Hertz Global Holdings is expanding deeper into autonomous mobility through its affiliated operating company Oro Mobility, which has now logged more than 6 million miles through its managed fleet business and is preparing to support its first autonomous vehicle deployment with Uber.
Oro is currently active in four markets through a driver-led managed fleet model in which it maintains and operates vehicles for drivers supporting rideshare platforms. Hertz said the business demonstrates Oro’s ability to deliver turnkey fleet solutions at scale while creating a pathway toward operating autonomous vehicle fleets.
That next stage is expected to begin later in 2026. Oro’s first autonomous vehicle partnership involves Uber’s robotaxi program in the San Francisco Bay Area, where it will support Lucid vehicles equipped with Nuro autonomous driving technology.
The initiative is part of Hertz’s broader strategy to develop growth businesses around four areas: Rent-a-Car, Service, Fleet and Mobility. Management is attempting to leverage Hertz’s existing commercial, operational and fleet-management capabilities beyond its traditional rental car business.
Hertz is also exploring opportunities in fleet services by building relationships with major used-car companies and other retailers. Through Hertz Car Sales, the company has been increasing retail sales volumes, lowering reconditioning costs and improving finance and insurance performance.
The expansion comes as Hertz’s core rental operation shows signs of improvement. Q2 revenue increased 10% year-over-year to approximately $2.4 billion despite the company operating with a 1% smaller average fleet. Revenue per unit increased 8%, while revenue per day increased 9% and reached Hertz’s strongest second-quarter level on record outside the unusual market conditions of 2022.
Adjusted Corporate EBITDA reached $81 million, representing a $63 million improvement from the prior-year period and exceeding the high end of revised guidance. GAAP net income was $64 million, compared with a $294 million loss a year earlier.
The performance was achieved despite recall activity running approximately 300% above last year and affecting an average of nearly 15,000 vehicles. Hertz estimated the recalls reduced Q2 GAAP net income by $27 million and Adjusted Corporate EBITDA by approximately $30 million.
Hertz also now operates its youngest fleet in 12 years, with approximately 94% of its U.S. core fleet consisting of model-year 2025 and 2026 vehicles. The company expects full-year revenue per unit to trend above its $1,500 North Star target and net depreciation per unit per month to reach $300 or less.
KEY QUOTES:
“This quarter’s results reflect the disciplined execution of our strategy and our consistent commercial strength. Our performance demonstrates the progress we’re making in transforming the business and delivering tangible operational improvements across the company.”
“To unlock long-term opportunities, we’re strengthening our core business while building a platform for growth across four strategic areas: Rent-a-Car, Service, Fleet, and Mobility.”
Gil West, Chief Executive Officer of Hertz
