In expectation of strong seasonal demand Hertz will increase car rental prices from next month.
Retail car rental fees will go up $5 a day or $20 a week while all other locations will increase $3 a day or $10 a week.
The price increases will include all brands including Dollar and Thrifty.
Shares of Hertz rose 5.3% on the news, however new CEO John Tague admitted first quarter results were ‘disappointing,’ declining 3% to $1.5 billion.
Hertz said ‘significant progress’ was being made to plans to cut annual costs by $200 million, which will include the closure of up to 5% of its off-airport locations.
Hertz is still continuing efforts to restate three years’ worth of financial results and still has a long way to go to fully appease shareholders.
Hertz’ shares have dipped 17% year-to-date and by almost 28% over the past 12 months.
