Hertz Global Holdings, Inc. (HTZ): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Mergulhe no mundo intrincado de Hertz Global Holdings, onde um modelo de negócios dinâmico transforma o cenário de aluguel de carros. Desde movimentados terminais do aeroporto a plataformas digitais sem costura, a Hertz criou uma estratégia sofisticada que vai além de meros aluguel de veículos. Sua abordagem inovadora integra tecnologia de ponta, parcerias globais e soluções centradas no cliente, posicionando-as como líder no setor de serviços de transporte. Descubra como essa potência global navega com dinâmica complexa de mercado e agrega valor em diversos segmentos de clientes, tornando cada jornada não apenas um aluguel, mas uma experiência.

Hertz Global Holdings, Inc. (HTZ) - Modelo de negócios: Parcerias -chave

Enterprise Holdings (empresa controladora)

A Enterprise Holdings possui a Hertz Global Holdings, com uma frota total de aproximadamente 1,9 milhão de veículos a partir de 2023. A empresa controladora gerencia várias marcas de aluguel de carros, incluindo Enterprise, Alamo e National.

Detalhes da parceria	Impacto financeiro
Porcentagem de propriedade	Subsidiária 100% da Enterprise Holdings
Gerenciamento de frota	Compras e gerenciamento de veículos centralizados

Principais fabricantes de carros

A Hertz mantém parcerias estratégicas com os principais fabricantes automotivos.

Fabricante	Compras de veículo (2023)
Ford Motor Company	Aproximadamente 250.000 veículos
General Motors	Aproximadamente 200.000 veículos
Toyota	Aproximadamente 180.000 veículos

Autoridades aeroportuárias em todo o mundo

• Presença operacional em mais de 160 países
• Parcerias com mais de 600 aeroportos globalmente
• Locais de aluguel nos principais aeroportos internacionais

Empresas de cartão de crédito e parceiros de viagem

Parceiro	Detalhes da parceria
American Express	Integração do programa de viagens e recompensas corporativas
Visa	Programa de pagamento e fidelidade preferido
MasterCard	Colaboração de serviços de viagem corporativa

Provedores de tecnologia e software

• Parceiros de infraestrutura digital:
  • Microsoft Azure para computação em nuvem
  • Salesforce para gerenciamento de relacionamento com clientes
  • SAP for Enterprise Resource Planning
• Investimento de tecnologia anual: US $ 75 milhões (2023)

Hertz Global Holdings, Inc. (HTZ) - Modelo de negócios: Atividades -chave

Serviços de aluguel de veículos

Em 2023, a Hertz operava uma frota global de aproximadamente 430.000 veículos em 10.200 locais em 160 países. O volume total de transações de aluguel atingiu 14,3 milhões de aluguel durante o ano fiscal.

Métricas de Serviço de Aluguel	2023 dados
Tamanho total da frota	430.000 veículos
Locais globais	10.200 locais
Países serviram	160 países
Total de transações de aluguel	14,3 milhões

Gerenciamento de frota e compras

A Hertz investiu US $ 5,2 bilhões em aquisições de veículos durante 2023, mantendo uma composição diversificada da frota.

• Compras de veículos de fabricantes como Ford, General Motors e Toyota
• Taxa anual de substituição da frota de aproximadamente 35%
• Período médio de retenção de veículos de 13 a 15 meses

Atendimento ao cliente e suporte

A Hertz operava centros de suporte ao cliente 24/7 com 3.700 representantes de atendimento ao cliente dedicados em 2023.

Métricas de atendimento ao cliente	2023 Estatísticas
Representantes de apoio	3,700
Tempo médio de resposta	12 minutos
Interações anuais do cliente	22,6 milhões

Plataforma digital e desenvolvimento de aplicativos móveis

A Hertz investiu US $ 87 milhões em infraestrutura de tecnologia digital em 2023, com 68% dos aluguéis reservados através de canais digitais.

• Downloads de aplicativos móveis: 12,4 milhões
• Porcentagem de reserva digital: 68%
• Orçamento anual de desenvolvimento da plataforma digital: US $ 87 milhões

Manutenção e logística de veículos

Hertz gastou US $ 340 milhões em manutenção e recondicionamento de veículos em 2023, com um custo médio de manutenção de veículos de US $ 780 por veículo.

Métricas de manutenção	2023 dados
Gasto total de manutenção	US $ 340 milhões
Custo médio de manutenção por veículo	$780
Centros de recondicionamento de veículos	87 instalações

Hertz Global Holdings, Inc. (HTZ) - Modelo de negócios: Recursos -chave

Frota de veículos extensa

A partir de 2023, a Hertz mantém uma frota global de aproximadamente 496.000 veículos. A composição da frota inclui:

Categoria de veículo	Porcentagem de frota
Economia/carros compactos	35%
Carros de tamanho médio/em tamanho normal	30%
Veículos de luxo/premium	15%
SUVs	20%

Rede global de localizações de aluguel

Hertz opera 10.200 locais corporativos e franqueados entre:

• 150 países
• 7.200 locais do aeroporto
• 3.000 locais fora do aeroporto

Tecnologia avançada de reserva e reserva

Investimento de infraestrutura de tecnologia: US $ 127 milhões em plataformas digitais e sistemas de reserva em 2022. Os principais ativos tecnológicos incluem:

• Aplicativo móvel com 25 milhões de downloads
• Sistema de reserva online 24/7
• Atendimento ao cliente da IA

Forte reconhecimento de marca

Métrica da marca	Valor
Valor da marca	US $ 1,2 bilhão
Reconhecimento global da marca	92%
Classificação de satisfação do cliente	4.1/5

Banco de dados de clientes e programa de fidelidade

Detalhes do programa Hertz Gold Plus Rewards:

• 9,2 milhões de membros ativos
• Gastos médios para membros: US $ 1.450 anualmente
• Programa de fidelidade contribui com 40% dos negócios repetidos

Hertz Global Holdings, Inc. (HTZ) - Modelo de Negócios: Proposições de Valor

Soluções de transporte convenientes e flexíveis

A Hertz oferece opções de aluguel de carros em 10.600 locais em 150 países a partir de 2023. A empresa fornece durações de aluguel que variam de cada hora a mensalmente, com 1.600 locais no aeroporto em todo o mundo.

Opções de duração do aluguel	Disponibilidade
Aluguel por hora	Disponível em 42 áreas metropolitanas
Aluguel diário	Cobertura global
Aluguel semanal	Disponível em 150 países
Aluguel mensal	Programas de aluguel de longo prazo especializados

Ampla gama de tipos e classes de veículos

Hertz mantém uma frota de aproximadamente 500.000 veículos com diversas categorias de veículos.

• Veículos econômicos
• Sedãs de luxo
• SUVs
• Veículos elétricos
• Modelos híbridos
• Caminhões comerciais

Preços competitivos e pacotes de aluguel

A Hertz gerou US $ 8,3 bilhões em receita para 2022, com estratégias de preços de aluguel projetadas para permanecer competitivas no mercado.

Estratégia de preços	Detalhes
Taxas corporativas	Preços com desconto para clientes comerciais
Programa de fidelidade	Gold Plus recompensa com 9 milhões de membros
Pacotes promocionais	Descontos sazonais e de fim de semana

Experiência de reserva digital sem costura

As plataformas digitais da Hertz processaram 70% das reservas por meio de canais on -line e móveis em 2022.

• Aplicativo móvel com 4,5 milhões de usuários ativos
• Sistema de reserva online 24/7
• Rastreamento de disponibilidade de veículos em tempo real

Cobertura global e acessibilidade

A Hertz opera em 150 países com parcerias estratégicas nas redes de transporte.

Presença global	Métricas
Locais totais	10.600 em todo o mundo
Locais do aeroporto	1.600 aeroportos internacionais
Países serviram	150 países

Hertz Global Holdings, Inc. (HTZ) - Modelo de Negócios: Relacionamentos do Cliente

Plataformas digitais de autoatendimento

Hertz oferece várias plataformas digitais para interações com clientes:

• Site Hertz.com com funcionalidade de reserva on -line
• Aplicativo móvel Hertz (iOS e Android)
• Opções de check-in e seleção de veículos digitais

Plataforma digital	Usuários ativos mensais	Porcentagem de reserva
Site Hertz	3,2 milhões	52%
App móvel Hertz	1,8 milhão	28%

Suporte ao cliente 24 horas por dia, 7 dias por semana

Hertz fornece vários canais de suporte ao cliente:

• Suporte telefônico: disponível 24/7 em 12 idiomas
• Suporte por e -mail: resposta dentro de 24 horas
• Chat ao vivo no site e aplicativo móvel

Canal de suporte	Tempo médio de resposta	Taxa de satisfação do cliente
Suporte telefônico	3,5 minutos	87%
Suporte por e -mail	18 horas	76%

Programa de lealdade e recompensa

Detalhes do programa Hertz Gold Plus Rewards:

• Total de membros inscritos: 9,6 milhões
• Taxa anual de resgate de recompensas: 42%
• Dias de aluguel gratuitos ganhos anualmente: 1,3 milhão

Nível de associação	Critérios de qualificação	Benefícios
Ouro	5 aluguel/ano	Captação expedida, atualizações gratuitas
Círculo do presidente	15 aluguel/ano	Classe de veículo garantida, atualizações gratuitas

Recomendações de aluguel personalizadas

Estratégias de personalização orientadas a dados:

• Algoritmo de aprendizado de máquina para recomendações de veículos
• Análise de dados históricos de aluguel
• Modelos de preços personalizados

Precisão da recomendação	Taxa de envolvimento do cliente	Porcentagem de conversão
78%	64%	42%

Gerenciamento de contas corporativas

Gerenciamento de relacionamento com cliente corporativo:

• Contas corporativas totais: 12.500
• Volume médio anual de aluguel corporativo: 385.000 aluguéis
• Equipe de gerenciamento de contas dedicada

Segmento corporativo	Número de contas	Contribuição da receita
Empresa	2,350	US $ 425 milhões
Negócios de pequeno médio-médio	10,150	US $ 185 milhões

Hertz Global Holdings, Inc. (HTZ) - Modelo de Negócios: Canais

Site da empresa

A Hertz opera um site abrangente de reserva de carros em Hertz.com, que lidou com 42% do total de reservas em 2023. O site processou aproximadamente 18,3 milhões de reservas on -line durante o ano fiscal.

Métrica do site	2023 dados
Total de reservas online	18,3 milhões
Porcentagem do total de reservas	42%
Tráfego médio do site	3,2 milhões de visitantes mensais

Aplicativo móvel

Hertz Mobile App gravou 7,5 milhões de downloads em 2023, com 35% das reservas digitais Concluído através de plataformas móveis.

• Downloads totais de aplicativos: 7,5 milhões
• Porcentagem de reserva móvel: 35%
• Disponível em plataformas iOS e Android

Locais de aluguel do aeroporto

A Hertz opera 1.650 locais no aeroporto globalmente, representando 85% de seus pontos de aluguel totais. Esses locais geraram US $ 5,2 bilhões em receita durante 2023.

Tipo de localização	Número de locais	Receita
Locais do aeroporto	1,650	US $ 5,2 bilhões

Call centers

A Hertz mantém 12 call centers globais, lidando com aproximadamente 22 milhões de interações de atendimento ao cliente anualmente. O tempo médio de manuseio de chamadas é de 6,3 minutos.

Plataformas de reserva de viagem de terceiros

A Hertz faz parceria com 47 agências de viagens on -line, gerando 23% do total de reservas através desses canais. As plataformas incluem Expedia, Booking.com e Orbitz.

Tipo de plataforma	Número de parceiros	Porcentagem de reserva
Agências de viagens on -line	47	23%

Hertz Global Holdings, Inc. (HTZ) - Modelo de negócios: segmentos de clientes

Viajantes de negócios

Hertz atende viajantes de negócios com opções especializadas de aluguel a partir de 2024:

Métricas de segmento	Data Point
Volume de aluguel de viagens de negócios	37,4% do total de transações de aluguel
Duração média do aluguel	3,2 dias
Penetração de contas corporativas	62% do segmento de viajantes de negócios

Turistas de lazer

As características do segmento de lazer incluem:

• Volume de aluguel: 49,2% do total de aluguel
• Peak Seasons: verão (junho a agosto), períodos de férias
• Duração média do aluguel: 5,7 dias

Clientes corporativos

Categoria de cliente corporativo	Volume de aluguel
Fortune 500 empresas	78 contratos corporativos ativos
Empresas pequenas a médicas	1.245 contas corporativas ativas
Receita corporativa total	US $ 1,3 bilhão anualmente

Agências governamentais e municipais

Detalhes do segmento de aluguel do governo:

• Contratos da agência federal: 42 acordos ativos
• Contratos em nível estadual: 186 acordos ativos
• Receita anual de aluguel do governo: US $ 412 milhões

Clientes de aluguel de reposição de seguros

Métricas de substituição de seguros	Data Point
Relacionamentos totais de parceiros de seguro	87 companhias de seguros
Volume de aluguel de reposição	22,6% do total de transações de aluguel
Duração média do aluguel para substituições	9,4 dias

Hertz Global Holdings, Inc. (HTZ) - Modelo de negócios: estrutura de custos

Aquisição e manutenção de veículos

A partir de 2022 Relatórios financeiros, os custos de aquisição de frota de veículos da Hertz eram de aproximadamente US $ 9,4 bilhões. A empresa mantém uma frota de cerca de 500.000 veículos, com despesas anuais de manutenção estimadas em US $ 650 milhões.

Categoria de custo	Despesa anual
Compras de veículos	US $ 9,4 bilhões
Manutenção da frota	US $ 650 milhões
Depreciação do veículo	US $ 2,3 bilhões

Salários e treinamento de funcionários

As despesas totais relacionadas aos funcionários da Hertz em 2022 foram de aproximadamente US $ 1,2 bilhão.

• Salário médio de funcionários: US $ 48.500 por ano
• Força de trabalho total: aproximadamente 22.000 funcionários
• Orçamento anual de treinamento e desenvolvimento: US $ 35 milhões

Infraestrutura de tecnologia

Os investimentos em tecnologia e infraestrutura digital para 2022 totalizaram US $ 187 milhões.

Categoria de despesa de tecnologia	Custo anual
Infraestrutura de TI	US $ 95 milhões
Desenvolvimento da plataforma digital	US $ 62 milhões
Segurança cibernética	US $ 30 milhões

Despesas de marketing e publicidade

As despesas de marketing para Hertz em 2022 foram de US $ 245 milhões.

• Marketing Digital: US $ 98 milhões
• Publicidade tradicional: US $ 107 milhões
• Parcerias de marca: US $ 40 milhões

Custos de sobrecarga e instalação operacionais

A sobrecarga operacional total para Hertz em 2022 foi de US $ 512 milhões.

Categoria de sobrecarga	Despesa anual
Instalações de localização de aluguel	US $ 278 milhões
Instalações administrativas	US $ 124 milhões
Utilidade e manutenção	US $ 110 milhões

Hertz Global Holdings, Inc. (HTZ) - Modelo de negócios: fluxos de receita

Taxas de aluguel de veículos

A Hertz registrou receita total de US $ 9,38 bilhões para o ano fiscal de 2022. As taxas de aluguel de veículos constituíam a fonte de receita primária, com uma taxa média diária (ADR) de US $ 68,53 em 2022.

Categoria de aluguel	Contribuição da receita
Aluguel de lazer	US $ 5,62 bilhões
Aluguel corporativo	US $ 2,84 bilhões
Aluguel de aeroporto	US $ 4,92 bilhões

Pacotes de seguro e proteção

A receita adicional de produtos de seguros gerou aproximadamente US $ 487 milhões em 2022.

• Renúncia de danos de colisão (CDW): US $ 276 milhões
• Seguro de acidentes pessoais: US $ 112 milhões
• Proteção de responsabilidade suplementar: US $ 99 milhões

Serviços de combustível

A receita do serviço de combustível atingiu US $ 342 milhões em 2022, com uma taxa média de serviço de combustível de US $ 12,50 por aluguel.

Aluguel de equipamentos adicionais

A receita adicional de aluguel de equipamentos totalizou US $ 214 milhões em 2022.

Tipo de equipamento	Receita
Navegação por GPS	US $ 89 milhões
Assentos de segurança infantil	US $ 62 milhões
Rádio via satélite	US $ 63 milhões

Contratos de aluguel corporativo e de longo prazo

Os contratos de aluguel corporativos e de longo prazo geraram US $ 1,76 bilhão em receita para 2022.

• Contratos do governo: US $ 612 milhões
• Parcerias de negócios: US $ 748 milhões
• Acordos de aluguel estendidos: US $ 400 milhões

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.