If you've been dreaming of adding a mid-sized SUV to your cart alongside a bulk pack of granola bars and a new air fryer-well, we're not quite there yet. But that day is getting closer: Amazon has officially rolled out its car-buying program. But before you prepare your driveway to make room for a two-ton Prime delivery, you should know that buying a car on Amazon isn't exactly like buying a Kindle.
Hertz Global Holdings just announced a partnership with Amazon's automotive retail platform, Amazon Autos, to sell pre-owned vehicles. The announcement boosted Hertz shares by 7%, while competitors like Avis, Carvana, and CarMax declined. The collaboration expands on Amazon Autos' 2024 launch and will initially serve customers within 75 miles of Dallas, Houston, Los Angeles, and Seattle. Future plans involve rolling out across Hertz Car Sales' 45 U.S. locations.
The stock trades at $350.74 per share, fueled by a rebound in used-car demand, cost-cutting measures, and record-breaking second-quarter results with $4.84 billion in revenue and GAAP operating income of $511 million - up over 100% from the year-ago period.
