Hertz car rental report quarter lows

The company behind the car rental, Hertz Global holdings, has reported their third quarter revenues for 2009 as being at $2 billion. The figure has dropped by more than 15 per cent year-on-year on their entire worldwide holdings. However, the third quarter on their own was only down by 11.5 per cent showing there is some strengthening to their product. As to be expected their ancillary items such as car seats, satellite navigation and other extras were also down by 35.2 per cent against the previous year.

Their pre-tax income showed an improvement compared to last year with a 15. per cent rise to $195.3 million, last year was set at $169.1 million. The chairman and CEO, Mark Frissora said the figures are showing that their cost cutting measures are working with restructuring the way they work and the slow but steady increase of rental days has helped with the financial side later in this year.

Like many car rental firms, Hertz took action against the worldwide recession that was affecting the globe and restructured the company. Branches had to unfortunately be closed down, fleets were reduced or new cars were not bought. In some areas of the world this lead to a shortage of cars during the European summer and many people were left having to pay-out large sums of money for cars at different hire firms they would not have used. This lead to much debate over the period and many complaints to hire firms throughout Europe. Car rental firms for next year should be in a much better position with increasing numbers and great deals to be taken.