The car rental giant has revamped its website, HertzCarSales.com, allowing customers to now browse thousands of vehicles, get a trade-in offer, get prequalified, and secure financing so they complete the purchase entirely online. These changes mean that car buyers no longer need to visit one of Hertz’s 45 retail locations to complete the purchase.
“Our new e-commerce platform marks a major step forward in modernizing how we serve our customers with a seamless journey from browsing to ownership,” Gil West, CEO of Hertz, said in the statement. “By enhancing our digital capabilities, we’re meeting customers where they are and giving them greater visibility into our inventory, easier purchasing processes, and broader access to quality Hertz vehicles.”
TURNAROUND PLAN
This move also marks a “critical milestone” in making retail the company’s primary car selling channel, West said. The company has been trying to right its business after filing for bankruptcy in May 2020 amid the height of the COVID-19 pandemic. Last year, it announced a “Back-to-Basics Roadmap” for a turnaround plan focused in part on fleet management.
The company has more than 560,000 vehicles in its fleet, of which it sells approximately half—or about 280,000 vehicles—each year, according to reporting by CNBC. By comparison, Carvana sold more than 416,000 vehicles in 2024, according to its 2024 financial results.
By shifting from what was an online catalog to a full-service e-commerce platform, Hertz is likely hoping to speed up how quickly it turns over its fleet of used vehicles and also maximize resale price, Deutsche Bank analyst Chris Woronka told CNBC.
AN ASSIST FROM TOM BRADY
And Estero, Florida-based Hertz is hoping for an assist from Tom Brady, the NFL hall of fame quarterback who has previously served as a company spokesman. Beginning on Wednesday, Hertz will roll out a new ad campaign for HertzCarSales.com in which Brady touts the ease of buying online and pokes fun at the inflatable air figurines seen at many used car lots.
It’s not a terribly difficult pitch to make at this point: Carvana has changed how many Americans shop for used vehicles in the 12 years since its founding. The Phoenix-based company announced record results for its second quarter, with a 41% surge in vehicle sales during the three months ended June 30.
Shares of both Hertz and Carvana fell in mid-day trading Tuesday, but their stock prices are both up more than 81% year-to-date.