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Hertz announced in a press release it reached an agreement with Lyft to supply its partner drivers with cars under specified rental agreements. The two companies established a partnership in Las Vegas and Denver back in November 2015, which granted Lyft's partner drivers with set rental rates.
The agreement will now be expanded to Los Angeles and San Francisco with additional markets to be added later on.
"This agreement builds on the work we've been doing with Lyft for the past eight months," said John Tague, president and chief executive officer of Hertz Global Holdings. "Based on that experience, Hertz and Lyft were ready to take the next step, which resulted in this U.S. supply agreement.
"Utilizing cars that are rotating out of our consumer rental fleet creates a model that works for Hertz and for Lyft drivers by providing them with well-maintained, good condition cars. We consider this agreement to be largely complementary to our car rental business, and it enables us to leverage our fleet and distribution infrastructure to participate in the dramatic growth in the ride sharing, or e–hailing, segment."
Agreement With Uber
In a separate press announcement, Hertz said it reached a similar agreement with Uber to supply its partner drivers with cars under specified rental agreements. The agreement initially covers the Los Angeles market with other cities to be added in the future.
"This is a positive agreement for both Hertz and Uber," said Tague. "Utilizing cars that are rotating out of our consumer rental fleet creates a model that works for Hertz and for Uber partners by providing them with well-maintained, good condition cars. We consider this agreement to be largely complementary to our car rental business, and it enables us to leverage our fleet and distribution infrastructure to participate in the dramatic growth in the ride sharing, or e–hailing, segment."
At time of publication, Hertz was up 6.69 percent in Thursday's pre-market session, trading at $11.49.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.