We’ve seen continuous improvement every single week for the last 10 weeks in the US rent a car space on improving demand for the summer season.
We’ve been buying a lot of cars the last 8 weeks…. We’re scrambling to buy as many cars as we can.
– Mark Frissora, CEO, Hertz, this morning on Squawk Box
Hertz’s (HTZ) CEO was really bullish this morning after his company pre-announced better than expected 2nd quarter earnings on improving demand for rental cars. They forecast an 11.4% increase in car rental transaction days year over year for the 2nd quarter on top of 13.4% in the first quarter. He told CNBC that they’ve bought 16,000 US vehicles for $350 million in the last 8 weeks.
This is the first I’m really hearing from a CEO in an economically sensitive business whose seeing real demand improvement. Not sure I believe it but have to pay attention to it.
Hertz shares shot up 16% today on strong volume.