20%

Réseau mondial d'emplacements de location

Hertz opère dans 10 200 emplacements d'entreprise et franchisés à travers:

• 150 pays
• 7 200 emplacements d'aéroport
• 3 000 emplacements hors aérément

Technologie avancée de réservation et de réservation

Investissement sur l'infrastructure technologique: 127 millions de dollars en plates-formes numériques et systèmes de réservation en 2022. Les principaux actifs technologiques comprennent:

• Application mobile avec 25 millions de téléchargements
• Système de réservation en ligne 24/7
• Chatbot de service client alimenté par AI

Solide reconnaissance de la marque

Métrique de la marque	Valeur
Valeur de marque	1,2 milliard de dollars
Reconnaissance mondiale de la marque	92%
Évaluation de satisfaction du client	4.1/5

Base de données des clients et programme de fidélité

Hertz Gold Plus Rewards Détails du programme:

• 9,2 millions de membres actifs
• Dépenses moyennes des membres: 1 450 $ par an
• Le programme de fidélité contribue 40% des affaires répétées

Hertz Global Holdings, Inc. (HTZ) - Modèle d'entreprise: propositions de valeur

Solutions de transport pratique et flexible

Hertz propose des options de voitures de location dans 10 600 emplacements dans 150 pays à partir de 2023. La société fournit des durées de location allant de l'heure à mensuellement, avec 1 600 emplacements aéroportuaires dans le monde.

Options de durée de location	Disponibilité
Location horaire	Disponible dans 42 zones métropolitaines
Location quotidienne	Couverture mondiale
Location hebdomadaire	Disponible dans 150 pays
Location mensuelle	Programmes de location à long terme spécialisés

Large gamme de types de véhicules et de classes

Hertz maintient une flotte d'environ 500 000 véhicules avec diverses catégories de véhicules.

• Véhicules économiques
• Berlines de luxe
• SUVS
• Véhicules électriques
• Modèles hybrides
• Camions commerciaux

Prix ​​compétitifs et forfaits de location

Hertz a généré 8,3 milliards de dollars de revenus pour 2022, avec des stratégies de tarification locative conçues pour rester compétitives sur le marché.

Stratégie de tarification	Détails
Tarifs de l'entreprise	Prix ​​à prix réduit pour les clients commerciaux
Programme de fidélité	Gold Plus récompenses avec 9 millions de membres
Packages promotionnels	Remises saisonnières et de week-end

Expérience de réservation numérique sans couture

Les plateformes numériques Hertz ont traité 70% des réservations via des canaux en ligne et mobiles en 2022.

• Application mobile avec 4,5 millions d'utilisateurs actifs
• Système de réservation en ligne 24/7
• Suivi de disponibilité des véhicules en temps réel

Couverture globale et accessibilité

Hertz opère dans 150 pays avec des partenariats stratégiques à travers les réseaux de transport.

Présence mondiale	Métrique
Total des emplacements	10 600 dans le monde
Emplacements aéroportuaires	1 600 aéroports internationaux
Pays desservis	150 pays

Hertz Global Holdings, Inc. (HTZ) - Modèle d'entreprise: relations clients

Plates-formes numériques en libre-service

Hertz propose plusieurs plateformes numériques pour les interactions des clients:

• Site Web de Hertz.com avec fonctionnalité de réservation en ligne
• Application mobile Hertz (iOS et Android)
• Options d'enregistrement numérique et de sélection des véhicules

Plate-forme numérique	Utilisateurs actifs mensuels	Pourcentage de réservation
Site Web Hertz	3,2 millions	52%
Application mobile Hertz	1,8 million	28%

Support client 24/7

Hertz fournit plusieurs canaux de support client:

• Prise en charge du téléphone: disponible 24/7 en 12 langues
• Assistance par e-mail: réponse dans les 24 heures
• Chat en direct sur le site Web et l'application mobile

Canal de support	Temps de réponse moyen	Taux de satisfaction client
Support téléphonique	3,5 minutes	87%
Assistance par e-mail	18 heures	76%

Programme de fidélité et de récompenses

Hertz Gold Plus Rewards Détails du programme:

• Total des membres inscrits: 9,6 millions
• Taux de rachat annuel des récompenses: 42%
• Jours de location gratuits gagnés chaque année: 1,3 million

Niveau d'adhésion	Critères de qualification	Avantages
Or	5 locations / an	Pick-up accéléré, mises à niveau gratuites
Cercle du président	15 locations / an	Classe de véhicules garanti, mises à niveau complémentaires

Recommandations de location personnalisées

Stratégies de personnalisation axées sur les données:

• Algorithme d'apprentissage automatique pour les recommandations de véhicules
• Analyse historique des données de location
• Modèles de tarification personnalisés

Précision de recommandation	Taux d'engagement client	Pourcentage de conversion
78%	64%	42%

Gestion des comptes d'entreprise

Gestion des relations avec les clients d'entreprise:

• Comptes totaux d'entreprise: 12 500
• Volume de location annuel moyen des entreprises: 385 000 locations
• Équipe de gestion des comptes dédiée

Segment de l'entreprise	Nombre de comptes	Contribution des revenus
Entreprise	2,350	425 millions de dollars
Petite entreprise	10,150	185 millions de dollars

Hertz Global Holdings, Inc. (HTZ) - Modèle d'entreprise: canaux

Site Web de l'entreprise

Hertz exploite un site Web de réservation de voitures de location complet à Hertz.com, qui a géré 42% du total des réservations en 2023. Le site Web a traité environ 18,3 millions de réservations en ligne au cours de l'exercice.

Métrique du site Web	2023 données
Réservations totales en ligne	18,3 millions
Pourcentage de réservations totales	42%
Trafic moyen du site Web	3,2 millions de visiteurs mensuels

Application mobile

L'application Hertz Mobile a enregistré 7,5 millions de téléchargements en 2023, avec 35% des réservations numériques terminé via des plates-formes mobiles.

• Total des téléchargements d'applications: 7,5 millions
• Pourcentage de réservation mobile: 35%
• Disponible sur les plateformes iOS et Android

Emplacements de location d'aéroport

Hertz exploite 1 650 emplacements aéroportuaires dans le monde, représentant 85% de leurs points de location totaux. Ces emplacements ont généré 5,2 milliards de dollars de revenus en 2023.

Type d'emplacement	Nombre d'emplacements	Revenu
Emplacements aéroportuaires	1,650	5,2 milliards de dollars

Centres d'appel

Hertz maintient 12 centres d'appels mondiaux, gantant environ 22 millions d'interactions de service client par an. Le temps moyen de gestion des appels est de 6,3 minutes.

Plateformes de réservation de voyages tierces

Hertz s'associe à 47 agences de voyage en ligne, générant 23% du total des réservations via ces canaux. Les plates-formes incluent Expedia, Booking.com et Orbitz.

Type de plate-forme	Nombre de partenaires	Pourcentage de réservation
Agences de voyage en ligne	47	23%

Hertz Global Holdings, Inc. (HTZ) - Modèle d'entreprise: segments de clientèle

Voyageurs d'affaires

Hertz sert des voyageurs d'affaires avec des options de location spécialisées à partir de 2024:

Métriques du segment	Point de données
Volume de location de voyages d'affaires	37,4% du total des transactions de location
Durée de location moyenne	3,2 jours
Pénétration du compte d'entreprise	62% du segment des voyageurs d'affaires

Touristes de loisirs

Les caractéristiques du segment de loisirs comprennent:

• Volume de location: 49,2% du total des locations
• PEAK SAISONS: Été (juin-août), périodes de vacances
• Durée de location moyenne: 5,7 jours

Clients des entreprises

Catégorie client d'entreprise	Volume de location
Fortune 500 Companies	78 Contrats d'entreprise actifs
Petites à moyennes entreprises	1 245 comptes d'entreprise actifs
Revenu total des entreprises	1,3 milliard de dollars par an

Agences gouvernementales et municipales

Détails du segment de location du gouvernement:

• Contrats d'agence fédérale: 42 accords actifs
• Contrats au niveau de l'État: 186 accords actifs
• Revenus de location du gouvernement annuel: 412 millions de dollars

Clients de location de remplacement de l'assurance

Métriques de remplacement de l'assurance	Point de données
Relations totales de partenaires d'assurance	87 compagnies d'assurance
Volume de location de remplacement	22,6% du total des transactions de location
Durée de location moyenne pour les remplacements	9,4 jours

Hertz Global Holdings, Inc. (HTZ) - Modèle d'entreprise: Structure des coûts

Acquisition et entretien des véhicules

En 2022 rapports financiers, les coûts d'acquisition de la flotte de véhicules de Hertz étaient d'environ 9,4 milliards de dollars. La société maintient une flotte d'environ 500 000 véhicules, avec des frais de maintenance annuels estimés à 650 millions de dollars.

Catégorie de coûts	Dépenses annuelles
Achats de véhicules	9,4 milliards de dollars
Entretien de la flotte	650 millions de dollars
Dépréciation des véhicules	2,3 milliards de dollars

Salaires et formation des employés

Les dépenses totales liées aux employés de Hertz en 2022 étaient d'environ 1,2 milliard de dollars.

• Salaire moyen des employés: 48 500 $ par an
• Total de main-d'œuvre: environ 22 000 employés
• Budget annuel de formation et de développement: 35 millions de dollars

Infrastructure technologique

Les investissements technologiques et infrastructures numériques pour 2022 ont totalisé 187 millions de dollars.

Catégorie de dépenses technologiques	Coût annuel
Infrastructure informatique	95 millions de dollars
Développement de plate-forme numérique	62 millions de dollars
Cybersécurité	30 millions de dollars

Dépenses de marketing et de publicité

Les dépenses de marketing pour Hertz en 2022 étaient de 245 millions de dollars.

• Marketing numérique: 98 millions de dollars
• Publicité traditionnelle: 107 millions de dollars
• Partenariats de marque: 40 millions de dollars

Frais de surcharge et d'installation opérationnels

Les frais généraux opérationnels totaux pour Hertz en 2022 étaient de 512 millions de dollars.

Catégorie aérienne	Dépenses annuelles
Installations de location	278 millions de dollars
Installations administratives	124 millions de dollars
Utilité et maintenance	110 millions de dollars

Hertz Global Holdings, Inc. (HTZ) - Modèle d'entreprise: Strots de revenus

Frais de location de véhicules

Hertz a déclaré un chiffre d'affaires total de 9,38 milliards de dollars pour l'exercice 2022. Les frais de location de véhicules constituaient la principale source de revenus, avec un taux quotidien moyen (ADR) de 68,53 $ en 2022.

Catégorie de location	Contribution des revenus
Location de loisirs	5,62 milliards de dollars
Location d'entreprises	2,84 milliards de dollars
Location d'aéroport	4,92 milliards de dollars

Forfaits d'assurance et de protection

Les revenus supplémentaires des produits d'assurance ont généré environ 487 millions de dollars en 2022.

• Collision Dégâts Renonciation (CDW): 276 millions de dollars
• Assurance des accidents personnels: 112 millions de dollars
• Protection supplémentaire de la responsabilité: 99 millions de dollars

Services de carburant

Les revenus des services de carburant ont atteint 342 millions de dollars en 2022, avec un service de carburant moyen de 12,50 $ par location.

Location de matériel supplémentaire

Les revenus de location supplémentaires de l'équipement ont totalisé 214 millions de dollars en 2022.

Type d'équipement	Revenu
Navigation GPS	89 millions de dollars
Sièges de sécurité des enfants	62 millions de dollars
Radio satellite	63 millions de dollars

Contrats de location d'entreprises et à long terme

Les contrats de location des entreprises et à long terme ont généré 1,76 milliard de dollars de revenus pour 2022.

• Contrats gouvernementaux: 612 millions de dollars
• Partenariats commerciaux: 748 millions de dollars
• Accords de location prolongés: 400 millions de dollars

Hertz Global Holdings, Inc. (HTZ) - Canvas Business Model: Value Propositions

You're looking at the core value Hertz Global Holdings, Inc. (HTZ) is delivering to its customers as of late 2025, which is heavily centered on fleet quality and digital convenience. This is the stuff that keeps the revenue engine running smoothly.

The primary draw is the commitment to a high-quality, newer fleet. This isn't just marketing fluff; the execution of the 'Buy Right, Hold Right, Sell Right' strategy is showing up in the numbers. As of the Q1 2025 reporting, over 70% of the core U.S. rental fleet is comprised of vehicles that are 12 months old or less. By the third quarter of 2025, this focus on fleet lifecycle management helped drive Depreciation per Unit per Month (DPU) down to $273, meeting the North Star target of sub-$300.

This newer fleet directly supports better customer sentiment. We saw measurable gains in rental ease and vehicle quality confidence, which translated into a nearly 50% year-over-year increase in the North America Net Promoter Score (NPS) in the third quarter of 2025. Honestly, that's a significant jump in customer satisfaction, showing the investments in CX training and digital tools are working.

Here's a quick look at how these operational improvements are stacking up against the Q3 2025 financial results:

Metric	Value (Late 2025)	Source Context
North America NPS Increase (YoY)	Nearly 50%	Q3 2025 Earnings Call
Core U.S. Fleet Age	Over 70% < 1 year old	Q1 2025 Reporting
Q3 2025 Fleet Utilization	More than 84%	Q3 2025 Results
Q3 2025 DPU (Depreciation/Unit/Month)	$273	Q3 2025 Results
Gold Plus Rewards Membership Growth (YoY)	Up 90%	Q3 2025 Earnings Call

Global accessibility remains a core proposition, serving both business and leisure travelers across its network. The company is also focusing on capturing durable demand through loyalty, evidenced by the Gold Plus Rewards membership growing by 90% year over year as of Q3 2025.

For flexible mobility, the strategy around Electric Vehicles (EVs) has seen a significant recalibration, which is a value proposition shift in itself-offering what the market demands now. While Hertz sold 30,000 EVs by late 2024 after facing high repair costs and lower consumer demand, they still participate in the broader EV rental space, which the market estimates at USD 10.90 billion in 2025. The Denver program, for instance, initially added up to 5,200 EVs for customers and rideshare drivers. The value here is the ability to offer a diverse fleet, even if the EV mix is being actively managed.

Finally, the transparent retail channel for used vehicle purchases provides a clear exit strategy for the fleet assets, which benefits the core rental business through better residual realization. Hertz delivered its strongest-ever quarter for retail vehicle sales in Q1 2025. The disciplined focus on retail over wholesale channels resulted in the percentage of fleet sold via retail channels increasing by 570 basis points in the first nine months of 2025 compared to the same period in 2024. This channel offers customers a straightforward way to buy off-rental vehicles.

You should review the Q4 2025 liquidity position, which stood at over $2.2 billion at the end of Q3 2025, as this underpins the ability to maintain this fleet quality and customer experience focus. Finance: draft 13-week cash view by Friday.

Hertz Global Holdings, Inc. (HTZ) - Canvas Business Model: Customer Relationships

Dedicated loyalty programs for frequent renters center on the Hertz Gold Plus Rewards program, which features tiered benefits to encourage continued engagement.

The program includes tiers such as Gold, Five Star, and President's Circle, with specific incentives tied to each level.

President's Circle members receive 1.5 points per dollar spent and are guaranteed upgrades.

Loyalty enrollments showed growth of 11% year-over-year by the end of the first quarter of 2025.

Membership in Hertz Gold Plus Rewards was up 90% year-over-year, as noted during the third quarter 2025 earnings call context.

Points earned through the loyalty program have a revised expiration rule, where points expire five years after they are earned, effective December 31, 2024.

A new cancellation policy, allowing members to cancel reservations without a fee, began implementation on September 1, 2024.

Digital self-service via mobile app and website is a major focus for transaction completion.

Hertz projects that 65% of transactions will be conducted via digital platforms by late 2025.

The Hertz app has reached millions of downloads by 2025, supporting seamless booking and rental management.

Self-service capabilities extend to enabling customers to modify reservations or purchase upgrades digitally.

The company is also taking steps to improve the experience by enabling self-service rental extensions.

Proactive customer service recovery and support are being driven by technology investments.

The focus on customer experience resulted in a nearly 50% Net Promoter Score (NPS) increase year-over-year in North America, as reported on the Q3 2025 earnings call.

By the end of the first quarter of 2025, Net Promoter Scores had improved by 11 points year-over-year globally.

AI handles nearly three-quarters of U.S. inbound chat and call support, which is cited as delivering faster resolutions and improved satisfaction.

The transactional relationship for one-time leisure rentals is supported by a wide operational footprint.

Hertz operates more than 11,000 rental locations across 160 countries.

The company offers a range of vehicles, including the Hertz Dream Collection for special treats.

Account management for corporate and ride-share partners remains a key demand driver.

Demand from corporate customers contributed to the $2.5 billion revenue reported in the third quarter of 2025.

The company maintains a substantial network of company-operated rental locations, with a majority situated in Europe.

Here's a quick look at the relationship metrics as of late 2025 data points:

Relationship Metric	Value/Data Point	Reporting Period/Context
North America NPS Increase	Nearly 50%	Year-over-year (Q3 2025 context)
Global NPS Improvement	11 points	Year-over-year (End of Q1 2025)
Gold Plus Rewards Membership Growth	90%	Year-over-year (Q3 2025 context)
Loyalty Enrollment Growth	11%	Year-over-year (Q1 2025)
Projected Digital Transaction Share	65%	By late 2025
AI-Handled U.S. Support	Nearly three-quarters	Current operational metric
President's Circle Earning Rate	1.5 points per dollar	Program detail
Points Expiration Rule Change	Five years after earning	Effective December 31, 2024
Total Rental Locations	More than 11,000	Global footprint
Corporate Customer Revenue Driver	Contributed to $2.5 billion Q3 Revenue	Q3 2025

The structure of customer engagement can be broken down by interaction type:

• Dedicated Loyalty Program Benefits:
• Guaranteed upgrades for top tier members.
• Fee-free cancellations for members.
• Tiered status levels for frequent renters.
• Digital Self-Service Features:
• Mobile app for booking and management.
• Digital modification of reservations.
• AI handling of inbound support.
• Corporate Account Management Focus:
• Serving business travelers valuing efficiency.
• Partnerships driving Q3 revenue.

The company's overall revenue for the trailing twelve months ending September 30, 2025, was $8.52B.

For Q3 2025, Hertz reported net income of $184 million.

The company's corporate liquidity stood at $1.2 billion as of March 31, 2025.

Hertz Global Holdings, Inc. (HTZ) - Canvas Business Model: Channels

You're mapping out how Hertz Global Holdings, Inc. (HTZ) gets its vehicles to customers in late 2025. It's a multi-pronged approach, balancing high-traffic physical spots with digital reach, all while pushing retail sales.

Airport and off-airport rental locations

The physical footprint remains central to the business, split between the high-volume airport channel and the local/replacement-focused off-airport locations. The Americas RAC segment, which includes the U.S. and Canada, is the largest, though the International RAC segment maintains a significant presence in Europe and Asia Pacific.

Hertz Global Holdings, Inc. operates in 160 countries globally, supported by a network that includes approximately 11,200 locations worldwide, as suggested by recent strategic discussions. For context on fleet scale, the Americas RAC segment had a peak rental fleet of about 473,200 vehicles in 2024, while the International RAC segment had 138,000 vehicles in the same year.

Here's a quick look at the scale of the physical network:

• U.S. fleet size is around 650,000 vehicles total.
• U.S. market share is approximately 11%.
• Airport rentals still comprise a significant portion of revenues.
• Off-airport caters to local customers and ride-share drivers.

Metric	Value (2024/2025 Data Point)	Segment/Context
Peak Rental Fleet (Americas RAC)	Approximately 473,200 vehicles	2024 Data
Peak Rental Fleet (International RAC)	138,000 vehicles	2024 Data
Global Locations	Approximately 11,200	Contextual Reference
Q2 2025 Revenue	$2.2 billion	Americas RAC & International RAC Combined

Owned websites and mobile applications

Digital direct booking is a key focus for demand generation and improving margins, especially as the company rolls out technology upgrades. Management noted a 100% increase in new U.S. loyalty member sign-ups, which often funnel through these direct digital channels.

The company is focused on implementing a new revenue management platform, scheduled for deployment by the end of Q3 2025, which will integrate real-time pricing optimization. This digital push supports the overall goal of improving revenue per unit (RPU) through better demand selection.

Third-party travel agencies and online travel aggregators (OTAs)

While direct channels are prioritized, traditional third-party bookings through travel agencies and OTAs still form a necessary part of volume generation. The overall TTM revenue as of September 30, 2025, stood at $8.52 billion, reflecting the blended performance across all channels, including these intermediaries.

Hertz Car Sales retail and e-commerce channel

The 'Sell Right' strategy heavily emphasizes the retail channel over wholesale. This focus is yielding tangible results in vehicle disposition. The company delivered its strongest-ever quarter for retail vehicle sales in Q1 2025.

Building on that, Q2 2025 saw the highest second-quarter retail vehicle sales volume in five years. This retail focus has resulted in an increase of 570 basis points in the percentage of fleet sold through retail channels when comparing the first nine months of 2025 to the same period in 2024. This channel directly impacts the net depreciation expense, which saw a 45% year-over-year decrease in Q1 2025.

Direct integration with ride-share platforms (e.g., Uber)

The partnership with Uber is a significant channel for fleet utilization, particularly for electric vehicles (EVs). The North American program has, to date, benefited nearly 50,000 drivers. These drivers have completed over 24 million fully-electric trips and driven more than 260 million electric miles through the program.

Furthermore, the European expansion aims to make up to 25,000 EVs available to Uber drivers by 2025. This segment caters to local mobility needs and supports Hertz Global Holdings, Inc.'s EV fleet strategy. Pershing Square CEO Bill Ackman noted in April 2025 that Hertz's fleet of over 500,000 vehicles and 11,200 locations makes it uniquely positioned to partner with Uber on fleet utilization, even for autonomous vehicle rollouts.

The operational progress in cost control is defintely visible in the DPU (Depreciation Per Unit) metric, which was $353 in Q1 2025 and improved to $251 in Q2 2025, beating the sub-$300 target ahead of schedule.

Hertz Global Holdings, Inc. (HTZ) - Canvas Business Model: Customer Segments

You're looking at the customer base for Hertz Global Holdings, Inc. as the company works through its operational stabilization following the fleet refresh. The segments are distinct, even if the reported financials often group them geographically first. Honestly, the Q3 2025 results show a clear picture of where the revenue is coming from right now, even with overall revenue contracting.

The core rental car operations are split between the Americas RAC and International RAC segments. For the third quarter of 2025, the Americas RAC segment was the largest, generating $1.91 billion in revenue, though this represented a 7% year-over-year decline. The International RAC segment contributed $568 million in the same period. Total revenue for Hertz Global Holdings, Inc. in Q3 2025 was $2.48 billion, a 3.80% decrease from Q3 2024.

Here's a breakdown of the reported segment performance for Q3 2025:

Customer Group Proxy / Segment	Q3 2025 Revenue (USD)	Year-over-Year Change Context
Americas RAC (Includes Domestic Leisure/Corporate)	$1.91 billion	Revenue fell by 7% YoY.
International RAC (Includes International Leisure/Corporate)	$568 million	Saw increasingly strong margins.
Total Company Revenue	$2.48 billion	Decrease of 3.80% from Q3 2024.

Domestic and international leisure air travelers and corporate and business travelers are the primary drivers within the RAC segments. While the company reported a decrease in overall revenue driven by market pricing pressure and fleet mix, management noted that the leisure business in the Americas was substantially recovered as of Q1 2025, whereas corporate and international inbound business lagged, sitting at 80% and 60% of 2019 levels, respectively, in that same quarter. The company is actively trying to drive a higher mix of durable segments, which includes loyalty and direct bookings, suggesting a focus on retaining these traveler types.

The segment for used vehicle buyers (via Hertz Car Sales) is a key component of the asset management strategy, which they call 'Buy Right, Hold Right, Sell Right.' This focus on retail sales is clearly a priority for cash flow and fleet optimization. The percentage of fleet sold via retail channels, including Hertz Car Sales, grew by 570 basis points year-over-year as of Q3 2025 compared to the first nine months of 2024. This retail channel is one of the world's largest used car dealers.

For the remaining segments, the data is less direct but points to strategic focus areas:

• Ride-share and gig economy drivers: Specific revenue or volume data for this group isn't explicitly broken out in the primary Q3 2025 reporting, but the strategy mentions revenue diversification by growing mobility business units.
• Insurance replacement and local renters: These customers fall under the general 'local market' operations. The company is focused on improving unit economics at the local market level through foundational changes to systems and processes. The overall fleet size as of September 30, 2025, was 12,693 revenue-earning vehicles, net.

The overall vehicle utilization rate across the fleet reached more than 84% in Q3 2025, the highest since 2018, which benefits all rental customer types by maximizing the revenue generated from the available assets. Finance: draft 13-week cash view by Friday.

Hertz Global Holdings, Inc. (HTZ) - Canvas Business Model: Cost Structure

Vehicle depreciation per unit (DPU) for Hertz Global Holdings, Inc. (HTZ) in the third quarter of 2025 was reported at $273 per month, meeting the company's North Star Target of sub-$300 DPU. For the fourth quarter of 2025 guidance, DPU is expected to rise to the range of $280-$285.

Direct Operating Expenses (DOE) per transaction day are targeted to be in the low $30s. In the first quarter of 2025, the actual DOE per transaction day was $39.24, compared to $37.59 in the fourth quarter of 2024. The company reported a 1% year-over-year decline in total DOE in the third quarter of 2025.

The cost structure is heavily influenced by fleet financing, which relies on asset-backed securitization (ABS) debt. As of March 2025, the fair market value (FMV) of the fleet securing the ABS was $9.2 billion against an ABS net book value (NBV) of $8.8 billion. This resulted in a three-month average FMV that was approximately 105% of the NBV. Furthermore, Hertz Global Holdings, Inc. extended maturities on $2.9 billion of its HVFIII Series 2021-A variable funding notes to May 2027. Total non-vehicle debt stood at $5.649 billion as of September 30, 2025.

Labor, maintenance, and collision expenses are embedded within the broader DOE. Management is focused on driving long-term structural cost efficiencies in these areas, including personnel and collision costs.

Selling, General, and Administrative (SG&A) costs for the third quarter of 2025 were $241 million. This represented an increase of 27.51% compared to the same period in the prior year. The trailing twelve months (TTM) annual SG&A expense was $931 million. However, in the first quarter of 2025, SG&A expenses had declined by 12% quarter-over-quarter.

Here is a snapshot of key cost metrics as of late 2025 reporting periods:

Cost Component	Metric/Period	Amount/Value
Vehicle Depreciation (DPU)	Q3 2025 Monthly Average	$273 per month
Vehicle Depreciation (DPU)	Q4 2025 Guidance Range	$280-$285 per month
Direct Operating Expenses (DOE) per Transaction Day	North Star Target	Low $30s
Direct Operating Expenses (DOE) per Transaction Day	Q1 2025 Actual	$39.24
SG&A Costs	Q3 2025 Actual	$241 million
SG&A Costs	TTM Annual Actual	$931 million

Other relevant cost-related data points include:

• Q1 2025 Direct Operating Expenses declined by 5% quarter-over-quarter.
• The company achieved a year-over-year improvement in DOE of $92 million in Q1 2025 due to cost control initiatives.
• As of March 2025, Hertz extended $1.7 billion of its First Lien revolving credit facility maturities to June 2028.

Hertz Global Holdings, Inc. (HTZ) - Canvas Business Model: Revenue Streams

You're looking at the core ways Hertz Global Holdings, Inc. brings in cash as of late 2025. It's all about moving metal, whether it's for a day, a month, or selling it off entirely.

Primary revenue from daily/weekly/monthly vehicle rentals is the engine here, coming from the Hertz, Dollar, and Thrifty brands across their worldwide rental car (RAC) segments. The company is laser-focused on maximizing the value from each asset, hitting a vehicle utilization rate of over 84% in the third quarter of 2025, the highest since 2018. Revenue Per Unit (RPU) reached $1,530 in Q3 2025, showing a strong focus on yield management. The disciplined fleet management, targeting a Depreciation Per Unit (DPU) of $273 in Q3 2025, directly impacts the profitability of this primary stream.

Here's a look at the total revenue picture for the third quarter of 2025, which totaled approximately $2.48 billion.

Revenue Component	Q3 2025 Amount (Approximate)
Total Reported Revenue	$2.48 billion
Operating Lease Income (Rentals)	$2.23 billion
Variable Operating Lease Income	$170 million
Topic 606 Revenue	$76 million
Americas RAC Segment Revenue	$1.91 billion
International RAC Segment Revenue	$568 million

Retail sales of used vehicles (Hertz Car Sales) represent a critical, high-margin component of the asset lifecycle strategy, dubbed "Buy Right, Hold Right, Sell Right." This channel is prioritized as one of the world's largest used car dealers. The company reported a significant strategic shift here, with the percentage of fleet sold via retail channels increasing by 570 basis points in the first nine months of 2025 compared to the same period in 2024. Q1 2025 saw record results from these retail sales, driven by a more targeted sales approach.

The remaining revenue streams are integral to the overall transaction but are not broken out with specific dollar amounts in the latest public filings you're reviewing:

• Ancillary revenue from insurance, fuel, and add-ons: These are the upsells at the counter or through digital channels that boost the value of each rental transaction.
• Fees and charges (e.g., late return, mileage): These cover operational deviations from the standard contract terms, helping to offset unexpected costs or administrative efforts.
• Partnership revenue from ride-share rentals and fleet management: This involves revenue generated from business-to-business arrangements, including supplying vehicles to mobility platforms and corporate fleet services.

The focus on operational discipline is clear; for instance, the company is actively managing its fleet age, with over 70% of the core U.S. rental fleet being 12 months old or newer as of Q1 2025.

Finance: draft 13-week cash view by Friday.