HTZ on Nasdaq

Hertz Car Sales

Logo: http://images.hertz.com/content/dam/carsales/en-US/misc/carsales-badge.png, Non-free logo, via Wikipedia⁴

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 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 16, 2026.

Overview

1977Founded¹

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TickerHTZ on Nasdaq¹
Industrycar dealership¹
HeadquartersChicago¹
Websitewww.hertzcarsales.com
Legal formDelaware corporation¹
Incorporated inDE⁵
Business address8501 Williams Road, 3Rd Floor, Estero, Fl 33928⁵
Filer categoryLarge accelerated filer⁵

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-8.8%Net margin⁷

-6.0%Revenue growth, 2025⁷

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Americas Rental Car brought in 79% of the revenue Hertz Car Sales broke down this way in fiscal 2025.

Americas Rental Car$6.8B⁷79%down 9% from 2024
International Car Rental$1.7B⁷21%up 6% from 2024

Business segments by year

Business segments	2023	2024	2025
Americas Rental Car	$7.7B	$7.4B	$6.8B
International Car Rental	$1.6B	$1.7B	$1.7B

Regions

United States brought in 76% of the revenue Hertz Car Sales broke down this way in fiscal 2025.

United States$6.4B⁷76%down 9% from 2024
Outside the United States$2.1B⁷24%up 5% from 2024

Regions by year

Regions	2023	2024	2025
United States	$7.4B	$7.1B	$6.4B
Outside the United States	$2.0B	$2.0B	$2.1B

Where the money goes

Where each dollar of revenue went, fiscal 2025

Selling, general and adminOther costs

Selling, general and admin11¢$957.0M
Other costs88¢$7.5B
Income tax1¢$83.0M

Out of $8.5B in revenue.⁷ The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

Kept or used elsewhere

Kept or used elsewhere100¢$1.6B

Out of $1.6B of cash from operations.⁷

Financial statements

Revenue⁸⁹¹⁰¹¹⁷$8.5B in 2025−13% since 2019

Net income⁸⁹¹⁰¹¹⁷-$747.0M in 2025+1188% since 2019

Every line of the income statement in the latest annual report, as filed.⁷

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

Total assets¹⁵⁸⁹¹⁰¹¹⁷$22.3B in 2025−9% since 2019

Total liabilities¹⁵⁸⁹¹⁰¹¹⁷$22.8B in 2025+0% since 2019

Shareholders’ equity¹⁵⁸¹¹⁷-$459.0M in 2025

Cash¹⁵⁸⁹¹⁰¹¹⁷$565.0M in 2025−35% since 2019

Every line of the balance sheet in the latest annual report, as filed.⁷

Period ending	2025-12-31	2024-12-31	2023-12-31
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
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 operations⁸⁹¹⁰¹¹⁷$1.6B in 2025−44% since 2019

Share buybacks⁸⁹¹⁰¹¹⁷$0 in 2025

Every line of the cash flow in the latest annual report, as filed.⁷

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	$578.0M	$367.0M	$721.0M

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The story

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.

From Wikipedia’s article on Hertz Car Sales, shared under CC BY-SA 4.0.⁶

Leadership

Who has led Hertz Car Sales, and when. Pick a name to see everywhere that person has worked.

Chief executive officerKathryn V. Marinello¹

Former names

Hertz Rental Car Holding Company, Inc.Dec 21, 2015 to Jun 27, 2016⁵

Timeline

Jun 20, 2016Went public Listed on NYSE¹
1977Founded Founded¹

Recent filings

Oct 13, 20263
Oct 5, 20264
Oct 5, 20264
Oct 5, 20264
Oct 5, 2026SCHEDULE 13D/A
Oct 2, 20264
Oct 2, 20264
Oct 2, 20263
Oct 2, 20263
Oct 2, 20263
Aug 24, 2026SCHEDULE 13D/A
Aug 10, 2026SCHEDULE 13D/A
Jul 24, 20264
Jul 2, 2026SCHEDULE 13G
Jul 1, 20264

Every filing from the last three years, summarized. The full record is on SEC EDGAR.²

Sources

The numbers on this page point here. Each one links to the record it came from.

1
WikidataHertz Car Sales on Wikidata
2
SEC EDGARHertz Car Sales filings on SEC EDGAR
3
WikipediaHertz Car Sales on Wikipedia
4
Wikimedia CommonsHertz Car Sales logo by http://images.hertz.com/content/dam/carsales/en-US/misc/carsales-badge.png, Non-free logo
5
SEC EDGARHertz Car Sales filings on SEC EDGAR
6
WikipediaHertz Car Sales on Wikipedia (revision used)
7
SEC EDGARHertz Car Sales 10-K for fiscal 2025
8
SEC EDGARHertz Car Sales 10-K for fiscal 2019
9
SEC EDGARHertz Car Sales 10-K for fiscal 2020
10
SEC EDGARHertz Car Sales 10-K for fiscal 2021
11
SEC EDGARHertz Car Sales 10-K for fiscal 2022
12
SEC EDGARHertz Car Sales 10-Q for fiscal 2025
13
SEC EDGARHertz Car Sales 10-Q for fiscal 2025
14
SEC EDGARHertz Car Sales 10-Q for fiscal 2026
15
SEC EDGARHertz Car Sales 10-K for fiscal 2019