Hertz to sell used rental cars through Carvana

Carvana photo.jpg
Posted at 9:16 AM, Oct 28, 2021
and last updated 2021-10-28 12:16:45-04

Tempe-based online used car retailer Carvana has teamed up with Hertz to be a key outlet to sell the national car rental company’s used cars.

The partnership comes on the heels of other big partnership moves from Hertz, including the announcement that it would order 100,000 Tesla (Nasdaq: TSLA) electric vehicles and the announcement that it will supply 50,000 Teslas to Uber drivers.

For Carvana, it seemed to be welcome news on Wall Street. Shares of Carvana stock got a quick jolt at the start of the trading day Wednesday, jumping more than $13 to surpass the $300 mark before settling back down to close with a modest 33-cent gain. Track the stock here.

The deal will give Hertz — which has sold its vehicles through auctions, direct-to-dealer-programs and its 68 Hertz Car Sales locations — a direct-to-consumer channel far with greater scope and efficiency than it has had before.

Carvana Founder and CEO Ernie Garcia said his company’s technology and infrastructure will help Hertz to reach more customers.

Read more of this story from the Business Journal.