Logo: http://images.hertz.com/content/dam/carsales/en-US/misc/carsales-badge.png, Non-free logo, via Wikipedia5
Used car dealership
Hertz Car Sales is a division of The Hertz Corporation that sells vehicles that were previously used in the Hertz car rental fleet. Based out of THC's headquarters in Estero, Florida, its largest operating market is in North America, with over 68 dealer locations in the U.S., but it also has units in France, Germany, Italy, Spain, and the United Kingdom.3 Its chief executive is Kathryn V. Marinello.1 Its shares trade on Nasdaq under the symbol HTZ.1Wikipedia text CC BY-SA 4.0
Hertz Car Sales is a division of The Hertz Corporation that sells vehicles that were previously used in the Hertz car rental fleet. Based out of THC's headquarters in Estero, Florida, its largest operating market is in North America, with over 68 dealer locations in the U.S., but it also has units in France, Germany, Italy, Spain, and the United Kingdom.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Revenue101112139$8.5B in 2025−13% since 2019Net income101112139-$747.0M in 2025+1188% since 2019
Revenue141516$2.0B in Q1 FY2026−8% since Q2 FY2025Net income141516-$333.0M in Q1 FY2026+13% since Q2 FY2025
Every line of the income statement as filed: the last 3 fiscal years, latest first.9
Period ending
2025-12-31
2024-12-31
2023-12-31
Revenues
$8.5B
$9.0B
$9.4B
Direct vehicle and operating
$5.5B
$5.7B
$5.5B
Depreciation of revenue earning vehicles and lease charges, net
$1.9B
$3.6B
$2.0B
Non-vehicle depreciation and amortization
$117.0M
$139.0M
$149.0M
Selling, general and administrative
$957.0M
$819.0M
$962.0M
Interest expense, net
$1.1B
$959.0M
$793.0M
Other (income) expense, net
-$3.0M
$4.0M
$12.0M
(Gain) on sale of non-vehicle capital assets
-$144.0M
$0
-$162.0M
Legal settlement
-$154.0M
$0
$0
Bankruptcy-related litigation reserve
$24.0M
$292.0M
$0
Long-Lived Assets impairment
$0
$1.0B
$0
Change in fair value of Public Warrants
$44.0M
-$275.0M
-$163.0M
Total expenses
$9.3B
$12.3B
$9.1B
Income (loss) before income taxes
-$830.0M
-$3.2B
$286.0M
Income tax (provision) benefit
$83.0M
$375.0M
$330.0M
Net income (loss)
-$747.0M
-$2.9B
$616.0M
Basic (in shares)
310.0M shares
306.0M shares
313.0M shares
Diluted (in shares)
322.0M shares
306.0M shares
326.0M shares
Basic (in dollars per share)
-$2.41
-$9.34
$1.97
Diluted (in dollars per share)
-$2.43
-$9.34
$1.39
No quarter-by-quarter statement was filed.
Total assets17101112139$22.3B in 2025−9% since 2019Total liabilities17101112139$22.8B in 2025+0% since 2019Shareholders’ equity1710139-$459.0M in 2025Cash17101112139$565.0M in 2025−35% since 2019
Total assets141516$23.3B in Q1 FY2026+1% since Q2 FY2025Total liabilities141516$24.1B in Q1 FY2026+2% since Q2 FY2025Shareholders’ equity141516-$786.0M in Q1 FY2026+56% since Q2 FY2025Cash141516$583.0M in Q1 FY2026+16% since Q2 FY2025
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.9
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$565.0M
$592.0M
Restricted cash and cash equivalents
$602.0M
$541.0M
Total cash and cash equivalents and restricted cash and cash equivalents
$1.2B
$1.1B
Total receivables, net
$1.1B
$1.2B
Prepaid expenses and other assets
$782.0M
$894.0M
Vehicles
$14.0B
$12.7B
Less: accumulated depreciation
-$1.5B
-$751.0M
Total revenue earning vehicles, net
$12.5B
$12.0B
Property and equipment, net
$566.0M
$623.0M
Operating lease right-of-use assets
$2.3B
$2.1B
Intangible assets, net
$2.9B
$2.9B
Goodwill
$1.0B
$1.0B
$1.0B
Accounts Payable
$859.0M
$642.0M
Accrued liabilities
$1.2B
$1.2B
Accrued taxes, net
$131.0M
$158.0M
Total debt
$17.1B
$16.3B
Public Warrants
$222.0M
$178.0M
Operating lease liabilities
$2.3B
$2.1B
Self-insured liabilities
$648.0M
$617.0M
Deferred income taxes, net
$350.0M
$472.0M
Total liabilities
$22.8B
$21.6B
Preferred stock, $0.01 par value, no shares issued and outstanding
$0
$0
Common stock, $0.01 par value, 486,543,836 and 481,502,623 shares issued, respectively, and 311,731,792 and 306,690,579 shares outstanding, respectively
$5.0M
$5.0M
Treasury stock, at cost, 174,812,044 and 174,812,044 common shares, respectively
-$3.4B
-$3.4B
Additional paid-in capital
$6.4B
$6.4B
Retained earnings (Accumulated deficit)
-$3.2B
-$2.5B
Accumulated other comprehensive income (loss)
-$232.0M
-$316.0M
Total stockholders' equity (deficit)
-$459.0M
$153.0M
$3.1B
$2.6B
Total liabilities and stockholder's equity (deficit)
$22.3B
$21.8B
Preferred stock, par value (in dollars per share)
$0.01
$0.01
Preferred stock, shares issued (in shares)
0 shares
0 shares
Preferred stock, shares outstanding (in shares)
0 shares
0 shares
Common stock, par value (in dollars per share)
$0.01
$0.01
Common stock, shares issued (in shares)
486.5M shares
481.5M shares
Common stock, shares outstanding (in shares)
311.7M shares
306.7M shares
Treasury stock, shares (in shares)
174.8M shares
174.8M shares
Total assets
$22.3B
$21.8B
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents
$565.0M
$592.0M
Restricted cash and cash equivalents
$602.0M
$541.0M
Total cash and cash equivalents and restricted cash and cash equivalents
$1.2B
$1.1B
Total receivables, net
$1.1B
$1.2B
Prepaid expenses and other assets
$782.0M
$894.0M
Vehicles
$14.0B
$12.7B
Less: accumulated depreciation
-$1.5B
-$751.0M
Total revenue earning vehicles, net
$12.5B
$12.0B
Property and equipment, net
$566.0M
$623.0M
Operating lease right-of-use assets
$2.3B
$2.1B
Intangible assets, net
$2.9B
$2.9B
Goodwill
$1.0B
$1.0B
$1.0B
Accounts Payable
$859.0M
$642.0M
Accrued liabilities
$1.2B
$1.2B
Accrued taxes, net
$131.0M
$158.0M
Total debt
$17.1B
$16.3B
Public Warrants
$222.0M
$178.0M
Operating lease liabilities
$2.3B
$2.1B
Self-insured liabilities
$648.0M
$617.0M
Deferred income taxes, net
$350.0M
$472.0M
Total liabilities
$22.8B
$21.6B
Preferred stock, $0.01 par value, no shares issued and outstanding
$0
$0
Common stock, $0.01 par value, 486,543,836 and 481,502,623 shares issued, respectively, and 311,731,792 and 306,690,579 shares outstanding, respectively
$5.0M
$5.0M
Treasury stock, at cost, 174,812,044 and 174,812,044 common shares, respectively
-$3.4B
-$3.4B
Additional paid-in capital
$6.4B
$6.4B
Retained earnings (Accumulated deficit)
-$3.2B
-$2.5B
Accumulated other comprehensive income (loss)
-$232.0M
-$316.0M
Total stockholders' equity (deficit)
-$459.0M
$153.0M
$3.1B
$2.6B
Total liabilities and stockholder's equity (deficit)
$22.3B
$21.8B
Preferred stock, par value (in dollars per share)
$0.01
$0.01
Preferred stock, shares issued (in shares)
0 shares
0 shares
Preferred stock, shares outstanding (in shares)
0 shares
0 shares
Common stock, par value (in dollars per share)
$0.01
$0.01
Common stock, shares issued (in shares)
486.5M shares
481.5M shares
Common stock, shares outstanding (in shares)
311.7M shares
306.7M shares
Treasury stock, shares (in shares)
174.8M shares
174.8M shares
Total assets
$22.3B
$21.8B
Cash from operations101112139$1.6B in 2025−44% since 2019Share buybacks101112139$0 in 2025
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.9
Period ending
2025-12-31
2024-12-31
2023-12-31
Net income (loss)
-$747.0M
-$2.9B
$616.0M
Depreciation and reserves for revenue earning vehicles, net
$2.1B
$4.0B
$2.4B
Depreciation and amortization, non-vehicle
$117.0M
$139.0M
$149.0M
Amortization of deferred financing costs and debt discount (premium)
$86.0M
$74.0M
$61.0M
Non-cash PIK interest on Exchangeable Notes
$21.0M
$0
$0
Stock-based compensation charges
$63.0M
$63.0M
$87.0M
Stock-based compensation forfeitures
$0
-$68.0M
$0
Provision for receivables allowance
$127.0M
$120.0M
$93.0M
Deferred income taxes, net
-$132.0M
-$459.0M
-$380.0M
Long-Lived Assets impairment
$0
$1.0B
$0
(Gain) loss on sale of non-vehicle capital assets
-$144.0M
$0
-$162.0M
Change in fair value of Public Warrants
$44.0M
-$275.0M
-$163.0M
Changes in financial instruments
-$37.0M
$7.0M
$117.0M
Other
$6.0M
-$26.0M
$5.0M
Non-vehicle receivables
-$11.0M
$23.0M
-$216.0M
Prepaid expenses and other assets
-$12.0M
$8.0M
-$39.0M
Operating lease right-of-use assets
$437.0M
$386.0M
$365.0M
Non-vehicle accounts payable
$12.0M
-$14.0M
-$48.0M
Accrued liabilities
$63.0M
$324.0M
-$39.0M
Accrued taxes, net
-$35.0M
$18.0M
$3.0M
Operating lease liabilities
-$403.0M
-$417.0M
-$391.0M
Self-insured liabilities
$22.0M
$152.0M
-$6.0M
Net cash provided by (used in) operating activities
$1.6B
$2.2B
$2.5B
Revenue earning vehicles expenditures
-$10.2B
-$10.5B
-$9.5B
Proceeds from disposal of revenue earning vehicles
$8.1B
$7.7B
$5.5B
Non-vehicle capital asset expenditures
-$97.0M
-$105.0M
-$188.0M
Proceeds from disposal of non-vehicle capital assets
$200.0M
$23.0M
$181.0M
Return of (investment in) equity investments
-$1.0M
-$1.0M
-$1.0M
Net cash provided by (used in) investing activities
-$2.0B
-$2.9B
-$4.0B
Payment of financing costs
-$82.0M
-$64.0M
-$41.0M
Share repurchases
$0
$0
-$315.0M
Purchase of Capped Call Transactions 2030, net
-$38.0M
$0
$0
Other
-$11.0M
-$4.0M
-$9.0M
Net cash provided by (used in) financing activities
$372.0M
$658.0M
$1.3B
Effect of foreign currency exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents
$32.0M
-$26.0M
$25.0M
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents during the period
$34.0M
-$73.0M
-$212.0M
Income taxes, net of refunds
$80.0M
$53.0M
$33.0M
Operating lease liabilities
$655.0M
$589.0M
$547.0M
Purchases of revenue earning vehicles included in accounts payable, net of incentives
$230.0M
-$19.0M
$171.0M
Sales of revenue earning vehicles included in vehicle receivables
$269.0M
$209.0M
$191.0M
Purchases of non-vehicle capital assets included in accounts payable
$13.0M
$3.0M
$16.0M
Revenue earning vehicles and non-vehicle capital assets acquired through finance leases
$65.0M
$57.0M
$69.0M
Operating lease right-of-use assets obtained in exchange for lease liabilities
Hertz Car Sales sits at the top of its group. 126 entities, 22 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Hertz Car Sales
CK Amarillo LPFiled SCHEDULE 13D/A on Hertz Car Sales, latest Oct 5, 2026 (12 filings since Nov 16, 2021)
Fleet Mobility Solutions (CA), LLC Subsidiary · Delaware, United States
Fleet Mobility Solutions (GA), LLC Subsidiary · Delaware, United States
Fleet Mobility Solutions (NJ), LLC Subsidiary · Delaware, United States
Fleet Mobility Solutions, LLC Subsidiary · Delaware, United States
HA Fleet Pty. Ltd. Subsidiary · Australia
and 100 more
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Hertz Car Sales reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
We operate vehicle rental locations at or near airports and in central business districts and suburban areas of major cities in the U.S. The states of California, Florida, Hawaii, New York and Texas account for approximately 30% of our Americas RAC segment rental locations. We also operate vehicle rental operations internationally, where Australia, France, Italy, Spain and the U.K. account for approximately 40% of our International RAC segment rental locations.
We own approximately 3% of the locations from which we operate our vehicle rental businesses and in some cases own real property that we lease to franchisees or other third parties. The remaining locations from which we operate our vehicle rental businesses are leased or operated under concessions from governmental authorities and private
The rest of Item 2
entities. Our leases and concession agreements typically require minimum lease payments or minimum concession fees and often require us to pay or reimburse operating expenses, pay additional lease payments above guaranteed minimums, which are based on a percentage of revenues or sales at the relevant premises, or to do both.
We own our worldwide headquarters facility in Estero, Florida. We lease facilities in Oklahoma City, Oklahoma at which reservations for our vehicle rental operations are processed, global information technology systems are serviced and certain finance and accounting functions are performed. Additionally, we lease a facility near Dublin, Ireland, at which we have centralized our European vehicle rental reservation, customer relations, accounting and human resource functions. We also lease a European headquarters office in Uxbridge, England. We consider that our properties are generally in good condition, well maintained and are suitable and adequate to carry on our business.
In 2017, three years after Tyler Best was announced as chief information officer and Thomas Sabatino as chief administrative officer, The Hertz Corporation appointed Kathryn V. Marinello as its new CEO and president, including of Hertz Car Sales.
As of May 18, 2020, Paul Stone is the CEO of THC. On, October 5, 2021, Hertz Mark Fields became be the interim CEO and Paul Stone became president and chief operations officer.
Fleet
Hertz Car Sales has developed a variety of ways to sell its fleet to businesses and consumers. The core methods used to facilitate these transactions are:
Hertz Dealer Direct – A B2B platform developed by Hertz that allows for sales and services directly to automobile dealerships through an online portal and hertz representatives.
Hertz Rent2Buy Program – An online platform that allows consumers to reserve active rental vehicles for a test drive for up to 3 days at a low rental rate. If a purchase is finalized, fees are waived.
Hertz Car Sales Locations – Brick and mortar locations opened by Hertz that carry grounded rental vehicles that have been certified by Hertz and are available for purchase.
Locations
Hertz Car Sales operates in select countries worldwide and through Hertz licensees. While Hertz Dealer Direct is available in the US and Canada, Hertz Car Sales maintains 68 rental locations across the United States.
May 13, 2025Reported quarterly or annual results97
Feb 13, 2025Reported quarterly or annual results98
Nov 12, 2024Reported quarterly or annual results99
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
398 filings to the SEC since October 2021: 5 annual reports, 16 quarterly reports, 107 major events, 210 insider forms, 17 large holders, 43 other. The latest 20:
11 open-market trades by officers, directors and large owners since October 2021: 1 buys and 10 sales. Grants, option exercises and gifts are left out.
BlackRockSC 13G, 2 filings Oct 22, 2024 to Nov 8, 2024103
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
From the cover page of the 10-K filed Feb 26, 2026 (Section 12(b) of the Exchange Act).18
Risk factors and legal proceedings
The risks Hertz Car Sales names in Item 1A of its 10-K filed Feb 26, 2026: 50 risks under these headings, as written.18
RISKS RELATED TO OUR FLEET
The mix of program and non-program vehicles in our fleet, as well as declining values of our non-program vehicles, can subject us to an increased residual value risk.
Vehicle residual values are variable and subject to market conditions, as well as seasonal fluctuations. If vehicle residual values decline, we may experience a greater risk of loss on vehicle sales, an increase in depreciation expense, a negative impact on our results of operations, and we may also experience challenges in meeting collateral requirements in our fleet financing facilities.
We may be unable to purchase adequate supplies of competitively priced vehicles or the cost of the vehicles we purchase may increase significantly without a compensating increase in vehicle rental rates or residual values.
We may not be able to effectively dispose of non-program vehicles, at the times or through the channels, that we desire.
Our vehicle carrying costs, customer service scores and ability to dispose of vehicles at acceptable prices and times may be negatively impacted if we lengthen the age of our fleet.
Our business, results of operations and financial condition are dependent on the efficient operation of a complex global supply chain. Disruption in that supply chain may adversely affect our ability to service demand, or to do so efficiently.
The failure of a manufacturer of our program vehicles to fulfill its obligations under a repurchase or guaranteed depreciation program could expose us to losses on those program vehicles.
Manufacturer safety recalls could require costly and time-consuming repairs to our fleet.
RISKS RELATED TO OUR BUSINESS
Our vehicle rental business is particularly sensitive to reductions in the levels of business and leisure travel.
Our business is highly seasonal, and any occurrence that disrupts rental activity during our peak periods could materially adversely affect our results of operations, financial condition, liquidity and cash flows.
The other 40 risks
We may be unable to accurately estimate future levels of rental activity and adjust the number, location and mix of vehicles used in our rental operations accordingly.
Our EV fleet exposes us to a number of risks.
We may fail to adequately respond to changes in technology that are impacting the mobility industry.
We face intense competition that may lead to downward pricing or an inability to increase prices.
We rely on third-party distribution channels for a significant amount of our revenues, and adverse changes in our access to, prominence within, cost to participate in, or volume delivered pursuant to these distribution channels could have a material adverse effect on our business, financial condition, results of operations, liquidity and cash flows.
If our customers develop loyalty to internet travel intermediaries rather than our brands, our business and revenues could be adversely affected.
Our commercial off airport leases and airport concession agreements expose us to numerous risks that could cause our financial results to suffer.
Maintaining favorable brand recognition is essential to our success and failure to do so could materially adversely affect our business.
RISK RELATED TO OUR EMPLOYEES
The ability to attract and retain front-line employees, senior leadership and other key personnel is critical to the success of our business.
We may face issues with our union-represented employees.
RISKS RELATED TO INFORMATION TECHNOLOGY, CYBERSECURITY AND PRIVACY
Cybersecurity threats continue to increase in frequency and sophistication, and a successful cybersecurity incident could interrupt or disrupt our information technology systems, or those of our third-party business partners, which could, among other things, disrupt our business, force us to incur costs or cause us reputational harm.
Our business is heavily reliant upon information technology systems, some of which are managed, hosted, provided or used by third parties and any significant failures or disruptions to these systems could adversely impact our business.
If we fail to evaluate, maintain, upgrade and consolidate our information technology systems, our business could be adversely affected.
The misuse or theft of information we possess, including as a result of cybersecurity incidents, could harm our brand, reputation or competitive position and give rise to liabilities which may materially adversely affect our results of operations, financial condition, liquidity and cash flows.
We may face particular data protection and privacy risks in connection with the European Union's Global Data Protection Regulation, the California Consumer Privacy Act and other privacy laws and regulations.
RISKS RELATED TO LEGAL, REGULATORY AND TAX MATTERS
Our U.S. and foreign operations expose us to risks that may materially adversely affect our results of operations, financial condition, liquidity and cash flows.
The disposition of revenue earning vehicles may result in taxable income, which might not be fully offset by the taxable expense associated with newly purchased revenue earning vehicles.
Our ability to utilize our net operating loss carryforwards (“NOLs”) may be limited as a result of ownership change under Section 382 of the Code.
We face risks related to liabilities and insurance.
We are subject to evolving laws and regulations, and the compliance costs, or any imposed liabilities or obligations (including for failing to satisfy these laws and regulations) could materially adversely affect our results of operations, financial condition, liquidity and cash flows.
Changes in the legal and regulatory environment that affect our operations could disrupt our business, increase our expenses or otherwise have a material adverse effect on our results of operations, financial condition, liquidity and cash flows.
We are subject to many different forms of taxation in various jurisdictions throughout the world, which could lead to disagreements with tax authorities regarding the application of tax laws.
An impairment of our long-lived assets could have a material impact on our results of operations.
An impairment of our goodwill and other indefinite-lived intangible assets could have a material impact to our results of operations.
Changes in management’s estimates and assumptions could have a material impact to our results of operations, financial condition, liquidity and cash flows.
Our global business requires a compliance program to promote organizational adherence to applicable laws and regulations, and if the compliance program does not operate as designed, it can increase numerous risks to the Company.
Hertz Holdings is a publicly traded holding company with no operations of its own and depends on its subsidiaries for cash.
Failure to meet corporate and social responsibility expectations or standards or to advance our corporate responsibility priorities could adversely affect our business, results of operations and financial condition.
RISKS RELATED TO OUR INDEBTEDNESS
Our indebtedness exposes us to various risks, which could impair our financial condition.
Our reliance on asset-backed financing arrangements to purchase vehicles subjects us to a number of risks, many of which are beyond our control.
Substantially all of our consolidated assets secure certain of our outstanding indebtedness, which could materially adversely affect our debt and equity holders and our business.
We may not be able to deduct certain business interest expenses, which could have a material adverse effect on our results of operations and liquidity.
RISKS RELATED TO OWNERSHIP OF OUR COMMON STOCK
We cannot guarantee that our share repurchase program will be fully consummated or that it will enhance long-term stockholder value. Share repurchases could also increase the volatility of our stock and could diminish our liquidity.
The share price of our common stock may be volatile.
Anti-takeover provisions in our charter documents and under Delaware law, as well as ownership of a significant percentage of our common stock by the Plan Sponsors, could make an acquisition of us more difficult, limit attempts by our stockholders to replace or remove our current management and may negatively affect the market price of our common stock.
The choice of forum provision in the Certificate of Incorporation of Hertz Holdings could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or agents.
GENERAL RISK FACTORS
A business continuity plan is necessary for our global business, and the failure of such plan may materially adversely affect our results of operations, financial condition, liquidity and cash flows.
Our results of operations and share price could be materially adversely affected if we are unable to maintain effective internal control over financial reporting.
We may use AI in our business, and challenges with properly managing its use could result in reputational harm, competitive harm and legal liability, and could have adverse effects on our results of operations, financial condition, liquidity and cash flows.
We may pursue strategic transactions, including acquisitions and divestitures, which could be difficult to implement, disrupt our business or change our business profile significantly.
Legal proceedings
For a description of certain pending legal proceedings, see Note 15, "Contingencies and Off-Balance Sheet Commitments," in Part II, Item 8 of this 2025 Annual Report.
