Car rental cos. raise rates
Monday, 20 Jul, 2005
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Most major car rental companies have raised their rates in the past few weeks between 5-10% for most markets, after many years of no increase.
As higher costs for purchase of the vehicles hit the car rental companies, possible further increases may be in store.
Hertz increased published rates by approximately 5 percent. Cendant’s Avis and Budget increased daily rates by $5 and weekly rates by $20. Dollar Rent A Car and Thrifty Car Rental raised rates between 5 percent and 10 percent, varying by market.
Auto manufacturers, including Ford Motor Co., owner of Hertz, have been reducing discounts to car rental companies, thereby causing the increasing costs for their rental fleets, which represent 40-50% of car rental companies’ expenses.
Charles Kao
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