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CNBC
CNBC
1M ago 21 views

Exclusive: Hertz will let customers do entire car buying process online

Hertz is upgrading its online platform to facilitate the entire car buying process, aiming to improve resale values and streamline operations.
Exclusive: Hertz will let customers do entire car buying process online
A What happened
Hertz is revamping its HertzCarSales.com website to enable customers to complete the entire car buying process online, including securing financing and obtaining trade-in offers. This significant upgrade is part of Hertz's broader turnaround strategy, which focuses on improving vehicle resale values and enhancing fleet turnover. The company, which has a fleet of approximately 560,000 vehicles, offloads about half of its fleet annually. CEO Gil West emphasized that this new e-commerce platform represents a major step in modernizing customer service. Additionally, Hertz plans to launch a promotional campaign featuring football star Tom Brady to highlight these retail changes. The company aims to maximize resale prices, which are crucial for its profit and loss statement, as most of its vehicles are sold directly to consumers rather than through auctions. Following its bankruptcy in 2020, Hertz has been working on a recovery plan that has shown promising results in recent months.

Key insights

  • 1

    E-commerce Platform Upgrade

    Hertz's new platform allows full online car purchasing.

  • 2

    Tom Brady Campaign

    Hertz will promote changes with a campaign featuring Tom Brady.

  • 3

    Turnaround Strategy

    The company is focused on improving resale values and fleet turnover.

Takeaways

Hertz's online enhancements are a strategic move to modernize its retail operations and improve profitability.

Read the full article on CNBC